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2022-002 - Authorizing the City to be Eligible to Participate in Property tax Abatements and Approving Guidelines and Criteria for Granting Tax Abatements
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2022-002 - Authorizing the City to be Eligible to Participate in Property tax Abatements and Approving Guidelines and Criteria for Granting Tax Abatements
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2/18/2022 4:05:36 PM
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1/12/2022 10:42:56 AM
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(Updated 01-10-2022) <br />POLICY STATEMENT <br />CRITERIA AND GUIDELINES FOR TAX ABATEMENT <br />week, made available by one employer and added together to total 40 hours per week. For <br />example, fourteen (14) part-time jobs made available by one employer where all such part- <br />time jobs added together require a total of 380 hours of work per week (but no such part- <br />time job requires 40 hours of work or more per week), will equal nine and one-half (9.5) <br />FTE jobs (3 80 hours divided by 40 hours per week equals 9.5). <br />3. FTE jobs do not require the employee to receive benefits from the employer. <br />..........— ... ....... <br />Modernization <br />The replacement and upgrading of existing facilities, which increases the productive input or <br />output, updates the technology, or substantially lowers the unit cost of operation. Modernization <br />may result from the construction, alteration or installation of buildings, structures, fixed <br />machinery or equipment, but shall not be for the purpose of reconditioning, refurbishing, <br />repairing, or deferred maintenance. <br />... ........ ........ ---------- ___- - <br />Personal Property <br />Machinery, equipment, tools, shelving or materials eligible under applicable law for tax <br />abatement, which can be removed from an authorized facility. <br />Property <br />Real Property or Personal Property defined herein thateligible elile for tax abatement <br />_ <br />Real Property <br />The land within an Enterprise Zone or a Reinvestment Zone, together with all improvements <br />and fixtures constructed or otherwise situated thereon. <br />Tax Abatement <br />. ......... ................ ......... ....... .. ........ ........ <br />The Tax Abatement Advisory Committee will be convened from time to time by the Paris j <br />Advisory Committee <br />Economic Development Corporation to study, review and recommend tax abatements to the <br />applicable Taxing Jurisdictions in the City of Paris and Lamar County, Texas. The Tax <br />Abatement Advisory Committee will be composed of one person from each of the Taxing <br />Jurisdictions: the City of Paris (the City Manager or designee), the County of Lamar (the <br />County Judge or designee), Paris Junior College (the President or designee), the Chief <br />Appraiser of the Lamar County Appraisal District, and the Executive Director of the Paris <br />Economic Development Corporation. Recommendations from the Tax Abatement Advisory <br />Committee shall be decided by majority vote of the representatives from the three taxing <br />entities referenced above. <br />
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