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 Jurisdictions will have access to the reinvestment zone during the term of the agreement to inspect the authorized facility to determine if the terms and conditions of the agreement are being met. All inspections will be made only after the giving of at least twenty-four (24) hours' prior notice and will only be conducted in such a manner as to not unreasonably interfere with the oonstmction and/or operation of the authorized facility. All inspections will be made with one or more representatives of the company or individual and in accordance with its safety standards. Upon completion of construction, the Taxing Jurisdictions shall annually evaluate each authorized facility receiving abatement to ensure compliance with the agreement and report lwssible violations of the a i ement to the Taxing Jurisdictions governing bodies; Modifications At an time before the tion of exptta � �an agreement made under these Policies, Criteria and of Agreement Guidelines, the agreement may be modified by the parties to the agreement to include other provisions that could have been included in the original agreement or to delete provisions that were contained in the original agreement. The modification must be made by the same E procedure by which the original agreement was approved and executed. The original agreement, I however, may not be modified to extend the tram of the agreement or the term of the abatement Assignment An agreement may be assigned to a new owner or lessee of the .. only -h - __ time emitted by State law. ted therein be rid the _ authorized facility with the prior written consent of the Taxing Jurisdictions. Any assignment shall provide that the assignee shall irrevocably and unconditionally assume all the duties and obligations of the assignor upon the saane terms and conditions as sex out in the agnxment, and the Taxing Jurisdictions' approval shall be subject to the determination of tits financial capability of such assignee. Any assignment of an agreement shall be to an entity that contemplates the same improvements or repairs to the property, except to the extent such improvements or repairs have been completed. No assignment shall be approved if the assignor or the assignee is indebted to the Taxing Jurisdictions for ad valorem taxes or other obligations, or if any event of default under the agreement remains uncured. Administration, 1. Each Taxing Jurisdiction shall be responsible for the administration, review, and monitoring Contract of tax abatement agmmiauts authorized by them Tearing Jurisdictions under these Policies, Review, Criteria and Guidelines. These responsibilities shall include annually verifying participants m Monitoring and tax abatement agreements are in full compliance with the terms of the agreement, including ; Reporting completion and submission of all required documents in a timely manner. 2. The Paris City Attorney shall expeditiously advisethe Taxing Jurisdictions in writing of any instances of contract non-compliance by tax abatement participants. In addition, the Paris City Attorney shall, on an annual basis, conduct a performance review of the activities of each tax y abatement participant and report the findings of such review to the leadership and governing bodies of each taxing entity. 3. The Taxing Jurisdictions' governing bodies shall retain the right to independently review and audit tate activities of tax abatement participants, and sball be rsponstble for enforcement of 6 the terms of any tax abatement agreement authorized hereunder. 4. Annually the Paris City Attorney shall report to each of the governing bodies on its monitoring and compliance activities and the status of all existing abatement agreements. 11