(a) The securing of private economic growth and development and the addition of new jobs within the community are important current and long-term objectives of this City. The granting of property tax exemptions is one of the tools available under State law to secure these public objectives. The benefit/costs analysis of tax exemptions is important in order to prevent the erosion of the City’s tax base and maintain the fiscal capacity to provide the public infrastructure and service necessary to promote economic development. Therefore, property tax exemptions will be linked to job creation and capital investment. For the purposes of this chapter, “job” is defined as a total of 2,080 hours annually at a qualified business facility. Employees with less than 2,080 hours annually may be combined with other employees until combined total hours equal 2,080 hours, meeting requirements for one job.

(b) The City Council may exempt certain property used for economic development purposes from ad valorem taxes for a maximum of 10 years. This discretionary authority is subject to such limitations or prohibitions as may be enacted by the Legislature of the State that are uniformly applicable to all cities and counties, and any requirements or conditions imposed by the Council. The City may: