Agenda 06/25/2002 - Laserfiche WebLink

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SECTION II. BACKGROUND II fi. Purpose of AmcndmenU Check the type of amendment and briefly explain why the amendment is being requested and what is to be accomplished by the approval (Limit to one page.) __Boundary Addition __Boundary Deletion ~_Incentive Amendment __ Goals/Objectives/Strategies/Actions The initial five-year period for the County's Consumer Utility Tax District Incentive expired June 30, 200L A review of the incentive was conducted, and it was determined the incentive should be discontinued. The primary reasons for discontinuance being the minimal payback to the industries verses man-hours and coordination efforts between the participating utility companies requited to effectively manage the incentive. To replace the discontinued incentive with a more effective and easily managed incentive, that will be beneficial to all qualifying businesses located in the Enterprise Zones. Therefore, the County decided to add the Business Furniture, Fixtures, and Equipment Tax Refund. Also, during the County's Enterptise Zone Ordinance Amendment precess the County up-dated the Standard Industrial Classification (SIC) Codes to reflect the changes made per the Notch American Industry Classification System (NAICS), United States, 1997. The County also took this opportunity to include within its Approved Codes several additional classifications to meet the economically changing climate of the area. The County desires that this amendment be applicable to all of its Designated Zones for the remaining lives of the Zones. The County's Enterprise Zone Ordinance adopted September 23, 1996, Reasons for Enterprise Zone Amendments dated May 21, 2002, and Recommended Changes To County Enterprise Zone Ordinance adopted by the aunty County Board of Supervisors at their May 28, 2002, Meeting ate on file in the Master File Room located on the Fourth Floor of the Hemy County Administration Building, 3300 Kings Mountain Road, Mattinsville, Virginia.