11 - Authorizing Industrial Property Tax Abatements and guidelines and Criteria

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(Updated 01.08-2024) POLICY STATEMENT CRITERIA AND GUIDELINES FOR T .ABATEME T week, made available ....._.. ............._.. ...._� ...... by one employer and added together to total Opp .hours per week. For example, fourteen (14) part-timejobs made available by one employer where allsuch part... time jobs added together require a total of 380 hours of work per week (haat no such part- time job requires 40 hours of work or more per week), will equal nine and one-half (9.5) FTE Jobs (380 hours divided by 40 hours per week equals 905). 3° s do Boa ren die the S!p11lo ce to receive benefits froom the emmployer....�_. Modernization The replacement and upgrading off'existing facilities which increases the productive input or output, updates the technology, or substantially lowers the unit cost of operation. Modernization may resent from the construction, alteration or installation of buildings, -structures, fixed machinery or equipment, but shall not be for the purpose of reconditioning, refiarbns nn , re�ra�x�, or deferred naanntenamcee (Personal Property Machinery, equipment, tools, shelving or materials eligible hinder applicable paw fear tax. abatement, which can be removed from an authorized facnlnt),,www p'ropacrt .. ° �� p L .._. j.._ abatement, lland nwithin Real Property The arne]Ernterprise done or a ReinvestmentnZone, together with all improvements and fixtures constructed or otherwise situated thereon. Tax. Abatement The Tax Abatement. advisory Committee will bemmconvened fiaam tam e� te�WWt by tby th' P .. arae Advisory Committee Economic Development Corporation to steady, review and recommend tax abatements to the applicable Taxing Jurisdictions in the City of Paris and .p.,amar County, Texas. The Tax Abatement .Advisory Committee will be composed of one person from each of the Taxing Jurisdictions: the City of .(Pares (the City Manager or designee), the County of Lamar (the County ;Badge or designee), luras Junior College (the :(President or designee), the Chief .Appraiser of the Lamar County Appraisal District, and the.Executive Director of the paras Economic Development Corporation. Recommendations from the Tax Abatement .Advisory Committee shall be decided by majority vote of the representatives from the three taxiing entities referenced above.