HomeMy WebLinkAboutMO # 364MUNICIPAL ORDER NO. 364
A MUNICIPAL ORDER AUTHORIZING THE MAYOR AND CITY COMMISSIONERS TO APPROVE THE
APPLICATION OF CASTLE IN THE COBB TO OPERATE A BUSINESS IN THE OPPORTUNITY ZONE,
WHEREAS, the Board of Commissioners has received an application from
Castle in the Cobb to establish a business in the Opportunity Zone; and
WHEREAS, this application meets the criteria for operating a business -in the Oppor-
tunity Zone.
SECTION 1. The application of Castle in the Cobb, 6th and Broadway, is hereby
approved, and this business 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 moratorium 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 building permit fees.
(5) Issue at no cost for 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
employees 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 August 26, 1986
Recorded by Lenita Smith, City Clerk, August 26, 1986
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