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TUESDAY. NOVEMBER 12, 1996 <br /> <br />of the City of Martinsville, Virginia, as determined under <br />Sections A and B below. The following three categories will <br />determine qualified investments: <br /> <br />Modernization - Investment in real property or machinery <br />and tools for the purpose of incorporating up-to-date <br />technology, methods or ideas in a particular qualified <br />business operation; and/or to preserve the manufacturing <br />capability of the business firm. <br /> <br />Plant Expansion - Investment in real property or <br />machinery and tools for the purpose of enlarging the <br />volume or scope of a particular qualified business firm. <br /> <br />New Operation - Establishment of a qualified business <br />firm not previously in existence through the <br />construction/investment in new buildings, facilities or <br />machinery and equipment; or investment in an existing <br />building facility, or machinery and equipment vacant or <br />out of production for at least twelve (12) months. <br /> <br />Local Enterprise Zone Incentives <br /> <br />All business firms as herein defined which meet the eligibility <br />requirements established in Section shall be entitled to the <br />following incentives and the City shall make grants to the Industrial <br />Development Authority of the City of Martinsville, Virginia (IDA), as <br />follows: <br /> <br />Real Estate IDA Grants. Grants to the IDA in sum equal to the <br />real estate taxes paid for projects under the Qualification for <br />Benefits for new investments for plant modernization, plant <br />expansion, or new operation for the purpose of creating or <br />retaining Jobs within the Zone. No minimum investment is required <br />for this grant. The grant shall be calculated by the following <br />percentages over the company's real property tax base for that <br />location at the time of the new investment: <br /> <br />100% for 1st tax year <br /> 50% for 2nd, 3rd, 4th, and 5th tax year <br /> <br />Machinery and Tools IDA Grants. Grants to the IDA in sum equal to <br />the machinery and tools tax paid for projects under the <br />Qualification for Benefits for investments in equipment <br />modernization, plant expansion, or new operations for the purpose <br />of creating or retaining jobs within the Enterprise Zone. No <br />minimum investment is required for this grant. The grant shall be <br />calculated by the following percentages over the company's <br />Machinery and Tools Tax Base at the time of the new investment: <br /> <br />100% for 1st year <br /> 50% for 2nd, 3rd, 4th, and 5th tax year <br /> <br />Landfill Tipping Fee Refund. Refund of sanitary landfill tipping <br />fees will be made for approved, certified asbestos-free <br />construction and demolition debris delivered to the City of <br />Martinsville sanitary landfill. Submission of a demolition and <br />construction development plan will be required. These refunds <br /> <br /> <br />