2012-93 AMENDING THE DECATUR MACON COUNTY ENTERPRISE ZONE - TERMINATION DATE - TAX ABATEMENT

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NOW,THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That Section 4 of Ordinance No. 82-122, as amended in Ordinance 92-87 and further amended by Ordinance 2003-33, be and the same is hereby further modified and amended so that as so modified and amended said Section 4 shall provide as follows: 4. That the duration or term of said Zone shall be consistent with the terms and conditions outlined in the Illinois Enterprise Zone Act' (20 ILCS 655/1 et. seq.), as amended, commencing on the date of certification by the State as in said Act provided and terminating upon the expiration or non-renewal of the State Enterprise Zone certification as outlined in said Act provided. Section 2. That Section 5 of said Ordinance No.82-122,as amended by Ordinance No. 92-87,and as further amended by Ordinance No.2003-33 be,and the same is hereby,further amended so that as so amended said Section 5 shall provide,in total, as follows: A. That commencing January 1, 2013, taxes on real property levied by the City shall be abated on property located within the Zone and upon which new improvements have been constructed as follows: 1) For taxes levied in the first year of abatement: 100% 2) For taxes levied in the second year of abatement: 80% 3) For taxes levied in the third year of abatement: 60% 4) For taxes levied in the fourth year of abatement: 40% 5) For taxes levied in the fifth year of abatement: 20% B. Said abatements shall be for five (5) 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. 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. Abatement for a specific project will cease after the fifth year or upon expiration of the Decatur Macon County Enterprise Zone, whichever is sooner. C. The above property tax abatements shall be applicable for eligible office, warehouse/distribution and industrial/manufacturing real property upon which construction, improvements, renovation or rehabilitation has been completed after December 31, 2007 and before the expiration of the Decatur Macon County Enterprise Zone, whichever is sooner. D. Both a minimum capital investment of One Hundred Fifty Thousand Dollars ($150,000.00) and the creation and/or retention of twenty-five (25) full-time jobs are necessary for a parcel to receive real tax abatement as provided. herein for eligible office, warehouse/distribution and industrial/manufacturing projects.