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428 <br /> <br /> The County and Paris Junior College would be asked to adopt the same <br /> agreement. The City structures this agreement to grant 5 years with a 2 <br /> year renewal option if all terms of the agreement have been met. The sites .: <br /> which are outside the city limits would be subject to the City providing a <br /> Municipal Annexation Agreement, which means no city taxes for 7 years <br /> but that you would receive all city services during that time as if you were <br /> within the city limits. On these sites, the County would take the lead in <br /> the tax abatement, declaring your site as a reinvestment zone and drawing <br /> up the tax abatement agreement. Either way, whether in the city or out, <br /> you will receive 7 years of 100% tax abatement on City, County, and any <br /> special districts such as Paris Junior College. <br /> <br /> 1651 Clarksville Street · Paris, Texa.s 75460 <br /> (9039 784-250] · 1-800-PARIS, TX · Fax (903) 784-2503 <br /> <br /> Mr. Bob Carter <br /> Page 2 <br /> <br /> The school taxing entity will not be included in any tax abatement <br /> agreements. <br /> <br /> Issue number 2: Site. The Paris Economic Development <br /> Corporation (PEDC) will assist Panda with the site for the construction of <br /> this power generation plant as an incentive for locating in the Paris area. <br /> Approximate value $300,000. This would be provided as a cash grant for <br /> Panda to acquire the desired site. <br /> <br /> Issue number 3: Infrastructure. The city of Paris will construct the <br /> necessary water line to provide service to Panda in the quantity agreed <br /> upon. Estimated construction costs are $4,146,850 to provide up to 4.8 <br /> million gallons per day. The city of Paris will pursue finanl.ing for all <br /> construction related costs subject to a contractual agreement and bond <br /> approval. The total amortization costs will be allocated directly to Panda <br /> over the retirement period of the debt service, probably 20 years. The city <br /> of Paris will make application for the Infrastructure Grant Program <br /> through the Economic Development Administration (EDA), Paris being <br /> located within a certified redevelopment area as designated by the EDA. <br /> This grant could be as much as $1.5 million if approved. The city of Paris <br /> will also make application to the Texas Capital Fund to receive as much as <br /> $500,000 in assistance on this infrastructure project. Please see the <br /> attached information sheets on these programs. <br /> <br /> The PEDC and the city of Paris are most interested in working with <br /> Panda to see this plant constructed in our area. We hope that this letter <br /> will clarify these three particular issues and how we will proceed with <br /> these agreements. <br /> <br /> Sincerely yours, <br /> Curtis Fendeley Gary Vest <br /> Director Director <br /> <br /> <br /> cc: Mike Malone