(A) The amount of abatement may range from no abatement or to a maximum of 100% abatement on the increased assessed valuation of the taxable property of an industrial firm to be considered on a firm-by-firm basis using the following criteria as perimeters:
(1) New industrial firm locating in the city resulting in an increase in the assessed valuation of the taxable property in the city: maximum of 100% abatement on an increase of assessed value, minimum of 50% abatement of the increase in the assessed valuation of the taxable property of the industrial firm;
(2) Existing industrial firm expansion resulting in an increase in the assessed valuation of the taxable property of the industrial firm and an increase in the work force: maximum of 100% abatement on all taxable property of the firm, minimum of 50% abatement of the increase in the assessed valuation of a taxable property of the firm;
(3) Existing industrial firm expansion resulting in an increase in the assessed valuation of taxable property of the firm in the city, but no increase or decrease in the work force: maximum of 75% abatement on all taxable property of the industrial firm in the city, minimum of 50% abatement of the increase in the assessed valuation of taxable property of the industrial firm in the city; and
(4) Existing industrial firm expansion resulting in an increasing the assessed valuation of taxable property of the industrial firm in the city, but a reduction in the work force: maximum of 50% abatement of the increase in the assessed valuation of all taxable property of the firm in the city, minimum of no abatement of the license in the assessed valuation of the taxable property of the firm in the city.
(B) The actual percentage of abatement granted will be on a firm-by-firm basis. While the number of employees affected is a major factor in the determination of the abatement, all other relevant factors will be considered. The Mayor and City Council, in their sole discretion, shall determine what constitutes an increase or decrease in the work force of the firm applying for tax abatement.
(1994 Code, § 37.04) (Ord. 353, passed 10-28-1985)