HomeMy WebLinkAboutMO # 398■
MUNICIPAL ORDER NO. 398
A MUNICIPAL ORDER AUTHORIZING THE MAYOR AND CITY COMMIS-
SIONERS TO APPROVE THE APPLICATION OF THE MARKET PLACE GALLERY TO
OPERATE A BUSINESS IN THE OPPORTUNITY ZONE,
WHEREAS, the Board of Commissioners has received an appli-
cation from Market Place Gallery to establish a business in the
Opportunity Zone; and
WHEREAS, this application meets the criteria for operating a
business in the Opportunity Zone.
SECTION 1.':'The application of Market Place Gallery is hereby
approved, and this business, located at 405 Broadway, is given all the
tax relief and other incentives.offered by the Opportunity Zone, which
include the following:
(1) A five (5) year moratorium on investment in.new personal
property and a fifty percent (50%) reduction in the tax
assessed value of real.estate.used'in direct operation
of the qualified enterprise's business within the
Opportunity Zone.
(2) A five year moratori.um.on business license fees.
(3) A reduction of one-half (1/2) for refuse fees for a
period of five -(5) years.
(4) A five (5) year moratorium on building and electrical
plan review and buildingpermit fees.
(5) Issue at no cost_!f.or a. period of two (2) years special
auto stickers for employees of the qualified enterprise
who reside outside the city.
(6) Reduce the employee earnings tax by 50% for all em-
ployees of the qualified enterprise for a period of two
(2) years.. :.,.
(7) All of the tax relief referred to in paragraphs (1)
through (6) above shall start upon the opening of the
business of the qualified enterprise in the Opportunity
Zone.
SECTION 2. This order will be in full force and effect from
and after the date of its adoption.
JOE VITERISI
Mayor
Adopted by the Board of Commissioners April 28, 1987
Recorded by Lenita Smith, City Clerk, April 28, 1987
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