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<br />(d) "Base Year Value" means the assessed value of <br />Eligible Property as of the January 1 immediately preceding <br />the execution of the Agreement plus the agreed upon value of <br />eligible property improvements made after January 1 but <br />before the execution of the Agreement. <br /> <br />(e) "Eligible Property" means buildings, structures, <br />fixed machinery and equipment, site improvements, tangible <br />personal property, and that office space and related fixed <br />improvements necessary to the operation and administration of <br />the facility. Inventory and supplies are not included in <br />eligible property and are not eligible for Abatement. <br /> <br />(f) "Modernization" means the replacement and upgrading <br />of existing facilities which increases the productive input <br />or output, updates the technology or substantially lowers the <br />unit cost of operation. Modernization may result from the <br />construction, alteration or installation of buildings, <br />structures, fixed machinery or equipment, but shall not be <br />for the purpose of reconditioning, refurbishing or repairing. <br /> <br />(g) "Reinvestment Zone" is an area where the City of <br />Paris or Lamar County has decided to influence development <br />patterns and attract major investments that will contribute <br />to the development of the City or County through the use of <br />tax abatement for specified improvements. <br /> <br />2. DESIGNATION OF A REINVESTMENT ZONE <br /> <br />The City may designate an area as a Reinvestment Zone in <br />accordance with the criteria and procedural requirements set <br />forth in the Act. <br /> <br />3. TAX ABATEMENT AUTHORIZED <br /> <br />The City of Paris may agree in writing with the owner or <br />lessee of taxable real property that is located in a <br />Reinvestment Zone, but that is not in an improvement project <br />financed by tax increment bonds, to exempt from taxation a <br />portion of the value of the real property or of tangible <br />personal property located on the real property, or both. The <br />period of the Abatement granted under the Agreement shall not <br />exceed the term authorized by law. Such Agreement will be <br />based on the condition that the owner or lessee of the <br />property make specific improvements or repairs to the <br />property. An abatement may provide for the exemption of the <br /> <br />GUIDELINES & CRITERIA - Page 2 <br />