The City of Cambridge is dedicated to both promoting business endeavors within Cambridge and strengthening small local businesses specifically; and
A Massachusetts state law [G.L. c. 59, § 5I] which was adopted in 2000 allows the Cambridge City Council to grant a modest real estate exemption to commercial properties that are occupied by businesses that have an average annual employment of no more than 10 people, an assessed valuation of less than $1,000,000, and other criterion; and
The City of Cambridge's Assessor's Office has completed a preliminary evaluation of the impact of this business exemption; now therefore be it
That the City Manager be and hereby is requested to report back to the City Council the Assessing Department's findings regarding the feasibility of granting small commercial properties a modest exemption on their real estate property taxes.