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(Readopted 01-13-2020) <br />POLICY STATEMENT <br />("IRITERIA AND GUIDELINES FOR TAX ABATEMENT <br />.. ..... .. . . ..... . . ...... . ..... . ...................... . . ...... . .. ....... . . . ...... ...... .... . . ... . . .. . . . .................... <br />W 1,1 es 11134,11"11111t SII ofd ji, d, Jolb CreaflonCrkarin <br />............... 121=MM-Z � 1--E� ---. -mm <br />"YoW77M Mow ex, s 0 <br />r,lflrlll <br />1. To be eligible for any tax abatemenhere must be a minimum capital investment in the authorized facility of $ 1,000,000 and <br />at lent tan (10) new jobs added to the new employer's labor force. <br />2. Any project with a capital investment of more than, twenty-five million dollars ($25,000,000), AND accompanied by a <br />newly created minimum annual payroll of two and one-half million dollars ($2,500,000), OR creating more than two <br />hundred twenty-five (225) jobs will be individually negotiated. <br />specified in state law, no abatement will be granted for more than 10 years and the total abatement shall not exceed <br />100%. <br />4. A newly created business inust be (or will be) located within an enterprise zone or a designated reinvestment zone. <br />5. The taxing jurisdictions recognize a significant difference in the valuation of real property versus personal property. <br />Because of depreciation schedules, the abatement of personal property could result in a tax exemption. For this reason, the <br />abatement schedule for personal property versus real property may be rt. Each industrial account is looked at and <br />valued on an individual basis by the Lamar County Appraisal District (LCAD). Ile typical depreciation used for <br />industrial accounts by LCAD is as follows: <br />"I <br />In <br />a. Computers — 3 year life <br />b. Furniture & Fixtures — 10 year fife <br />c. Vehicles — 7 to 10 year life (depending on type) <br />(L 14 f' & Equipment — 15 yeu life (maybe longer or shorter depending on the type) <br />Fff r eacl4L,,iteiceat 3a(kuest tim—MC w -U ev2lulte tye, eXui-,A�pxt ilvestfuel t%li vmef-e We &-jqate <br />from the real estate (real property) investment to determine the length of the abaternent for each. <br />If personal property should become obsolete and be replaced while under an abatement agreement, the replacement <br />personal property is not eligible for abatement. <br />The charts below provide capital investment guidelines to qualify for tax abatement and the related schedule and <br />percentage of abatement. <br />I 2=1 <br />11 <br />oil <br />$20,000,001 to $25,0001 <br />$25,000,001 and Above <br />Forpmjerb wifth caphal investment above $25MAND $25M in new annualpayrou OR <br />creadag more than 225 newjobs, the term andpercentage of the abahment are both <br />nego&hk but cannot exceed 10. or 00% <br />