92-87 AMENDING CERTAIN TAX INCENTIVES PROVIDED FOR IN ENTERPRISE ZONE - REAL PROPERTY TAXES

Home Browse Search

� . I ` � . " �$1, 000, 0�0-$2,999,999 50$ Value of For a period of 5 � , , Improvement calendar years . . following the fifth year for which 100$ abatement was authorized for said improvement, as herein provided, or for the � remaining life of the Zone, , whichever period is shorter Over $3,000,000 100� Value of For a period of 10 Improvement calendar years or the remaining life ' of the Zone, whichever period is shorter 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. Any abatement of taxes on any parcel of real property previously authorized by this Ordinance ' shall remain in effect for the stated term for which it was authorized and extended, as provided by law. " Section 2. That Section 6 of said Ordinance No. 82-122 be, and the same is hereby, repealed. Section 3 . That the City Manager be, and he is hereby, authorized and directed to cause application for the amendment provided for herein to be made to the State of Illinois pursuant to said Act containing that which is required thereby and that which is permitted thereby to the extent deemed by him to be conducive to the carrying out of the intent and purpose of the Act and of this Ordinance, and to furnish such information not inconsistent therewith as to secure the amendment of said Zone as set out herein. Section 4 . Each retailer who makes sales at retail of building materials to be incorporated into real estate located within the City of Decatur,' Illinois enterprise zone from a location within the City of Decatur, Illinois may deduct the receipts of such sales from the Ilinois Retailer's Occupation Tax only to the extent that a building permit is issued for the construction, and the project is approved by the enterprise zone