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(Updated 01-08-2024) <br />POLICY STATEMENT <br />CRITERIA AND GUIDELINES FOR TAX ABATEMENT <br />via... <br />iaw(Note: This represents 547 companies, 10,470 jobs and 56% of all private sector employment in <br />Lamar County.) <br />c. The taxing jurisdictions and the company must agree to include measuring, tracking and annual reporting of the net <br />job increases (existing jobs plus new jobs) for the entire term of the abatement agreement. <br />For Net New Jobs (New Job Creation and Retention of Existing Jobs <br />Net New Jobs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 <br />1. 10 new jobs minimum. *20% 20% 20% 20% 20% 20% 20% <br />2. New job wages = or > average annual <br />wages for private sector jobs in Lamar <br />County. (Excluding retail, accommodations, food <br />service. See Item 9.b. above.) <br />3. Agree to maintain existing base and new <br />jobs during the entire term of agreement. <br />4. *Year 1 cannot exceed 100%. <br />VI. Tax Abatement for Existing Employers Regarding Real or Personal Property. <br />The Taxing Jurisdictions recognize the value of its existing employers to the well-being of the City <br />and County. The Taxing Jurisdictions desire to encourage existing employers to remain in the <br />Taxing Jurisdictions and to improve their respective businesses and industries, as well as their <br />profitability. <br />Accordingly, if an existing employer (as opposed to a newly created business or industry moving <br />into the Taxing Jurisdictions), owns or leases an authorized facility and has plans to improve such <br />property by constructing new improvements on its real property and/or adding new personal <br />property to its authorized facility which qualify for tax abatement under these Policies, Criteria and <br />Guidelines, such employer may be eligible for tax abatement with respect to such improvements to <br />its real property or its new personal property under the provisions of Article V above, even if no <br />new jobs or newly created minimum annual payroll are created. <br />In projects involving existing employers, the criteria for tax abatements for improvements to real <br />property and for new personal property at authorized facilities set forth in Article V above shall be <br />