[Ord. No. 2005-5 §§1 — 4, 7-18-2005]
A. 
The City Council recognizes that the City of Caruthersville and Pemiscot County, Missouri, are part of an area of sustained high unemployment, low family income and general economic distress.
B. 
The City of Caruthersville, in cooperation with the State of Missouri, the County of Pemiscot and the Cities of Bragg City, Cooter, Hayti, Hayti Heights, Holland, Homestown, North Wardell, Steele and Wardell, reaffirms its commitment to the economic development of our area.
C. 
Chapter 135, Sections 135.950 — 135.973, inclusive, RSMo., provides a means and an opportunity for the City of Caruthersville to cooperate with the State of Missouri and others to relieve economic distress and attract new jobs to our area as follows:
1. 
An enhanced business enterprise will be eligible if established:
a. 
Under one (1) of the following North American Industry Classification System (NAICS) two-digit headings ["NAICS", the 1997 Edition of the North American Industry Classification System as prepared by the Executive Office of the President, Office of Management and Budget. Any NAICS sector, subsector, industry group or industry identified in this Section shall include its corresponding classification in subsequent Federal industry classification systems]:
31 Manufacturing
32 Manufacturing
33 Manufacturing
42 Wholesale Trade
48 Transportation
49 Warehousing
62 Health Care and Social Assistance
721 Accommodation
81 Other Services, Excluding Public Administration
b. 
To produce "value-added agricultural products" as defined in Section 348.015(14), RSMo.
c. 
As an international, national, regional or State headquarters of a revenue-producing business or enterprise. "As defined in Section 135.950(7)(b), RSMo., allows service industries to be eligible only if a majority of its annual revenues will be derived from services provided out of the State."
2. 
Improvements made to real property used by an enhanced business enterprise which produces an increase of not less than one hundred thousand dollars ($100,000.00) gross annual payroll, excluding benefits, from net new jobs maintained over the initial and each subsequent entire calendar year, seventy-five percent (75%) of personal property taxes on improvements to real property will be abated for ten (10) years per Section 135.963, RSMo. Compliance shall be verified from annual presentation of all signed Missouri Quarterly Contribution and Wage Reports as submitted to the Division of Employment Security. If eligible businesses that have qualified for full abatement in an initial year slip below the one hundred thousand dollar ($100,000.00) threshold in a subsequent year, pro rata abatement will be granted.
D. 
In accordance with Chapter 135, Section 135.950 through Section 135.973, RSMo., inclusive, the Board of Aldermen of the City of Caruthersville, Missouri, hereby establishes and adopts the above property tax abatement level, effective upon designation of the Pemiscot County Enhanced Enterprise Zone by the Missouri Department of Economic Development, and to remain in effect in conformance with Chapter 135, Section 135.950 through Section 135.973, RSMo., for eligible enhanced business enterprises as defined in Section (C)(1), commencing operations in a facility, as defined in Section 135.950(8), RSMo., after the State designation date of the Pemiscot County Enhanced Enterprise Zone.