2022-014 - Authorizing a Chapter 380 Retail Economic Development Program

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Date Approved by City Council: February 28, 2022 General Purpose � AF' �a� � �a •,m�ro� w� 1u. c�: �. mnmUew rr�w rer�n'mm,f�' Chapter 380 Retail Economic Development Program The City of Paris is committed to the promotion of quality development in all parts of the City and to ongoing improvement in the quality of life of its citizens. The City has developed a Retail Economic Development Program and incentives designed to encourage quality business growth, retail development and expansion of the City's sales tax revenue. This Program is established in an effort to develop and expand the local economy by promoting and encouraging development and redevelopment projects that enhance the City's economic base as well as projects that create additional revenue for the city without substantially increasing the demand on City services or infrastructure. Public Purpose The goal and public purpose of this Retail Economic Development Program is to protect and enhance the City's fiscal ability to provide high quality municipal services for the safety, comfort and enjoyment of Paris residents. In furtherance of these objectives, the City of Paris will, on a case-by-case basis, give consideration to providing economic incentives to applicants in accordance with this policy as authorized by Chapter 380 of the Texas Local Government Code, as may be amended from time to time. General Parameters 1. Nothing in this document is intended to imply or suggest that the City of Paris is under any obligation to provide economic incentives to any applicant. 2. All applicants shall be considered on a case-by-case basis. The decision to approve or deny economic incentives shall be at the discretion of the City Council. 3. Each applicant granted economic incentives under this policy must enter into a Retail Economic Development Agreement with the City of Paris containing all terms required by this policy and by law to protect the public interest of receiving public benefit in exchange for public funds, assets and services invested to stimulate economic development in Paris. 4. The City of Paris cannot abate delinquent taxes as part of any Retail Economic Development Agreement. 5. The City of Paris has a 1.5% sales tax rate which includes a portion dedicated to the Paris Economic Development Corporation (PEDC) in an amount of 0.25%. The City cannot Page 1 of 7 EXHIBTT hL