2024-042 - Approving an Amendment to a Tax Abatement Agreement between the City and Lionshead

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(Updated 01-10-2022) POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT Developmentpgartment,fgr addonal information on these and other progams offered by the City ofParis. slue and 1. The governing bodies of the local Taxing Jurisdictions will decide whether to grant a tax abatement to an 2el Term of I applicant, wW the amount, if any, of such abatement, on a case-by-case basis and in accordance with these Abatement Policies, Criteria and Guidelines. 2. The term of abatements granted under any agreement may not exceed that permitted by applicable 3. state law. The amount of the abatementsball be based upon a percentage (0 to 100%)of all or aportion of the eligible property within the authorized facility. i 4. Abatements may only be granted for the additional value of eligible real and personal property improvements made: pursuant to and listed in the agreement between the Taxing Jurisdictions and property owner and/or lessee, subject to such limitations as the Taxing Jurisdictions may require. 5. Real property tax abatement may be granted only to the extent that its value for each year of the agreement exceeds its value for the year in which the agreement is executed. 6. If a modernization project includes the replacement of improvements within an authorized facility, the value eypjble,for abatement shall be the value of the new In the value of the re aced uni Abatement The criteria used to evaluate a proposed project application foi- abatement includes, but is not limited to: Evaluation i. The dollar amount of the increase in the tax roll. Criteria 2, The number of jobs created or retained by the employer involved. 3. The possible effect on attracting other taxable improvements into the Taxing Jurisdictions. 4. The nature of and overall effect on the Taxing Jurisdictions. 5. The rffw an the safety, health, and morals of the Taxing Jurisdictions' residents. 6. Any substantial long-term adverse effect on the provision of the Taxing Jurisdictions' services or tax bases. 7. Meeting all relevant zoning requirements, S. Consistent with the comprehensive plan of the City of Paris and County of Lamar. 9. The types and cost of public improvements and services (water and sewer main extensions, streets and roads, etc.) required of the Taxing Jurisdictions. 10 The t> r1 and values _9fth ji0lic 11R=vements to be furnished _!!�hcant- Economic To be eligible to receive tax abatement, the planned improvements: Qualification I . Must be reasonably expected to increase the appraised value of the Property. 2. Must be expected to prevent the loss of employment, or assist in the retention or creation ofjobs in the Taxing Jurisdictions during the term of The agreement. 3. Should not be expected to solely or primarily have the effect of merely transferring existing employment from one part of the Taxing Jurisdictions to another without demonstration of increased future investment (dollars or jobs) or unusual circumstances whereby without such a move employment is likely to be, reduced. 4. Must be necessary because capacity cannot be provided efficiently utilizing existing improved property when reasonable allowance is made for necessan- improvements or relevant governmental actions. Taxability During the termofthe —agreement, taxes shall be payable as follows: determined by the Lamm County Appraisal District, shall be 1. The base year of eligible property as each year 2. fully taxable. The additional value of eligible property above the base year value shall be taxable in the manner described in 3. the agreement The Chief Appraiser of the Law County Appraisal District shall annually determine an assessment of the real and personal property comprising the reinvestment zone. 4. Each year, the employer, company or individual receiving an abatemcntpursuarrt to an agreement shall flirnish the assessor with such information as maybe necessary to determine the amount of any abatement. 5. Once suchvalue has been established, the Chief Appraiser shall notify the affected Taxing Jurisdictions which levy taxes on such property and also notify the Paris EDC. 6. The employer, owner or lessee of eligible property requesting tax abatement within a reinvestment zone shall, prior to the commencement of eligible property improvements, agree to expend a designated and to create Or retain a certain number gado or annu�jpyi-PAas finther defined below. Investment,payroll _and Job -Creation Cr,iterin . . ..... . . ... . ................ . .