The Richmond Common Council approved an alternative tax abatement schedule for projects that promise to create at least 10 jobs, invest at least $3 million and pay more than 50 percent over the state minimum wage.
The new ordinance, which initially offers a 75 percent abatement or deduction from taxes on improvements for 10 years and increases of 5 percent for additional investment and job creation, also requires the company to pay major medical health insurance to all full-time employees.
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