Non-ICM Area Project Terms and Conditions, including the CITY OF SYCAMORE Sample Clauses

Non-ICM Area Project Terms and Conditions, including the CITY OF SYCAMORE. DeKalb County Enterprise Zone property tax abatement shall be available for companies meeting the following criteria in areas outside of the ICM Area according to the following terms and conditions. i. Logistics Companies shall construct a minimum of 10,000 square feet for new building construction or must add at least 5,000 square feet to the size of an existing building. Abatement shall only apply to the increased assessed valuation attributable to said new construction or to said addition. ii. Industrial Companies shall construct a minimum of 10,000 square feet for new building construction or must add at least 5,000 square feet to the size of an existing building. Abatement shall only apply to the increased assessed valuation attributable to said new construction or to said addition. iii. Knowledge-based Companies shall construct a minimum of 10,000 square feet of new building construction or must add at least 5,000 square feet to the size of an existing building. Abatement shall only apply to the increased assessed valuation attributable to said new construction or to said addition. iv. Effective date. The abatements outside the ICM will be effective after the said rehabilitation, expansion or new construction has been completed and will begin at a time consistent with the Effective Date. The abatements will be effective after: 1) the abatement has been approved and an MOU has been executed and complied with; 2) the said rehabilitation, expansion or new construction has been completed; 3) the facility has been issued all required certificates of occupancy or permits and is operational in compliance herewith; 4) the new improvements have been fully assessed; and, 5) the recipient has satisfied all other applicable standards with regard to employment or other eligibility standards; but in no instance earlier than the first full tax year occurring after assessment of the new improvements. For any abatement to be effective, it must commence within two years of the date of execution of the MOU, unless such time period is extended by mutual agreement of the applicant, the Administrator (with the advice of the Advisory Board) and the Designating Units of Government within which the affected property is located; any abatement not taking effect within such period shall terminate.
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Non-ICM Area Project Terms and Conditions, including the CITY OF SYCAMORE. DeKalb County Enterprise Zone property tax abatement shall be available for companies meeting the following criteria in areas outside of the ICM Area according to the following terms and conditions. i. Logistics Companies shall construct a minimum of 10,000 square feet for new building construction or must add at least 5,000 square feet to the size of an existing building. Construction or redesign of existing structures involving interior build-out, renovation or rehabilitation are also eligible to the extent they increase the Equalized Assessed Valuation of the facility. Abatement shall only apply to the increased assessed valuation attributable to said construction or to said addition. ii. Industrial Companies shall construct a minimum of 10,000 square feet for new building construction or must add at least 5,000 square feet to the size of an existing building. Construction or redesign of existing structures involving interior build-out, renovation or rehabilitation are also eligible to the extent they increase the Equalized Assessed Valuation of the facility. Abatement shall only apply to the increased assessed valuation attributable to said construction or to said addition. iii. Knowledge-based Companies shall construct a minimum of 10,000 square feet of new building construction or must add at least 5,000 square feet to the size of an existing building. Construction or redesign of existing structures involving interior build-out, renovation or rehabilitation are also eligible to the extent they increase the Equalized Assessed Valuation of the facility. Abatement shall only apply to the increased assessed valuation attributable to said construction or to said addition.
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Related to Non-ICM Area Project Terms and Conditions, including the CITY OF SYCAMORE

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