The length of abatement may range from no abatement to a maximum of ten years, to be considered by the City Council on a firm-by-firm basis using the following criteria as perimeters:
(A) New industrial firms locating in the city or existing industrial firms expansion in the city resulting in an increase in the assessed value and an increase in the work of the firm: maximum of ten-year abatement, minimum of five-year abatement;
(B) Existing industrial firm expansion resulting in an increase of assessed valuation of taxable property in the city with no increase or decrease in the work force (retains existing number of employees): maximum of five-year abatement, minimum of one-year abatement; and
(C) Existing industrial firm expansion resulting in an increase in the assessed valuation of taxable property in the city and a reduction of the work force (reduction of existing number of employees), maximum of one year abatement.
(1994 Code, § 37.03) (Ord. 353, passed 10-28-1985)