HomeMy WebLinkAbout87-5-3004E
ORDINANCE NO. 87-5-3004..
AN ORDINANCE AMENDING ORDINANCE NO. 86-12-2954
WHEREAS, on December 23, 1986, the Board of Commissioners
adopted Ordinance No. 86=12-2954,`establi'shing.an.Enterprise Zone
within the City of Paducah, and setting forth benefits accruing to 1
qualified businesses within the -Enterprise -Zone; and
.. WHEREAS,_ the intent of the Board of Commissioners as to the
property qualifying for the tax and fee relief granted in Section 3 of
Ordinance No. 86-12-2954 requires clarification; and
WHEREAS, it is the intent of the Board of Commissioners to
clarify Ordinance No. 86-12-2954 herein..
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. Section 3 of Ordinance No. 86-12-2954 is hereby
amended to read as follows:
"A. Qualified New Businesses in the Enterprise Zone shall be
entitled to receive the following tax or fee relief:
11(1) For a period of five (5) years the City shall:
a. Personal property - not charge ad valorem`
taxes on personal property purchased after the
application for designation has been filed
with the local administrator.
b. Real property - grant a fifty percent (50%)
reduction in the tax assessed value of real
estate used in direct operation of the
Qualified Business within the Enterprise Zone.
"(2) For a period of five (5) years business licenses
.shall be issued at no cost.
"(3) A reduction of one-half (1/2) for refuse fees for
the duration of the Enterprise Zone shall apply to
the location of the business which qualified the
business for inclusion in the Enterprise Zone.
"(4) Building and electrical plan review and building
permit fees shall be waived for the duration of the
Enterprise Zone.
"(5) Issue at no cost special auto stickers for
employees of the Qualified Businesses for the
duration of the Enterprise Zone.
"(6) Reduce the employee earnings tax by fifty percent
(50%) for all employees of the Qualified Business
for a period of two (2) years.
"B. Qualifying existing businesses in the Enterprise Zone
shall be entitled to receive the following tax or fee relief:
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"(1) A qualified exist
business shall mean those
entities actively engaged in trade or business
within the City of Paducah prior to filing their
application with the local administrator.
"(2) A qualified existing business shall be entitled to
the same tax or fee relief .as a qualified new
business in the Enterprise Zone, except that said
relief shall only apply to the expanded activities
within the City of Paducah.
"(3) The tax relief granted shall not apply to property
that was used in the business prior to the
application being filed with the local
administrator, nor to replacements of the property
being used in the business, except that if
replacement property has a greater value than the
property being replaced, then the increase in value
shall be subject to the tax relief set for in
Section -A, above.
"(4) Business Licenses - For a period of five (5) years,
the gross receipts reported for business licenses
shall not be increased. The licenses will be based
on the highest gross receipts reported to the City
Treasurer's Office on either of the license returns
filed in the prior two (2) years. The base amount
of gross receipts will not be adjusted up for the
five (5) year period; however, the business will be
assessed any increase in license fee due to a
change in the business license rates adopted by the
City during the five (5) year period.
"(5) Refuse fees - See Section A(3) above.
it "(6) Building and Electrical Plan Review and Building
�y Permit Fees shall be waived for the duration of the
Enterprise Zone.
"(7) Issue at no cost one special auto sticker for
all employees of the qualified business for the
duration of the Enterprise Zone.
"(8) Reduce the Employees Earnings Tax by fifty percent
(50%) for all qualified employees of the qualified
business for a period of two (2) years. Qualified
employee is one who holds a new position created
after approval by the Kentucky Enterprise Zone
Authority, and which has a substantial part of the
work performed within the Enterprise Zone. The tax
credit will not apply to new positions which are
replacing old positions, but only to new positions
actually created by the expansion of the qualified
business."
B C. The waiver of any tax or fee shall not waive the filing
of applications or obtaining any permit or license.
6 D. All of the tax and/or fee relief referred to above shall
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.' start upon certification of the Qualified Business and shall remain in
effect as long as its respective certification is valid, or said
incentive shall have expired. These benefits set forth herewith shall
be available upon certification, regardless at what period of time
during the duration of the Enterprise Zone said certification shall
occur.
SECTION.2. _.The application of this ordinance shall be
retroactive. -to November 14, 1986.
SECTION 3. This ordinance shall be read on two separate days
and will become effective upon of title and a certified summary therof.
JOE VITERISI I1
Mayor
Introduced by the Board of Commissioners May 12, 1987
Adopted by the Board of Commissioners May 27, 1987
Recorded by Lenita Smith, City Clerk, May 27, 1987
Recorded .by The -Paducah_ Sun