20 - Resolution Authorizing Participation in Tax Abatements and approving Guidelines and Criteria

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Item Pilo. 20 TO: Mayor & City Council FROM: John Godwin, City Manager SUBJECT: TAX ABATEMENT POLICY DATE: December 21, 2017 BACKGROUND: Municipalities that offer ad valorem tax abatements are required to adopt and maintain a tax abatement policy. These nay be very broad, or very specific and detailed like the one used in Paris. STATUS OF ISSUE: The current policy was approved in January 2016 for a period of two years, so needs to be re -adopted. I have made a few minor grammar and clerical corrections in the existing policy. I have also deleted references to the tax. abatement committee, which is now defunct, and to Paris Junior College, which opted out of the abatement process, about a year ago. I have also changed requiring approval by the PEDC board to recommendation by that body. All substantive issues in regard to timing, arnounts, requirements, etc. reinain unchanged. BUDGET: NA. RECOMMENDATION. Adopt revised policy, attached.