2017-021 - Addendum to Tax Abatement Agreement with JS Baking, LLC

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Paris, Texas Economic Development Corporation POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT APPENDIX A Term Definition Abatement or Tax The full or partial exemption from ad valorem taxes of certain real and tangible personal Abatement property in a Reinvestment Zone designated for economic development purposes. Agreement or The written legal agreement for tax abatement between a property owner and /or lessee and Agreements the City of Paris, and also between Lamar County and Paris Junior College. Authorized A facility may be eligible for abatement if it is a facility used for manufacturing, research, Commercial or regional distribution, regional tourist entertainment, other basic industry, or any primary jobs Industrial Facility creating industry (all terms are defined below). All authorized facility definitions include buildings and structures, including fixed machinery and equipment used in operating the facility; AND /OR if the facility is a Historic Property defined in Section IV (b) within a City of Paris Historical District. Authorized The City of Paris may also designate areas of the City where residential properties may be Residential Facility considered for abatement. The City of Paris will approve their residential abatement policies, criteria and guidelines separate from these policies. See Section 1V Manufacturing The purpose of which is or will be the manufacture of tangible goods or materials or Facility the processing of such goods or materials by physical or chemical change. Facilities primarily engaged in assembling component parts of manufactured products are also considered manufacturing facilities. Regional Used primarily to receive, store, service, or distribute goods or materials where a Distribution majority of the goods or services are distributed to points at least 100 miles from its Facility location in the City of Paris. Regional Used in providing amusement/entertainment through the admission of the general public Tourist where the majority of users reside at least 100 miles from the City and where the Entertainment majority of users are likely to stay in the City for more than one day and will therefore Facility likely utilize local restaurants and hotel /motel accommodations. Research Used primarily for research or experimentation to improve or develop new tangible Facility goods or materials or to improve or develop the production processes thereto. Other Basic Not elsewhere described, used for the production of products or services which result in Industry the creation of new jobs and bring new wealth into the City. Primary Jobs Any industry creating "primary jobs" defined as a job that is available at a company for Creating which a majority of the products or services of that company are ultimately exported to Industry regional, statewide, national, or international markets infusing new dollars into the local economy, and that meets any one of certain enumerated sector numbers of the North American Industry Classification System (NAICS) found in the Development Corporation Act of the State of Texas. Base Year The assessed value of eligible property as of January 1, preceding the date of execution of the Value agreement plus the agreed upon value of eligible property improvements made after January 1, but before the execution of the agreement. The Base Year Value may be adjusted either up or down from year to year as per renditions by the Lamar County Appraisal District. Employer The owner or lessee of property, who is applying for tax abatement and who will provide jobs and capital investment within the Reinvestment Zone or within the Enterprise Zone. Reinvestment An area where the City or County has decided to influence development patterns and Zone attract major investments that will contribute to the development of the area through the use of tax abatement for specified improvements. These statues are found in Chapter 312 of the Texas Tax Code. Enterprise Zone An area of land designated as such under Chapter 2303 of the Texas Government Code. Job or Jobs A position of full -time employment for an individual to work 32 hours or more per week for an employer, in which position the individual is provided the benefits normally offered by the employer, such as health insurance, vacation and some form of retirement benefit. A job is not a position filled for the employer as a worker or employee of an employment agency or service. "Jobs" also includes "Full -time Equivalent Jobs" defined below.