From the Richmond Palladium-Item:
Monday night, the Richmond Common Council granted its first tax abatement to a business project that is expected to create office-type jobs.
Before granting that abatement to Finance System, council members approved changes to the city’s code to allow abatements for real estate for larger development projects involving office-type jobs.
Following the recommendation of council's tax abatement committee, council adopted the following criteria:
• The proposed project creates at least 25 new permanent jobs;
• It involves a minimum real estate improvement investment of $250,000;
• New jobs pay at least 1.5 times the state's minimum wage;
• The employer offers health insurance to its employees; and
• Services be performed for clientele on a national or international level.
Finance System, a Richmond company specializing in medical billing and records, asked council for a 10-year abatement on real estate for a $500,000 project expected to create 32 new full-time jobs and retain 17 jobs.
Council granted that abatement Monday and is expected to consider a similar abatement request from Stride Rite in January.
The Finance System request had been before council since October, waiting for members to rule on the proposed abatement changes.
...
http://www.pal-item.com/apps/pbcs.dll/article?AID=2013312170015
