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rebate that additional portion of sales tax dedicated to the PEDC, therefore the sales tax <br />rate for consideration of any incentive under this policy shall be 1.25%. All sales tax <br />calculations in any application under this policy must be based strictly on 1.25%. <br />6. The City of Paris maintains a separate property tax rate for its Operations and Maintenance <br />(O&M) from that of Bonded Indebtedness. The City will only consider property tax <br />rebates of the City's O&M rate and not the Bonded Indebtedness rate. <br />7. The Lamar County Appraisal District (LCAD) shall be the official source of all property <br />valuation data used in this policy. <br />8. A project shall not be eligible for incentives under this policy if a building permit has been <br />issued for the project prior to making application in accordance with this policy. <br />9. The City discourages potential applicants from announcing their projects publicly prior to <br />the execution of the Retail Economic Development Agreement. <br />10. A project shall not be eligible for incentives under this policy if the applicant and/or <br />property has an outstanding structure lien, nuisance lien, utility bill, contractual debt and/or <br />tax lien to any governmental entity unless said tax lien is negotiated as part of the Retail <br />Economic Development Agreement. <br />11. A project shall not be eligible for incentives under this policy if the applicant is a party to <br />a claim or proceeding against the City or is implicated in a claim or proceeding against a <br />third party that may hinder or interfere with the efficacy of the incentive. <br />12. All eligible projects must: <br />a. Conform to the City's Zoning and Subdivision Ordinances. <br />b. Comply with all City ordinances as well as state and federal laws and regulations. <br />c. Conform to the City's Building and Fire Codes. <br />13. The City shall have, without limitation, the right to: <br />a. Review and verify the applicant's financial statements and records related to the <br />development project and the amount of any incentive that may be payable in any <br />given year. <br />b. Conduct an on-site inspection of the development project in order to verify <br />compliance with the terms and conditions of the Retail Economic Development <br />Agreement. <br />Eligibility <br />To be considered eligible to receive incentives under this policy, a project must: <br />1. Exist within the City's corporate limits; and <br />Page 2 of 7 <br />