[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.