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 FORTAXABATEMENT APPENDIX A ....... ..._ Definition Abatement or Tax The full or partial exemption from ad valorem taxes of certain real and tangible personal Abatementprop in a Reinvestment Zane designated for economic development l,urPoses. _ — .�_.. Agreement or The written legal agreement for tax abatement between a property owner and/or lessee and the Agreements I Citi of Paris, Lamar County and Paris Junior Cotle�e AuthorizedA facility may be eligible for abatement if it is a tacili useg, l d for manufacturing, Commercial or regional distribution, regional services, regional tourist entertainment, other basic industry, or Industrial Facility I any primary jobs creating industry (see definitions below). All authorized facility definitions include buildings and structures, including fixed machinery and equipment used in operating the facility. Authorized The City Council of the City of Paris may also designate areas of the City where residential Residential Facility I properties may be considered for abatement of City taxes only. The City of Paris will approve , their residential abatement policies, criteria and guidelines ser parate from these policies. ( The purpose of which is or will be the manufacture of tangible goods or materials or the iManufacturing Facility processing of such goods or materials by physical or chemical change. Facilities primarily engaged in assembling component parts of manufactured products are also I considered manufacturing facilities Regional Used primarily to receive, store, service, or distribute goods or materials where a majority of i Distribution Facility the goods or services are distributed to points at least 100 utiles from its location in the Taxing L— Jurisdictions of Paris and Lamar Cou> Y. _u " , Regional Tourist Used in providing amusement/entertainment through the admission of the general public where Entertainment the majority of users reside at least 100 miles from the Taxing Jurisdictions and where the Facility majority of users are likely to stay in the Taxing Jurisdictions for more than one day and will Mize local restaurants and hotel/motel accommodations. _, =s therefore likely utilize _— Research Facili � _ Used rimar4 fer research or experimentation to improve or develop new tangible goods or p materials or to labii rove or develop the productibnprocesses thereto_ Other Basic or Not elsewhere described, used for the production of products or services which result in the Service industry of new obs and bring new wealth into the Tax Jurisdictions e.. healthcare - � � � { creation elated mdustries)� 8 ._.-._. Primary Jobs �m_.— -- Any industry creating "primary jobs" defined as a job that is available at a company for which Creating Industry a majority of the products or services of that company are ultimately exported to regional, statewi tional markets infuciu�u new dollars into the local economy. _ _ Base Rear Value e gi as of January ], pt�eceding the date of execution of the The assessed value/ of eligible rimy agreement plus the agreed upon value of eligible property improvcments made after January i, but before the execution of the agreement. The Base Year Value may be adjusted either up or down fromyear to r aster renditions by the Lamar Count AMposal District. Employer The owner or lessee of property, who is applying for tax abatement and who will provide jobs GEMwithin the Reinvestment pone or within the Enterplise Zone. _and Reinvestment Zone .investment An area where the Taxing Jurisdictions have decided W influence development patterns and j attract major investments that will contribute to the development of the area througb the use of II tax abatement for specified improvements. These statues are found in Chapter 312 ofthe _ "Enterf rise Zone Texas Tax Code. An area of land designated as such under Chapter 2303 of the Texas Government Code. Jab or Jabs A `yob" is when an individual works 40 hours per week for an employer, and in the position the individual is provided the benefits normally offered by the employer, such as health insurance, vacation and some form of retirement benefit A job is not a position filled for the employer as a worker or employee of an employment agency or employment service. "Jobs" also includes "Full-time &hnvalent Jobs" defined below. Full-time Equivalem The intention of the governing bodies is to provide a company the maximum flexibility in mmMmg (FTE) Jobs their business and making business decisions, especially related to staffing. The following definition of FTE will be reflected in all incentive ate. An FTE is: 1. An individual working 40 hours per week in a job defined above. 2. A number of -time lobs where the hours worked in each Ouch job is less than 40 hours }ger. _ _. -- — - — -- -- _ _