HomeMy WebLinkAboutRES 88-066 IDA ITER
R E S 0 L U T 1 0 N
WHEREAS, the previously adopted "Manufacturing Tax
Abatement Policy" for the City of Beaumont expired in April of
1987 ; and,
WHEREAS, a new "Manufacturing Tax Abatement Policy;1 is
being proposed;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the Manufacturing Tax Abatement Policy of the City of
Beaumont, substantially in the form attached hereto as Exhibit "A" ,
be, and the same is hereby, adopted by the City Council of the City
of Beaumont and such policy shall be the Manufacturing Tax
Abatement Policy for the City of Beaumont.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of 1988.
Mayor -
THE CITY OF BEAUMONT
MANUFACTURING TAX ABATEMENT POLICY
The purpose of this document is to establish a uniform
policy of tax abatement for manufacturers who own
qualifying real property willing to execute tax abatement
contracts designed to provide long-term significant
positive economic impact to the community by utilizing the
area contractors and work force to the maximum extent
feasible, and by developing, redeveloping and improving
real property.
Furthermore, a manufacturer who owns real property
requesting tax abatement within a reinvestment zone must,
prior to the inception of project(s) subject to an
abatement contract, agree to expend a designated sum of
money or provided a certain number of jobs, as follows:
PERCENT OF VAIUE CAPITAL COST OF NO. OF NEW FULL-TIME
TO BE ABATED THE PROTECT OR PERMANENT JOBS CREATED
0% 0 - 1,000,000 0 - 25
25% 1,000,001 - 2,500,000 26 - 50
50% 2,500,001 - 5,000,000 51 - 75
75% 5,000,001 - 10,000,U00 76 - 100
100% OVER 10,000,000 OVER 100
Only that increase in the fair market value of the
real property directly resultant from the development,
redevelopment and improvement specified in the contract
will be eligible for abatement and then only to the extent
that such increase exceeds any reduction in the fair market
Exhibit "A"
value of other real property of an owner located within the
jurisdiction creating the reinvestment zone. The length of
an abatement contract will be five years from the
successful completion of the development or two years after
commencement of construction, whichever is earlier,
redevelopment, or improvement of the project or one-half of
the project' s useful life, whichever is less.
The City Manager will create an advisory committee
composed of one member representing each affected taxing
jurisdiction to inform and concur in the review of
applications for tax abatement. The City Manager will
recommend contract terms and adoption or rejection of all
such applications to the City Council.
This policy is effective as of April 5, 1988, and
shall at all times be kept current with regard to the needs
of the City of Beaumont and reflective of the official
views of the City Council and shall be reviewed annually.
This policy is mutually exclusive of existing
Industr .al District Contracts and does not apply to
applications from owners of real property in areas
deserving of special attention.