[R.O. 1993 § 140.660; Ord. No.
2205 §§ 1 — 5, 7-14-1992]
A. Eligibility.
An eligible applicant shall be entitled to a partial exemption as
hereinafter provided from the payment of annual ad valorem property
taxes upon the following terms and conditions:
1. The commencement of an improvement or expansion to real property,
as that term is defined by Section 137.010, RSMo., located within
the Mississippi County Enterprise Zone;
2. The completion of an improvement to such real property, which would
otherwise result in an increase in the assessed value of such real
estate; and
3. The utilization, within a reasonable time, of such improved property
by a business entity, which would subject the improvement to the assessment
and payment of ad valorem taxes under the pertinent provisions of
Chapter 137, RSMo.
B. Industrial
Development. With respect to improvements occupied and utilized in
the business of manufacturing, fabricating, processing, assembling,
warehousing, mining or wholesale distribution, or any administrative
function in support of any such business entity, the exemption shall
apply annually as hereinafter provided.
C. Commercial Property. With respect to improvements being occupied and utilized for any commercial purpose, other than those identified in Subsection
(B) above, prior to granting any exemption allowed by this Article, the owner of such property seeking such exemption shall provide to the City Clerk of the City of Charleston, Missouri, and to the County Clerk of Mississippi County an affidavit that the occupant of such improved property has satisfied the provisions of Section 135.215.1, RSMo., as amended. Such affidavit shall be provided or renewed on or before March 1 of each year during the term of exemption and shall state that at least fifty (50) jobs, providing an average of at least thirty-five (35) hours of employment per week per job, have been created and maintained during the previous year at the new or expanded facility. The affiant shall be entitled to affirm the creation and maintenance of jobs based upon the total number of payroll hours paid during the preceding year.
D. Exemption.
The tax exemptions allowable under this Article shall be as follows:
1. Fifty Percent (50%) Abatement. The ad valorem property tax on eligible
improvements shall be abated by fifty percent (50%), commencing in
the year in which such improvements become operational and were initially
subject to ad valorem tax assessment, and said exemption shall continue
annually for each year thereafter while the real property continues
to meet all eligibility requirements for tax exemption, but in no
event shall the tax exemption extend for a period of more than ten
(10) years, unless said abatement or a period of exemption is modified
and extended as hereinafter authorized.
2. Extensions/Modifications. The City Council shall have the authority,
in its sole discretion, to grant an extension of the period of exemption
or increase the percentage of ad valorem property tax abatement if
the circumstances of a particular development warrant such an extension
or increase based upon factors which shall include but shall not be
limited to job creation, amount of capital investment, additional
tax revenues to be generated or other appropriate considerations.
E. Tax
Exemption Limited. The exemptions herein provided shall be applicable
to the assessment and payment of real property ad valorem taxes only
and shall not apply to personal property taxes or special assessments
to real property.