2006-042-RES-Tax Abatement Incentives

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p) "Regional Tourist Entertainment Facility" means buildings and structures, including fixed machinery and equipment, used or to be used in providing amusement! entertainment through the admission of the general public where the majority of users reside at least 100 miles from the City and where the majority of users are likely to stay in the City for more than one day and will therefore likely utilize local restaurants and hotelj motel accommodations. q) "Reinvestment Zone" is an area where the City or County has decided to influence development patterns and attract major investments that will contribute to the development of the area through the use of tax abatement for specified improvements. r) "Research Facility" means buildings and structures, including fixed machinery and equipment, used or to be used primarily for research or experimentation to improve or develop new tangible goods or materials or to improve or develop the production processes thereto. s) "Tax Abatement Committee" means the committee of persons designated from time to time by the Paris Economic Development Corporation to study, review and recommend tax abatement to the applicable taxing entities in the community. The Tax Abatement Committee will be composed of one person from each of the City (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. III. Designation of a Reinvestment Zone. The City or County may designate an area as a Reinvestment Zone in accordance with the criteria and procedural requirements set forth in the Property Redevelopment & Tax Abatement Act, as amended (Texas Tax Code Sec. 312.401 (b)). For any area within the jurisdiction of the City to be eligible for tax abatement it must meet the criteria for designation as a tax abatement Reinvestment Zone as set forth in the Property Redevelopment and Tax Abatement Act, Texas Tax Code Chapter 312. IV. Tax Abatement Authorized. The City, through its Council, may agree in writing with the owner and/ or lessee of taxable Real Property that is located in a Reinvestment Zone, but that is not in an improvement project financed by tax increment bonds, to exempt from taxation a portion of the value of the Real Property, or of Personal Property located on the Real Property, or both. The period of the abatement granted under the agreement shall not exceed the term authorized by law. Such agreement will be based on the condition that the owner or lessee of the Property 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 for that year exceeds the Base Year Value. An agreement may provide for the exemption of Personal 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. 3