Poplar Bluff City Council members approved the transfer of almost one-acre of city property during a special meeting Wednesday as part of an effort to court a new manufacturer. A new property tax abatement effort has also been OK'd as part of this effort.
City manager Mark Massingham said the property on South 11th Street would be combined with an existing 10-acre state certified industrial site. The designation means the land is deemed shovel-ready for a new manufacturing or distribution facility.
"Poplar Bluff Industries has been marketing (this) ..." Massingham today. "Some manufacturing prospects are looking for a slightly larger footprint and in order to help make this site more appealing, we needed to deed back a portion (.87-acres) of the adjacent property to PBI."
The names of prospective companies have not been released.
PBI is the economic development division of the Greater Poplar Bluff Area Chamber of Commerce.
The city council voted last week to create a point system to allow property tax abatement for companies of up to 100 percent for up to 15 years.
The length and percent can be adjusted by the city council or an Enhanced Enterprise Zone board, according to city documents. The EEZ includes a portion of Poplar Bluff Industrial Park and the board is made up of members of taxing districts, including the city and county.
The abatements are available to both new and existing companies within the EEZ. Existing businesses could qualify through an expansion, Massingham said.
Companies could receive the following abatement: up to 50 points, 10 years at 50 percent; 51-100 points, 12 years at 60 percent; 101-150, 14 years at 70 percent; 151-200 points, 16 years at 80 percent;
The system would use a mixture of specific and subjective criteria to determine if a company qualified. This includes investment in new construction or renovations; number of jobs retained or created; company longevity; bonus points for diversification; points for economic stimulus to other businesses; use of public utilities; investment in employees through wages, health insurance and retirement; and personal property investment.
The property transferred by the city is part of a lot that will be home at some time in the future to a electrical substation, Massingham said. Municipal Utilities has adjusted the plans for the substation to allow for the transfer, he said.