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

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E. That, with the adoption of this Ordinance, taxes on real property levied by the City shall be abated on retail, restaurant, hotel/motel and commercial property developments located within the Zone subject to geographic restrictions and eligibility criteria outlined in subsections E.1. and E.2. below, and upon which new improvements have been constructed subsequent to such approval as follows: 1) For taxes levied in the first year of abatement: 100% 2) For taxes levied in the second year of abatement: 75% 3) 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. 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 third year or upon expiration of the Decatur Macon County Enterprise Zone,whichever is sooner. E.1. 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, 2012 and prior to the expiration of the Decatur Macon County Enterprise Zone. E.2. Eligible retail, restaurant, hotel/motel and commercial projects described in Sections E and E.1. above are limited to those who locate or are located on or within a one block radius of the Eldorado Street corridor within the corporate limits of the City of Decatur from Oakland Avenue on the west to 23`d Street on the east and those projects located on or within a one block radius of the Pershing Road corridor within the corporate limits of the City of Decatur from Oakland Avenue on the west to 27`h Street on the east. Questions as to the locational eligibility of a project will be decided by the Enterprise Zone Administrator with guidance and concurrence from the Enterprise Zone Advisory Board. F) The following categories of retail and commercial development projects within the defined boundaries of the Eldorado Street and Pershing Road corridors in Section 5.E.2. above shall be ineligible for any property tax abatement as provided herein: 1) self-storage(mini warehouse facilities) 2) automobile service station 3) automatic or self service coin operated car wash 4) commodity scrap processing 5) convenience food and beverage store 6) gasoline station 7) package liquor store 8) recycling facility