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(2) <br /> <br />Hant Expansion. Investment in real property~ e~ machinery <br />and tools, and/or business equipment for the purpose of <br />enlarging the volume or scope of a particular qualified <br />business firm. <br /> <br />(3) <br /> <br />New Operation. Establishment of a qualified business firm <br />not previously in existence through the construction/invest- <br />ment in new buildings, facilitiest e~ machinery and equip- <br />ment, and/or business equipment; or investment in an <br />existing building facility, e~ machinery and equipment and/ <br />or business equipment vacant or out of production for at <br />least twelve (12) months. <br /> <br />Sec. 7.5-6. Local enterprise zone Incentives. <br /> <br /> All business firms as herein defined which meet the eligibility require- <br />ments established in Section 7.5-5 shall be entitled to the following incentives <br />and the City shall make grants to the Industrial Development Authority of the <br />City of Martinsville, Virginia (IDA), as follows: . . <br /> <br />Real Estate IDA Grants. Grants to the IDA in sum equal to the real estate <br />taxes paid for projects under the Qualification for Benefits for new invest- <br />ments for plant modernization, plant expansion, or new operation for the <br />purpose of creating or retaining jobs within the Zone. No minimum <br />investment is required for this grant. The grant shall be calculated by <br />the following percentages over the company's real property tax base for <br />that 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 />(2) <br /> <br />Machinery and Tools and/or Business Equipment IDA Grants. Grants to <br />the IDA in sum equal to the machinery and tools and/or business <br />equipment tax paid for projects under the Qualification for Benefits for <br />investments in equipment modernization, plant expansion, or new opera- <br />tions for the purpose of creating or retaining jobs within the Enterprise <br />Zone. No minimum investment is required for this grant. The grant <br />shall be calculated by the following percentages over the company's <br />Machinery and Tools and/or Business Equipment Tax Base at the time <br />of the new investment: <br /> <br />100% for 1 st year <br />50% for 2nd, 3rd, 4th, and 5th tax year <br /> <br />(3) <br /> <br />Landfill Tipping Fee Refund. Refund of sanitary land fill tipping fees will <br />be made for approved, certified asbestos-free construction and demolition <br />debris delivered to the City of Martinsville sanitary landfill. Submission <br /> <br /> <br />