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January 11,2000 <br /> <br />eligible for building permit waivers, water and sewer multiple- <br />service regulations waivers, and the landfill tipping fee refund <br />incentives. <br />(b) The City shall make grants to the Industrial Development <br />Authority of the City of Martinsville, Virginia, as determined under <br />subsections (1), (2) and (3) below. The following three categories <br />will determine qualified investments: <br />(1) Modernization. Investment in real property, machinery and <br />tools, and/or business equipment for the purpose of incorporating <br />up-to-date technology, methods or ideas in a particular qualified <br />business operation; and/or to preserve the manufacturing capability <br />of the business firm. <br />(2) P/ant Expansion. Investment in real property, machinery and <br />tools, and/or business equipment for the purpose of enlarging the <br />volume or scope of a particular qualified business firm. <br />(3) New Operation. Establishment of a qualified business firm not <br />previously in existence through the construction/investment in new <br />buildings, facilities, machinery and equipment, and/or business <br />equipment; or investment in an existing building facility, machinery <br />and equipment and/or business equipment vacant or out of <br />production for at least twelve (12) months. <br />$ec. 7.,~-6. Local enterprise zone Incentives. <br />All business firms as herein defined which meet the eligibility <br />requirements established in Section 7.5-5 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 />(1) 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 retaining <br />jobs within the Zone. No minimum investment is required for this <br />grant. The grant shall be calculated by the following percentages <br />over the company's real property tax base for that location at the <br />time of the new investment: <br /> 100% for I st tax year <br /> 50% for 2nd, 3rd, 4th, and 5th tax year <br />(2) Machinery and Tools and/or Business Equipment IDA Grants. <br />Grants to the IDA in sum equal to the machinery and tools and/or <br />business equipment tax paid for projects under the Qualification for <br />Benefits for investments in equipment modernization, plant <br />expansion, or new operations for the purpose of creating or <br />retaining jobs within the Enterprise Zone. No minimum investment <br />is required for this grant. The grant shall be calculated by the <br />following percentages over the company's Machinery and Tools <br /> <br /> <br />