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2022-014 - Authorizing a Chapter 380 Retail Economic Development Program
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2022-014 - Authorizing a Chapter 380 Retail Economic Development Program
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3/16/2022 3:09:25 PM
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2. Produce sales tax; and <br />3. Invest a minimum of $1,000,000.00 or more into the project property; and <br />4. Be able to be completed within twenty-four (24) months of signing the Retail Economic <br />Development Agreement; and <br />Must meet at least one or more of the following requirements: <br />Will result in a minimum increased taxable value of $250,000.00 or more in real and <br />business property (excluding inventory and supplies) per City fiscal year in the City limits; <br />or <br />2. Will result in an annual increase of $30,000.00 or more in city sales and use tax; or <br />3. Is specifically determined by resolution of the City of Paris City Council to bring benefit <br />to the City consistent with the General Purpose and Policy as stated herein. <br />Incentives <br />The following incentives may be considered options under this policy: <br />1. Annual grants in the amount of up to 50% of the applicant's sales and use taxes not exceed <br />to three (3) years. <br />2. Annual grants in the amount of up to 50% of the applicant's added sales tax growth beyond <br />a base line for a period not to exceed three (3) years. Said base line shall be equal to the <br />highest annual sales tax paid over the previous recorded five (5) city fiscal years. <br />3. Annual grants in the amount of 50% of the existing property taxes assessed on the taxable <br />value of the project property as of January 1St of the year in which the Retail Economic <br />Development Agreement is executed (the "base value") for a period of up to five (5) years <br />provided that new sales tax (sales tax on a new development or sales tax above the base <br />line described in Incentive 2 on an expansion of existing development) paid to and retained <br />by the City as a part of the Retail Economic Development Agreement exceeds the value of <br />the grant attributable to the annual existing property tax. <br />4. Annual grants of up to 100% of new property taxes assessed on the incremental taxable <br />value of the project property over and above the base value for a period of up to five (5) <br />years. <br />Eligible projects may receive one or more of the foregoing incentive options as provided below: <br />New retail not operating within the City of Paris during the previous 36 consecutive <br />months, whether in a vacant structure or new construction, are eligible for Incentives 1, 3 <br />and 4. <br />2. New retail that has previously operated in the City of Paris and then left within the previous <br />36 consecutive months, whether in a vacant structure, relocation, or new construction, are <br />Page 3 of 7 <br />
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