[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.