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Book: 4410 Page: 860 <br /> 2) For taxes levied in the second year of abatement: 80% <br /> 3) For taxes levied in the third year of abatement: 60% <br /> 4) For taxes levied in the fourth year of abatement: 40% <br /> 5) For taxes levied in the fifth year of abatement: 20% <br /> C. Said abatements shall be for five (5) consecutive years beginning with the real estate taxes <br /> payable in the year following the first full year of a facility's commercial operation after which said <br /> improvements have been made. Abatement for a specific project will cease after the fifth year or upon <br /> expiration, termination or decertification of the Decatur Macon County Enterprise Zone, whichever is <br /> sooner. <br /> D. The above property tax abatements shall be applicable for eligible office/Knowledge-based, <br /> Warehouse/Distribution/Logistic(s) and Industrial/Manufacturing-based real property upon which <br /> construction, improvements, renovation or rehabilitation, for which a building permit is required, has <br /> been completed after January 1, 2016 and before the expiration, termination or decertification of the <br /> Decatur Macon County Enterprise Zone,whichever is sooner. <br /> E. Both a minimum capital investment of One Hundred Fifty Thousand Dollars ($150,000.00) and <br /> the creation and/or retention of twenty-five (25) full-time jobs are necessary for a parcel to receive real <br /> tax abatement as provided- herein for eligible Office/Knowledge-based, <br /> Warehouse/Distribution/Logistic(s) and Industrial/Manufacturing-based projects. <br /> Questions as to the eligibility of a project will be decided by the Enterprises Zone Administrator, <br /> with advice and consent of the Enterprise Zone Advisory Board. <br /> F. That, with the adoption of this Ordinance,taxes on real property levied by the <br /> CITY OF DECATUR shall be abated on retail, restaurant, hotel/motel and <br /> commercial property developments located within the Zone with the exception <br /> of those projects outlined in SECTION "2.A.6." above, and upon which new <br /> improvements have been constructed subsequent to such approval as follows: <br /> 1) For taxes levied in the first year of abatement: 100% <br /> 2) For taxes levied in the second year of abatement:) 75% <br /> 3) For taxes levied in the third year of abatement: 50% <br /> Said abatements shall be for three (3) consecutive years beginning with the real <br /> estate taxes payable in the year following the first full year of a facility's <br /> commercial operation after which said improvements have been made. <br /> Page 4 of 11 <br />