2008-104-RES-Adopting and extending the policy statement criteria and guidelines for tax abatements for an additional two years, and approving and authorizing tax abatement agreement with campbell soup for a new juice line at the paris plant.

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Real Pr( exceeds Propert by the imp and owner not qu )perty in each year covered b_y the agreement only to the extent its value for that year the Base Year Value. An a~ eement may provide for the exemption of Personal ~ located on the Peal Property in each year covered by the agreenlent other than 1 Property that was located on the Real Property at any time before the period covered greement. Inventory or supplies caruzot be abated as Personal Property. I'ax abatement may only be c,,ranted for addi aona atement a1i e brnent bet~ een the City aments made subsequent to and specified u1 ~ Property owner or lessee subject to sll1 ~ ta~°a ket value o other property of the t a l v a l u e m u s t e x c e e d any r e d u c tio n ilread y on the tax role with the jurisdiction of the City. Change in appraise d v a lue d o e s lify for abatement except in an instance where a previously vacant Au t horized Facili t y is . Value added to the tax rolls must come from actual capital expenditures. The negotiation of tax abaternent contracts will be conducted by the Paris Economic Devel ment Corporation, in conjunction with the City Manager ox designee to the Tax Abate ent Conunittee. In deterrnining where and how tax abatement wiE be utilized, the Tax Abate ent Contisiittee wiE examine the potential ret-urn on the public's invesiment. Return on public ' vestment will be measured in terms of (i) Jobs created, (u) Jobs retained in cases of existin EmpIoyers tirithin the City, and (iii) broadening of the tax base, and expansion of the econo 'c base. A property owner and/ or Iessee shall be eligible for tax abatement only upon the n5~ terms and conditions: a) If the Property involved is an Authorized Facility. b) If the Property involved is a Historic Property. In the City Historic Di.stricts there are cert' commercial and residential tax exemptions allowed. Exterior improvements in the histor c districts are allowed at 100% for seven (7) years with a minimurn i.nvestnent of $5,000 for re ident ial property and $10,000 for commercial property. New residential construction req ' s a minimum investment of $100,000 to be considered for a three (3) year 100% Pxern tion. New commercial construction requires a minimum investment of $200,000, for a 100% ~ax exemption for three (3) years. c) If there wiE be the creation of new value. Abatements may only be granted for the addi onal value of eligible Real and Personal Property improvements, suUject to such ordy limit 'ons as the City may require• Real Property t itse value fob the yeazain h e exten that its value for each year of the ags'eemen exceeds agre#ent is executed. d) If there wiE be new Authorized Facilities created, or if existing Authorized Facilities inriIl e improved for purposes of modernization or expansion. e) Eligible Property. Abatement may be extended to the value of buildings, structaxes, fixed rnachinery and equipment, site improvements, tangible personal property, and that office spac and related fixed improvernents necessary to the operation and administration of the