[R.O. 2011 §635.010; Ord. No. 831 §§1 — 3, 8-15-2005]
The Board of Aldermen recognizes that the City of Cabool and Texas County, Missouri are part of an area of sustained high unemployment, low family income and general economic distress.
The City of Cabool, in cooperation with the State of Missouri, the Counties of Texas and Shannon and the Cities of Houston, Licking, Mountain Grove and Summersville and the Villages of Raymondville and Plato reaffirms its commitment to the economic development of our area.
Chapter 135, Sections 135.950 — 135.973, RSMo., provides a means and an opportunity for Texas County and the City of Cabool to cooperate with the State of Missouri and others to relieve economic distress and attract new jobs to our area as follows:
An enhanced business enterprise will be eligible if established.
Under one (1) of the following North American Industry Classification System (NAICS) two (2) 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]:
To produce "value-added agricultural products" as defined in Section 348.015(14), RSMo.
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".
Improvements made to real property used for an enhanced business enterprise are abated at a rate of seventy-five percent (75%) for ten (10) years per Section 135.963, RSMo.