HomeMy WebLinkAboutMO # 384MUNICIPAL ORDER NO. 384
A MUNICIPAL ORDER AUTHORIZING THE MAYOR AND CITY COMMISSIONERS TO APPROVE THE
APPLICATION OF ING, INC. TO OPERATE A BUSINESS IN THE OPPORTUNITY ZONE,
WHEREAS, the Board of Commissioners has received an application from
ING, INC. 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 ING, INC., 401 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 enter-
prise'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 quali-
fied 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 November 25, 1986
Recorded by Lenita Smith, City Clerk, November 25, 1986
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