Chapter 75 FINANCE AND TAXATION.
75-54 ENTERPRISE ZONE - QUALIFICATION FOR BENEFITS
A. In
order to qualify for local incentives pertaining to
business and occupational licenses under this Article, a business firm
must be
located within the boundaries of the Front Royal Enterprise Zone and
must
provide the following:
(Ord. No. 7-98 Amended
6-8-98-Effective Upon Passage)
1. A
new business must provide at
least five (5) full-time equivalent jobs. Said employment shall
represent
new jobs, not positions previously established within the town's
corporate
limits.
2. An
existing business must
increase its net full-time equivalent jobs by ten percent (10%) of its
existing
work force or by five (5) full-time equivalent jobs, whichever is
greater.
B. In
order to qualify for local incentives
pertaining to building permit fees, water and sewer tap fees and
rehabilitated
real estate tax exemptions, in addition to the new employment
requirements set
forth in Subsection A, business firms must meet the following
additional
requirement:
1. A
minimum investment of
twenty-five thousand dollars ($25,000) in the rehabilitation,
renovation, new
construction or other building or site improvements in the Enterprise
Zone.
C. In
order to qualify for local incentives
pertaining to utility line extensions, in addition to the new
employment
requirements set forth in Section A, business firms must meet the
following
additional requirement:
1. A
minimum investment of fifty
thousand dollars ($50,000.) in the rehabilitation, renovation, new
construction
or other building or site improvements in the Enterprise Zone.
D. Any
business firm located in the Enterprise Zone
shall be entitled to receive such additional local incentives as may be
conferred
by the town.
(Ord. No. 15-93 Added Entire Section/Repealed “F”
11-8-93-Effective Upon Passage)