2007-095-RES-Accepting and approving the Paris Economic Development Corporation Budget for the Fiscal year October 1, 2007; to September 30, 2008

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Lamar County — Paris Economic Development Plan Table 1 -3 Example Incentives and Qualifying Scores Incentive Oualifying Score ( %) Low - interest loan for land & building purchase 75% (not to exceed $2,500 per new job X 100 jobs) Low - interest loan for land purchase 60% (not to exceed $2,500 per new job x 100 jobs) Low - interest loan for equipment purchase 50% (not to exceed $1,000 per new job X 100 jobs) The example company above would be able to receive a low- interest loan to cover the purchase price of new equipment, up to the specified maximum amount. A company that received a score of 65 percent would be eligible for a similar loan that would cover the cost of land. A company that received a score of 75 percent or higher would be able to receive loans to cover the purchase price of equipment, land, and buildings. When the matrix is applied, the greatest incentives will be offered to companies that pay the highest wage and have the highest concentration of workers in the smallest amount of space. Primary employers who pay lower wages, but retain a higher percentage of those wages in Paris —such as smaller companies that are headquartered locally —may qualify for incentives based on their impact to the community. Low -wage employers, and those that consume large tracts of land with few employees, will be excluded from receiving incentives. Most importantly, if a company is not primary in nature, it will not qualify for any incentives. To limit competition between neighboring communities, appropriate incentive packages may be offered to qualifying employers wherever they choose to locate or expand within the county based on designated criteria. This approach will offer flexibility to employers and allow all areas of the county to share in future employment opportunities. However, primary employers are encouraged to locate on sites within the employment districts identified in the EDRP. It should be noted that the incentives matrix has been created for use by the Paris government in partnership with the local municipalities as part of a countywide economic development and redevelopment program. However, when a company chooses a location within a municipality, it is also intended that a portion of the incentives will be funded by the municipality. The local partner participation requirement is similar to that used in state tax refund incentive programs. Incentives Conclusion One of the principal goals of the PEDC is to build long -term economic vitality for Paris through the attraction and retention of jobs that pay above - average wages in targeted primary industries. These businesses and employees bring significant wealth into the larger community, creating a demand for secondary businesses and high- quality public services and amenities. If the current economic vitality of Paris is to be maintained over the long term, to counter the effects of build - out, approximately 3000 new high -wage primary jobs must be created over the next twenty years. This plan presents annual milestones, or targets for the number of new primary jobs and the associated average wages. Other important targeted indicators include the size and quality of the Paris Economic Development Corporation Page 42