Designating Tax Abatement - Vacant Land Adjacent to 3305 Lathrop Drive - Gateway Plaza Real Estate, LLC

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(B) An Applicant who complies with the Annual Report requirement, but fails to provide evidence as to why it has not substantially complied with the estimates set forth in its documents used by the Council when granting the phase-in (abatement,) may have the tax phase-in (abatement) revoked by the City Council. (C) An applicant who fails to substantially comply with the estimates set forth in its original Petition for Tax Phase-In (Abatement) Consideration and its Statement of Benefits may have its tax phase-in (abatement) revoked by the City Council. GRANTING OF TAX PHASE-IN (ABATEMENT) Any applicant who applies for a Building Permit for a proposed project or acquires new manufacturing equipment prior to filing the appropriate tax phase-in (abatement) petitions will not be eligible for tax phase-in (abatement.) FINANCIAL INCENTIVES It is the policy of the City of Madison not to offer financial incentives for economic development projects that involve the relocation of a business from another Indiana jurisdiction to the City of Madison. The City of Madison's decision to offer financial incentives to relocate an economic development project from another Indiana jurisdiction to Madison will be based on the following: 1) A letter or other written documentation from the jurisdiction where the business is currently located that it has exhausted all resources available to keep the business in such jurisdiction. 2) The business has exhausted its efforts to reach an agreement with the jurisdiction in which it is located. 3) The business has provided the City with a written financial incentive package from another state to relocate to another state and such relocation of said business would be detrimental to the City of Madison, the region and State of Indiana in terms of the loss of capital investment and/or jobs. This policy is not intended to apply with respect to an expansion of an existing Indiana industry or business seeking to expand to an additional location, but is only applicable with respect to a complete relocation of an Indiana industry or business. These guidelines are adopted by the Madison City Council for the City of Madison; and, as guidelines, the council reserves the right to make exceptions based upon applicants appearing before the City Council to explain in detail why their project should be considered for tax phase- in (abatement.)