The City Council shall, in considering a request for property tax abatement, observe the following guidelines.
(A) Abatement may apply to all or any portion of its taxes on the property of any one qualified industrial firm providing the total aggregate amount of all abated taxes of all qualified industrial firms shall not exceed $1,000,000 at any one time.
(B) The abatement of taxes on the property of any qualified industrial firm shall not exceed a period of ten years.
(C) The abatement may apply to the assessment of taxes on all taxable property of a qualified industrial firm or only to an increase in the assessed valuation of taxable property of a qualified industrial firm.
(D) The amount of abatement of taxes may range from zero to 100%.
(E) Requests made to the City Council for property tax abatements will be considered on a priority of first come, first served basis. Abatements shall be made in accordance with the criteria established by this subchapter.
(1994 Code, § 37.07) (Ord. 353, passed 10-28-1985)