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op'll e- i <br />111MMOU1111 I'll - i It If) RM191 <br />P11112; 11111!1111 1;1111iirgiri <br />WMUMIM <br />in the Act abatement may only be granted for the value of the Residential Improvements which exceed <br />A <br />AGnimunt Investment — To be eligible for residential tax abatement, an applicant must construct a nemp <br />structure on their property or make residential improvements to an existing structure in a minim <br />amount of twenty percent (20%) of the appraised value of the property as of January 1 11 of the year th <br />the tax abatement agreement between the applicant and the City is signed. <br />I KI I <br />torg-JIIN01- <br />I kMN <br />!i 119M 44 : - <br />TAX ABATEPgKN <br />1 1000/0 <br />2 100% <br />3 80% <br />4 60% <br />5 40% <br />6 Zero% <br />*Abatement is applied only to the increased value of the residential improvements that exceeds the ba <br />year value as determined by the Lamar County Appraisal District. i <br />W -M.9 -MMI, . ,I I V1 50 <br />Applications for residential tax abatement shall be reviewed for completeness. City staff shall determine <br />documents from Applicant. City Staff will make final recommendations on each application to City <br />Council. Any person, partnership, organization, corporation or other entity desiring a residential tax <br />abatement to encourage development within a designated Reinvestment Zone shall comply with the <br />following procedural guidelines. All tax abatement applications shall be evaluated on their own merits <br />within the parameters of these Guidelines and Criteria. <br />1. Preliminary Application Steps <br />A. Applicant or applicant's agent shall submit an "Application for Residential Tax <br />Abatement" contemporaneously with the application for a building permit. If the <br />building permit is for new single family residential construction or expansion or <br />