(a) 
The city council deems it necessary and proper and in the best interests of the citizens of the city to consider entering into agreements for tax abatement of property taxes as an incentive for businesses to locate or expand their operations within the city.
(b) 
State law requires the city to establish guidelines and criteria as to eligibility for any such tax abatement agreements.
(c) 
Such guidelines and criteria pursuant to law must not be changed or repealed for a two (2) year period from the date of adoption of this division unless changed or repealed by a three-fourths vote of the city council.
(d) 
Such guidelines or criteria will not obligate the city in any way to provide tax abatement to any applicant, but shall signify the city’s willingness to consider such abatement.
(Ordinance 232 adopted 5/14/1996)
The city council adopts an abatement program which provides that eligible property shall be abated on a declining annual percentage schedule for a period of 5 years as follows:
Years
Percentage of Taxes To Be Abated
1
100%
2
80%
3
60%
4
40%
5
20%
6 and forward
0%
(Ordinance 232, sec. 1, adopted 5/14/1996)
This abatement will only be offered to new enterprises consisting of at least five (5) employees with a $500,000.00 investment.
(Ordinance 232, sec. 2, adopted 5/14/1996)