[R.O. 1991 § 150.200; Ord. No. 10-1107 §§ 1 – 4, 12-14-2010]
A. The Board of Aldermen of the City of Vandalia
recognizes that the City of Vandalia is part of an area of above State
average unemployment, below State average median household income
and general economic distress.
B. The City of Vandalia, in cooperation with
the State of Missouri, reaffirms its commitment to the economic development
of our area.
C. Chapter
135, Sections 135.950 through 135.973, inclusive, RSMo., provides a means and an opportunity for the City of Vandalia 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 shall
be eligible for local property tax abatement if established:
a.
Under any 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 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):
21
|
Mining, Quarrying, and Oil and Gas
Extraction
|
22
|
Utilities
|
31
|
Manufacturing
|
32
|
Manufacturing
|
33
|
Manufacturing
|
42
|
Wholesale Trade
|
48
|
Transportation and Warehousing
|
49
|
Transportation and Warehousing
|
51
|
Information
|
52
|
Finance and Insurance
|
54
|
Professional, Scientific, and Technical
Services
|
55
|
Management of Companies and Enterprises
|
56
|
Administrative and Support and Waste
Management and Remediation Services
|
62
|
Health Care and Social Assistance
|
71
|
Arts, Entertainment, and Recreation
|
72
|
Accommodation and Food Services
|
81
|
Other Services (except 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(9)(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 for an enhanced business enterprise that creates and maintains
forty (40) or more new jobs shall receive seventy-five percent (75%)
real property tax abatement for a term of ten (10) years in accordance
with Section 135.963, RSMo.
3.
Improvements made to real property
used for an enhanced business enterprise that creates less than forty
(40) jobs shall receive fifty percent (50%) real property tax abatement
for a term of ten (10) years in accordance with Section 135.963, RSMo.
D. In accordance with Chapter
135, Section 135.950 through Section 135.973, RSMo., inclusive, the City Council of the City of Vandalia, Missouri hereby establishes and adopts the above property tax abatement policy, effective upon adoptions 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 Subsection
(C)(1), commencing operations in a facility, as defined in Section 135.950(11), RSMo., after the State designation date of the Vandalia Area Enhanced Enterprise Zone.