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2011-035 ORD AUTHORIZING CITY OF PARIS TO PARTICIPATE IN TX ENTERPRISE ZONE PROGRAM
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2011-035 ORD AUTHORIZING CITY OF PARIS TO PARTICIPATE IN TX ENTERPRISE ZONE PROGRAM
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11/20/2017 3:14:17 PM
Creation date
8/30/2011 12:24:59 PM
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CITY CLERK
Doc Type
Ordinance
CITY CLERK - Date
8/22/2011
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Exhibit A <br />Paris, Texas Financial Incentives <br />(Cash, Tax Abatements, Exemptions and Related Programs) <br />wit~ ~6tlowiri g ~ ~e=the f <br />- ~~'aros to ~uaxim <br />13~`F ~f'~ .,1C=i~tt+nin.:~:.~: _ 111AnCwi <br />for <br />or <br />Pro-Business <br />Climate <br />Ta$ Abatements <br />Local Cash <br />Incentive for Job <br />Creation <br />Industrial Dev. <br />Bonds <br />Skilis <br />Deveiopment <br />Fund <br />Enterprise Zone <br />Freeport Law <br />Taz Eaemptions <br />Financial <br />Services <br />SBA and Other <br />Loan Programs <br />I ?u~iua~: ~µra1[ovvlil : <br />i11 Because of a pro-business athtude, Te~s has limited the number of state controls and taxes <br />regulating the activities of business. Texas is a right-to-work State, and has no personal or <br />co orate income tax, nor a state ro e ta~c. <br />The City of Paris has a proven track record of negotiating tax abatements for up to 10 years <br />for new and expanding industries. In addition, Lamar County and paris Jr. College will <br />consider local tax abatements for projects with significant job creation and private capital <br />investment. <br />The citizens of Paris adopted a'/ cent sales tax as an incentive assistance program to <br />facilitate industrial locations and expansions. This program is administered directly by the <br />Paris Economic Develo ment Co oration. <br />PEDC has a history of providing industrial development bonds as a viable alternative for <br />financin industrial ex ansion and construction. <br />An incentive to relocating or expanding businesses through Texas community and technical <br />colleges and workforce boards to provide customized assessment and training services to <br />business in a timel , efficient and res onsive manner. <br />Depending on the exact site location, Paris is a qualified Enterprise Zone (EZ). If your <br />development or revitalization project is located in the EZ, the City of Paris can approve <br />partial or deferred payment of sales and use taxes for qualified purchases, leases, or rentals. <br />Specifically, the EZ provides sales and use tax rebates on machinery and equipment, building <br />materials, labor for the rehabilitation of existing buildings, and electricity and natural gas <br />purchases. The EZ also provides priority job training, and other preferential treatrnent on <br />state and federal programs. The taac refund is $2,000 for each permanent job the project <br />creates or retains during the five year designation period. Qualifying projects may also be <br />eligible for franchise tax reduction, property tax abatement up to 100% of the estimated local <br />tax increase to be levied on the proposed property improvements for a term not to exceed ten <br />(10 ears, and other regulatory relief. <br />Article VIII, Section 1 of the Texas Constitution has been amended to allow real and <br />personal properly to be tax-exempt (city, county and school districts.) All goods, wares, <br />merchandise, other than tangible personal property (inventoty) acquired in or imported into <br />Texas to be forwarded outside this state, which is detained for storing, assembling, <br />manufacturing, processing, or fabricating in Texas for 175 days or less, may be tax exempt <br />Local financial services companies m Pans and Lamar County are committed to the <br />economic growth of the region through aggressive commercial and industrial development. <br />Paris is currently served by seven commercial banks, two savings & loan associations, and <br />has access to mort a e bankers, and other creative fmancial services. <br />Small business loans are available through the SBA 504 program. Up to 40% of total cost <br />can be provided in the form of subordinate debt to SBA for most fixed asset projects at <br />interest cost of 2 to 3% below market for periods of 15-25 years. This type of financing can <br />provide 90% of the long-term financing needs of a small business. Also available axe the <br />SBA 7(A) Loan Guazantee program, the FmHA, paris' local Revolving Loan Fund, various <br />programs of the ArkTex Council of Governments, and the Texas Leverage Fund. <br />(Updated 8-4-11) <br />
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