R2014-139 AUTHORIZING INTERGOVERNMENTAL AGREEMENT Decatur Macon County Enterprise Zone

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provided herein for eligible Office/Knowledge-based, Warehouse/Distribution/Logistic(s) and Industrial/Manufacturing-based projects. C) City of Decatur, County of Macon,Village of Mt.Zion,Village of Forsyth and the Village of Long Creek - Retail/Commercial Property Tax Abatement - In no event shall any abatement of taxes on any parcel exceed the amount attributable to the construction of the improvements or the renovation or rehabilitation of existing improvements on such parcel. 1) That, with the adoption of this Agreement, taxes on real property levied by the City of Decatur, County of Macon,Village of Mt. Zion,Village of Forsyth and/or the Village of Long Creek, whichever is applicable, shall be abated on retail, restaurant, hotel/motel and commercial property developments located within the Zone with the exception of those projects outlined in SECTION II F above, and upon which new improvements have been constructed subsequent to such approval as follows: a) For taxes levied in the first year of abatement: 100% b) For taxes levied in the second year of abatement: 75% C) For taxes levied in the third year of abatement: 50% Said abatements shall be for three (3) consecutive years beginning with the real estate taxes payable in the year following the first full year of a facility's commercial operation after which said improvements have been made. Abatement for a specific project will cease after the third year or upon expiration, termination or decertification of the Decatur Macon County Enterprise Zone,whichever is sooner. 2) The above property tax abatements shall be applicable for eligible retail, restaurant, hotel/motel and commercial projects involving real property upon which construction, improvements, renovation or rehabilitation,for which a building permit is required, which results in an increase in the equalized assessed valuation of at least$25,000 has been completed after January 1, 2016 and prior to the expiration, termination or decertification of the Decatur Macon County Enterprise Zone. D) Eligibility- Questions as to the eligibility of a project will be decided by the Enterprise Zone Administrator, with advice and consent of the Enterprise Zone Advisory Board. E) Abatement Performance Monitoring Process. Entities meeting qualification criteria outlined above must enter into a Memorandum of Understanding with the Decatur Macon County Enterprise Zone through its Enterprise Zone Administrator, outlining projected job creation and/or job retention, and capital investment for