2020-006 - Approving And Authorizing A Tax Abatement Agreement With Lionshead Specialty Tire & Wheel, LLC.

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(Readopted 01-13-2020) POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT APPENDIX A Term ......... _. Definition ..:_m .._ Abatement or Tax --- _ - The full or partial exemption from ad valorem taxes of certain real and tangible personal Abatement ...._ pro !prt p m a , _ ... .m . g economic development ��xiToses i...,,�,w�.� . Reinvestment Zone desi ��ated.for eco., _ .,... � _.. �,,...m.. Agreement or The written legal agreement for tax abatement between a property owner and/or lessee and Agreements the Cit�� ar County and Paris mobs el uthorized facility gible, for. abatement fLitlis a facility used for manufacturing, research, Commercial or I regional distribution, regional services, regional tourist entertainment, other basic industry, or Industrial Facility any primary jobs creating industry (see definitions below). All authorized facility definitions include buildings and structures, including fixed machinery and equipment used in operating the facili(N,. Authorized .... _ The City Council of the City of Paris may also designate areas of the City where residential Residential Facility properties may be considered for abatement of City taxes only. The City of Paris will approve their residential abatement policies, criteria and guidelines separate from these ohcies Manufacturing The purpose of which is or will be the manufacture of tangible goods or materials or the_ Facility 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 1p Used primarily to receive store service or distribute goods or materials where a P � � Y � g majority of Distribution Facility the goods or services are distributed to points at least 100 miles from its location in the Taxinu Jurisdictions of Paris and Lamar County. ,� Regional Tourist ' _....... � . ®� , . -.. Used in providing amusemenbentertainment through the admission of the general public lib Entertainment where the majority of users reside at least 100 miles from the Taxing Jurisdictions and where Facility the majority of users are likely to stay in the Taxing Jurisdictions for more than one day and ® 1 will therefore likely utilize local restaurants . ......... --._ ....... Research Facility Used primarily for research or experimentation to improve or develop new tangible goods or materials or to improve or develov the iHrodirocesses thereto Other Basic or Not elsewhere described, used for the production of products or services which result in the Service Industry creation of new jobs and bring new wealth into the Taxing Jurisdictions (e.g. healthcare- relatedindustries . Primary Jabs Any industry creating "primary jobs" defined as a job that is available at a company for Creating Industry which a majority of the products or services of that company are ultimately exported to regional, statewide, national, or international markets infusing new dollars into the local Base Year Value The assessed value of eligible property as of January 1, preceding the date of execution of the 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 dear to year as per renditions b w the Lamar CC un v Apjpr sal District. Employer The owner or lessee of property, who is applying for tax abatement and who will provide w jobs_and cajntal investment within the Reinvestment Zone or within the Enter.4 rise Zone. Reinvestment Zone An area where the Taxing Jurisdictions have decided to influence development patterns and 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. of land desi nated as such under Chapter 2303 of the Texas Government Code. Entex rase Zone An area„ d.. -- __ _.. . Job or Jobs A "job" is when an individual works 40 hours per week for an employer, and in the position y 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 employment service. "Jobs" also includes "Full-time Equivalent Jobs" defined below. __ x_ .._---------- _ . Full-time Equivalent The intention of the governing bodies is to provide a company the maximum flexibility in (FTE) Jobs running their business and making business decisions, especially related to staffing. The following definition of FTE will be reflected in all incentive a.°eements. An FTE is: