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(Updated 01-12-2026) POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT KIN $14111 it Itl) Igo] a I I Nalro-1 t I RKIJ Ito Mor -r -i a 0 IMMIR GLUM WIT'i INKIM a rly W Mig LIM INP -M VAL-9i INNI Dy law. 3tiullagiculliciii. N'Till I,c WUNCM, V11 L11C UT11 A Wl W LIA, 4.0 makes specific improvements or repairs to the property. An agreement may provide for the exemption of the real property in each year covered by the agreement only to the extent its value f*r -t1?*m 4vr4#iw;WtB.,,r v�--due. An apieement mag Xrovide, for the exem$tion of ccersonal property located on the real property in each year covered by the agreement other than personal property that was located on the real property at any time before the period covered by the agreement. Inventory or supplies cannot be abated as personal property. Tax abatements may only be granted for additional value of eligible property improvements made subsequent to and specified in an abatement agreement between the Taxing Jurisdictions and the property owner or lessee subject to such limitation as the Taxing Jurisdictions may require. The additional value must exceed any reduction in the fair market value of other property of the owner already on the tax roll within the area served by the Taxing Jurisdictions. Change in appraised value does not qualify for abatement except in an instance where a previously vacant authorized facility is utilized. Value added to the tax rolls must come from actual capital expenditures. The negotiation of tax abatement agreements will be conducted by the Paris Economic Development Corporation's ("PEDC") executive director, in close consultation with the city manager. In determining where and how tax abatements will be uted, the executive director will examine the potential return on the public's investment. Return on public investment will biv measured in terms of (i) jobs created, (ii) jobs retained in cases of existing employers within th; Taxing Rtrisdictions, -and ( iW, broadenin, of the tax base and ex9ansion of the economic capital investment, payroll, local spending, V. Eligibility Criteria for Tax Abatement for Real and Personal Property A property owner and/or lessee shall be eligible for tax abatement only upon the following criteria. ... . ...... . ...... . . Eligibilit Criteria for Tax Abatement Authorized 1. An authorized facility is used for manufacturing, research, regional distribution, regional services, regional Facility tourist entertainment, other basic industry, or any primary jobs creating industry. (See Appendix A for definitions.) 2. A new authorized facility must be created, or an existing authorized facility must be improved, modernized or expanded. 3. If a ]eased authorized facility is granted abatement, the agreement may be executed with the lessor and/or lessee, depending upon the particular circumstances of the proposed project. If the agreement is with the lessor, lessor shall demonstrate binding contracts with the lessee to guarantee compliance with the terms of the . .........a sreement.. ..... . ........ ...... Eligible L The property involved must be a newly created, or improvements to an existing, authorized facility. Property 2. Eligible property for which abatement may be granted includes nonresidential real property and/or tangible personal property not located on the real property at any time before the abatement agreement becomes effective. 3. Abatement may be extended to the value of buildings, structures, fixed machinery and equipment, site improvements, tangible personal property, and that office space and related fixed improvements necessary to the operation and administration of the authorized facility. Inventory or !1�es, be eligible for abatement, . . s - — I.I.- .... . ....... . ...... . ......... ffisiorl'c' For historic property located in the City of Paris Historic District, see Chapter 30, Article IV of the City of Paris Code of Ordinances - Tax Ex. )tion for Historically, Significant Sites. Contact the CiTy__9f Paris, C Code . . . .............. . ........... - .......................... qT!a9T!K-