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V F t <br />�.. l J, v6 jr <br />m <br />Date Approved by City Council: February 28, 2022 <br />General Purpose <br />ITy`PS AM! �t <br />Chapter 380 Retail Economic Development Program <br />The City of Paris is committed to the promotion of quality development in all parts of the City and <br />to ongoing improvement in the quality of life of its citizens. The City has developed a Retail <br />Economic Development Program and incentives designed to encourage quality business growth, <br />retail development and expansion of the City's sales tax revenue. This Program is established in <br />an effort to develop and expand the local economy by promoting and encouraging development <br />and redevelopment projects that enhance the City's economic base as well as projects that create <br />additional revenue for the city without substantially increasing the demand on City services or <br />infrastructure. <br />Public Purpose <br />The goal and public purpose of this Retail Economic Development Program is to protect and <br />enhance the City's fiscal ability to provide high quality municipal services for the safety, comfort <br />and enjoyment of Paris residents. In furtherance of these objectives, the City of Paris will, on a <br />case-by-case basis, give consideration to providing economic incentives to applicants in <br />accordance with this policy as authorized by Chapter 380 of the Texas Local Government Code, <br />as may be amended from time to time. <br />General Parameters <br />1. Nothing in this document is intended to imply or suggest that the City of Paris is under any <br />obligation to provide economic incentives to any applicant. <br />2. All applicants shall be considered on a case-by-case basis. The decision to approve or <br />deny economic incentives shall be at the discretion of the City Council. <br />3. Each applicant granted economic incentives under this policy must enter into a Retail <br />Economic Development Agreement with the City of Paris containing all terms required by <br />this policy and by law to protect the public interest of receiving public benefit in exchange <br />for public funds, assets and services invested to stimulate economic development in Paris. <br />4. The City of Paris cannot abate delinquent taxes as part of any Retail Economic <br />Development Agreement. <br />5. The City of Paris has a 1.5% sales tax rate which includes a portion dedicated to the Paris <br />Economic Development Corporation (PEDC) in an amount of 0.25%. The City cannot <br />Page 1 of7 <br />�, b,- ,A, <br />