11 - Authorizing Industrial Property Tax Abatements and guidelines and Criteria

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(Updated 01-08-2024) POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT waived, provided state law is fully complied with. The local taxing jurisdictions encourage existing employers to retain as many jobs and as much existing annual payroll as is economically feasible for the existing employer, while remaining competitive in its industry. VII. Greenfield projects In order to encourage the development of greenfield properties and also to be able to expedite certain new projects, the criteria for tax abatements for improvements to real property and for new personal property at authorized facilities set forth in Article V above shall be waived for projects exclusively involving greenfield properties, provided state law is fully complied with. VIII. Application -W Process --- _-.....w_� _... ...... Application Process Eligibility Any present or potential owner of taxable property in the Taxing Jurisdictions may request tax abatement by filing a written request with the City Manager or County Judge, with a copy of the a lication forwarded by the applicant icant to the Executive Director of the Paris EDC, Form The application shall consist of a �...... completed application form accompanied by the following: 1. A general description of the improvements to be undertaken together with the proj ected new value to the property and the type of business operation proposed. 2. A detailed, descriptive list of the improvements for which abatement is requested. 3. A list of the kind, number, and location of all proposed improvements of the property. 4. A list of the number and type of jobs created, including information pertaining to anticipated job transfers (if any). 5. A metes and bounds description and plat of the proposed reinvestment zone that shows all roadways within 200 feet of the reinvestment zone and all existing zoning and land uses within 200 feet of the reinvestment zone. 6. A time schedule for undertaking and completing the proposed improvements. 7. The type and value of any additional economic development incentives requested. 8. Any other information about the proposed project as may be required by the Taxing Jurisdictions or as deemed desirable bw the Taxing Jurisdictions. Review 1. All applications will be initially reviewed by the PEDC executive director. Process 2. An initial project briefing meeting will be conducted between the company's representatives, the PEDC executive director, the city manager, and the county judge. 3. The PEDC executive director will evaluate the request for tax abatement in accordance with these criteria and guidelines and will make his/her recommendation to the Paris City Council and Lamar County Commissioners Court for their review and possible approval. 4. After the Paris City Council has been briefed on the proposed tax abatement offer and they have directed the PEDC executive director to move forward, the Paris City Attorney will draft the initial tax abatement agreement for review by the PEDC Board and representatives of each Taxing Jurisdiction. 5. Electronic versions of the City's abatement agreement will be provided to the County so all agreements have consistent language, terms and conditions. 6. Following review of the draft agreement, it will be sent to the applicant's legal counsel for review and comment. Any changes requested by the tax abatement applicant will be reviewed by the City Attorney. 7. Once the Agreement is finalized, it will be placed on the PEDC Agenda for board recommendation. 8. Once the Tax Abatement Agreement has been acted on by the PEDC Board, the Agreement shall be forwarded to the Paris City Council and Lamar County Commissioner's Court for final consideration and action. Public Hearin g ... g _P y .,..p ...... _...._ .... _mm....... 1. The Taxing Jurisdictions will comply with certain ubhc notices and hearings required as mandated b� state law under the PropertyRedevelop-)meet and Tax Abatement Act to