11 - Resolution Approving Agreement to Terminate Tax Abatement Agreement with Campbell Soup

Home Browse Search

The City, tivough its Council, may agree in writing with the owner and/or lessee of texcable Real Property that is located in a Reinveshnent. Zone, but that is not in an improvement project financed 1tax increment bonds, 1 exempt taxation # f •: of the valueofthe Real Property, or of Personal Property lontad on the Real Property, or both. The period of the abatement granted under the agreamw shal I not wmead the term authorized by law. Such agreementbe based on the 7 1 • owneror of specific improvements or repairs to the Property. An agreement may provide fbr the exemptior. ofthe Real Property in each year covered by the agreement only to the extent its value for the year exceeds the Ban Year Value. An agreement may provide for the exemption of Personal Property located on the Real Property in each year covered by the agreement other than Persons Property located ♦ Property 1timebefore periodcovered by the agreement Inventory or supplies cannot be abated as Personal Property. Tax abatement may only be granted for additional value of eligible Property the Property owner 15'lessee subjectosuch limitationthe mayrequire. Theadditional value must exceed any reduction in the fair market value of other property of the owner akeady 1 the tax rolef M 1/ ofthe City.Changeappraisedvaluedoesnot qualify• added to the tax rolls must come from actual capital expendkares. The negotiation of tax abatement con"m will be conducted by the Paris Economic Development Corporation, in conjunction with the City Manager or designee to the Tax Abatement Committee. In determining where and how Ux abatement will be utilized, the Tax Abatement Committee wfll examine the potential return on the public's investMWA. Return. on public investmentmeasured interm1 Jobs created, Jobs 1 rf cases *.:. 1 existing Einployers within the City, and (W) broadening of the tax base, and expansion of the economic base. A property owner and/or lessee shall be eligible for tax abatement only upon the following terms and conditions; I a) If the Property involved is an Authorized Facility. b) if the Property involved is a Historic Property. In the City Historic Districts them are Iluineiziet 1 AnmAlzfExtetirr1 :1 1 /, 1e xi=xc districts we allowed at 100% for seven (7) yaw with a minimum investment of $5,000 fbr residential property and $10,000 for commercial property. New residential constuction requires minimm investrnent1 $100,000 to be 1. e1 for 7 04% exemptio three=nmercial construction requires a minimum investment of $200,000, for a 100% tax exemption for