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Memorandum <br />TO: Mayor, Mayor Pro -Tem & City Council <br />Grayson Path, City Manager <br />FROM: Stephanie H. Harris, City Attorney <br />SUBJECT: TAX ABATEMENT POLICY <br />DATE: January 10, 2022 <br />Item No. 12 <br />BACKGROUND: Municipalities that offer ad valorem tax abatements are required to adopt and <br />maintain a tax abatement policy. These may be very broad, or very specific and detailed like the <br />one used in Paris. <br />STATUS OF ISSUE: The current policy was approved in January 2020 for a period of two years, <br />so needs to be re -adopted. A change in the law since 2018 requires that council conduct a public <br />hearing prior to readoption. <br />BUDGET: NA <br />RECOMMENDATION: Conduct a public hearing and readopt existing guidelines, attached <br />hereto. <br />