§ 10-27. Exemption from taxes for new industries, manufacturing plants, etc.

(a)

For the purpose of encouragement and inducement of the location, growth and development of new manufacturing, fabricating or assembling industries, factories and plants in the city, the following property of new manufacturing, fabricating or assembling industries shall be exempt from all municipal taxation: land, building, any tools, including mechanical tools, implements whether worked by hand, steam or other motive power, machinery, manufacturing apparatus or engines used in manufacturing whether temporarily idle or not, raw materials on hand and manufactured products in the hands of the manufacturer and any other personal property actually employed or used in the business of manufacturing, fabricating or assembling in the city. Any such exemption from taxes shall apply to all new manufacturing, fabricating or assembling industries and shall be effective as to all persons who shall engage as a new manufacturing, fabricating or assembling industry in the city. Such exemption shall be for a period of ten (10) years from the year of the location of such factory, industry, establishment or plant in the city.

(b)

An exemption from city taxes may also apply to land and buildings acquired and owned by any person for the purpose of leasing such land and buildings to manufacturing, fabricating or assembling industries, factories and plants when the lease is part of a bona fide plan to encourage and promote the location of such industries, factories and plants in the city; provided that the city council, within its sole discretion, recognizes and accepts the plan as such. The exemption shall not apply in any case where the primary motive for such lease is to avoid payment of city taxes. The exemption provided in this subsection shall be for a period not to exceed ten (10) years beginning with the year such factory, industry or plant occupies such land and buildings; except that the exemption shall cease should the industry, factory or plant leave the exempted property prior to the end of the period for which the exemption is granted.

(c)

The granting of the tax exemption may be conditional upon the continued employment of a certain specified number of residents of the city, if the city council so desires.

(Code 1966, § 12-1)