Agenda 01/11/2000 - Laserfiche WebLink

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CITY OF MARTINSVILLE, VIRGINIA ORDINANCE NO. 2000-1 Enclosure #3 BE IT ORDAINED by the Council of the City of Martinsville, Virginia, in regular session assembled, January 11, 2000, that it does hereby amend Chapter 7.5--Enterprise Zone, Section 7.5-5--Qualification for Benefits and Section 7.5-6...Local Enterprise Zone Incentives of the Martinsville City Code, as follows: Sec. 7.5-1. Short Title. This Article shall be known and may be cited as the "City of Martinsville Enterprise Zone Ordinance". Sec. 7.5-2. Statement of Purpose. The Virginia Enterprise Zone Act, Section 59.1-270, et.secl. of the Code of Virginia, as amended, authorizes the establishment of an enterprise zone. It is the purpose of the Enterprise Zone Act, and of this Article, to stimulate business and industrial growth within the area.so designated as the City of Martinsville Enterprise Zone by means of state and local incentives more particularly set forth herein. Sec. 7.5-3. Boundaries. The boundaries of the Enterprise Zone are as set forth on the map entitled "City of Martinsville Enterprise Zones", which is on file in the City's Community Development Department, the area of which has been declared an Enterprise Zone by the Governor of the Commonwealth of Virginia for a period of twenty (20) years in accordance with the Virginia Enterprise Zone Act. Sec. 7.5-4. Definitions. As used in this Article, the following definitions shall apply: Enterprise Zone means the area as defined herein and declared by the Governor of the Commonwealth of Virginia to be eligible for the benefits accruing under the Virginia. Enterprise Zone Act {Section 59.1-270, et.seq.). City means the City of Martinsville, Virginia. Business finn means any business entity, incorporated or unincorpora- ted, which is authorized to do business in the Commonwealth of Virginia and which is subject to State individual income tax, State corporate income tax, State franchise or license tax on gross receipts, or State bank franchise tax on net taxable capital and whose Standard Industrial Classification Code. (SIC) is one of the following. All commercial, professional, and service establishments increasing employment by five percent (5%) or greater of the base employment as established by the Commonwealth of Virginia Enterprise Zone regulations also meet the definition of a business firm.