HomeMy WebLinkAboutRES.699.02-20-1992 _ `� � `t
BILL NO. 92-31 RESOLUTION NO. �o-I�
A RESOLUTION ESTABLISHING AD VALOREM TAX
EXEMPTION IN THE CAPE GIRARDEAU ENTERPRISE
ZONE IN THE CITY OF CAPE GIRARDEAU, MISSOURI
WHEREAS, the City of Cape Girardeau has previously established
an enterprise zone pursuant to Missouri Statutes and said
enterprise zone was subsequently extended, and
WHEREAS, upon the designation of said enterprise zone pursuant
to State Statutes, and said extensions thereof, all subsequent
improvements to real property have been and remain exempt from
assessment and payment of ad valorem property taxes of at least
fifty (50) per cent of such ad valorem property taxes during the
ten (10) year period beginning with the date of said enterprise
zone designation or extension thereof, and
WHEREAS, the State of Missouri has adopted new legislation
authorizing governing authorities to designate additional
exemptions for improvements for additions to real property within
the enterprise zone, said legislation being the Conference
Committee Substitute No. 2 for the Senate Committee Substitute for
the House Committee Substitute for House Bill Nos. 294 and 405 of
the 86th General Assembly, and
WHEREAS, a public hearing for the purpose of obtaining the
opinions and suggestions of residents of the political subdivisions
to be affected by the exemption from property taxes has been held
following proper notice given by certified mail to each political
subdivision in the area to be affected and by notice published in
a newspaper of general circulation in the area to be affected by
the exemption at least twenty (20) days prior to the hearing but
not more than thirty (30) days prior to the hearing.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CAPE GIRARDEAU, MISSOURI, AS FOLLOWS:
ARTICLE 1. That pursuant to the Statutes of the State of
Missouri, one-half (1/2) of the ad valorem property taxes otherwise
imposed on subsequent improvements to real property located in the
enterprise zone shall become and remain exempt from assessment and
payment of ad valorem taxes of any political subdivision of this
state or municipality thereof for a period of ten (10) years
following the date such improvements were assessed; provided,
however, that the improved properties are used for assembling,
fabricating, processing, manufacturing, mining, warehousing or
distributing.
ARTICLE 2 . That retail businesses and other operations not
listed in Article 1 above shall not be eligible for the exemption
from property taxes for improvements started after August 28, 1991.
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ARTICLE 3 . That all properties previously eligible for the
exemption from property taxes shall continue to receive such
exemption for the previously designated period up to the date ten
(10) years from the date of the designation of the enterprise zone
or extension thereof.
PASSED AND APPROVED THIS �� DAY OF ,_2, , 19,�.
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ATTEST• David S. Limbaugh; Mayor Pro Tem
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Kimberly A. Pruett, Deputy City Clerk