HomeMy WebLinkAbout046 - 05/02/1995 - AMENDING CITY CODE CONCERNING A CREDIT AGAINST THE PERSONAL PROPERTY TAX DUE FROM LARGE BASE INDUSTR ORDINANCE NO. 46, 1995
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING ARTICLE II OF CHAPTER 25 OF THE CODE
CONCERNING-A-CREDIT AGAINST THE PERSONAL PROPERTY TA
DUE FROM LARGE BASE INDUSTRY
WHEREAS,- the City of FortCollinshaaan_adapted_ecnnomic-develop t_polic-y-that_
indicates that the retention of base industrial firms is critical to the overall rosperity of the
community; and
WHEREAS, the City Council has determined that economi development serves an
important public purpose by promoting primary and secondary jobs 'thin the City, and generally
enhancing the local economy; and
WHEREAS, base industrial firms provide impo nt employment and professional
opportunities for citizens of Fort Collins; and
WHEREAS,these firms also contribute to,and e an important element of,the community's
human resource and social fabric; and
WHEREAS, it is the policy of the Con it of the City of Port Collins to periodically review
and evaluate the City's financial and econot c development policies in terms of their relevance to
current community values, and the locati n decisions of large manufacturing business; and
WHEREAS, during the co se of this review, City Council believes it is important to
consider additional information at data relative to the sales, use and real and personal property tax
structures of the City as they a ly to large base industries; and
WHEREAS, Ti 31, Article 15, Section 903(1)(b) of the Colorado Revised Statutes
authorizes any mmnici ity to negotiate with a qualifying business,a credit to be applied against the
personal property t evied upon the property of such business, which credit shall not exceed 50%
of the property t , and which shall be for a term of not more than four(4) years; and
W REAS, it is appropriate for the City Council to consider, on a case-by-case basis,
waiving p to fifty percent (50%) of taxes levied on the personal properly of large base industries
atan_ ,- omit incentive—to the-location or expansion ofsuch industriesin-Fort-Collins for a term-
of ur (4) years or less.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
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Section 1. That Article 11 of Chapter 25 of the Code of the City of Fort Collins is hereby
amended by the addition of Division IV to read as follows:
DIVISION IV. CREDIT AGAINST THE PERSONAL PROPERTY'TAX
DUE FROM LARGE BASE INDUSTRY:
Sec. 25-53 City Manager Authority.
The City Manager may, in his or her discretion, discuss and negotiate with any
Large Base Industry that is located,or that intends to locate,within the City, a credit
to be applied against the City taxes levied upon the taxable personal property of such
Large Base Industry. In no instance shall such negotiation result in a credit of taxes
which is greater than fifty percent(50%) of the amount of taxes levied by the City
upon the taxable personal property of the Large Base Industry and used in connection
with the operation of the Large Base Industry for the current property tax year. No
credit shall be approved for more than four(4)years.
Sec.25-54 Final Determination by Council:
The finaldetermination as to whether a,personal'property tax credit will be
approved for a particular Large Base Industry shall be made by the City Council
according to the best interest of the city and shall be reflected in a written agreement
and shall not exceed the limits set forth in Section 25-53 above. 'Factors to be
considered by the City Council may include, without limitation:
(1) Whether the proposed credit would be generally consistent with'the city's
economic development goals and objectives;
(2) The impact of the proposed credit upon the financial welfare of the city and
the provision of municipal services;
(3) The,anticipated financial return to the;city from the proposed operations of
the particular Large Base Industry;
(4) The impact of the proposed credit upon the overall health,safety and welfare
of the citizens of the city
(5) Whether the Large Base Industry is committed to satisfactorily mitigating
any adverse environmental impacts of its operation,and is further committed
to the training and human resource development of its work force; and
(6) The recommendation of the City`Manager,'`based upon any additional criteria
develope&hy the City Manager.-
Sec. 25-55 Definition of Large Base Industry.
For the purposes of this Division,Large Base Industry shall mean a firm that: (1')
produces, or will produce,manufactured goods, at least eighty (80)percent of which
are,or will be, produced for export to areas outside of the city;'(2)employs, or will
employ,no fewer titan one hundred persons for at least thirty-five(3-5)hours of year-
rowid employment per week; and (3) owns or leases, or will own or lease, real
property or equipment within the city limits used in the operation of the firm's
business that has, or will have, as of the date of the commencement of the firm's
operation a fair market value of no less than one hundred million dollars
($100,000,000). The firm must also have established a new business facility, as
defined in Section 39-22-508.2(3) C.R.S., as amended but excluding the
requirements of paragraph (b) of said subsection (3), in the City as of the date of
commencement of the firm's operations.
Sec. 25-56 No entitlement established.
The provisions of this Article shall not be construed as establishing any right or
entitlement to a waiver of any personal property tax on the part of any applicant. The
approval of any waiver shall be entirely discretionary,with the City Council,
Introduced, considered favorably on first reading, and ordered published this 18th day of
April, A.D. 1995, and to be presented for final passage on the 2nd day of May, A.D. 1995.
Mayor
ATTEST:
City Clerk
Rassed and adopted on final reading this 2nd day of May, A.D. 1995.
Mayor
ATTEST:
City Clerk