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 week, made available by one employer and a.......__d__ dded together er to to total 40 hours per weeds. For example, fourteen (14) part time jobs made available by we employer when ail such to part- time 'obs added ether require a total of 380 hours of work per week (birt no such part- time art i ] S 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 9.5). 3. FTE jobs do not. wire the employee to receive benefits from the employer- Modernization The replacement and upgrading of existing facilities, which increases the productive input or i output, updates thetechnoiogy, or substantially lowers theunit cost of operation. Modernization may result from the construction, alteration or installation of buildings, structures, fixed macbinery or equipment, but shall not be for the purpose of reconditioning, refurbishing, re�Vairing, or defernedmainte_nancc. Personal Property Machinery, equipment, tools, shelving or materials eligible under applicable law for tax 4 Property __ , Real Property abatement, which can be removed from an authorized facility. Real Pro�eaty or Personal PrOI)Mty defined herein that is eligible for tax abatement. The land within an Enterprise Zone or a Reinvestment Zone, together with all improvements and fixtures constructed or otherwise situated thereon. Tax Abatement The Tax Abatement Advisory Committee will be convened from time to time by the Paris Advisory Committee Economic Development Corporation to study, review and recommend tax abatements to the applicable Taxing Jurisdictions in the City of Paris and Lamar County, Texas. The Tax Abatement Advisory Committee will be composed of one person from each of the Taxing Jurisdictions: the City of Paris (the City Manager or designee), the County of Lamar (the County Judge or designee), Paris Junior College (the President or designee), the Chief Appraiser of the Lamar County Appraisal District, and the Executive Director of the Paris Economic Development Corporation. Recommendations from the Tax Abatement Advisory three ta�ung �titCommitteee shall ebe decided by majority vote of the representatives from the .