07-C Tax Abatement Guidelines - Laserfiche WebLink

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AGENDA INFORMATION SHEET PROJECT: A resolution adopting guidelines and criteria governing tax abatement agreements BACKGROUND: Section 312.002 (a) ofthe Texas Tax Code requires municipalities desiring to participate in tax abatement to establish guidelines and criteria governing tax abatement agreements. The City of Paris has previously adopted such guidelines and criteria, but those guidelines and criteria must be re-adopted to be applicable to the new tax abatement proposal by Paris Warehouse 107, Inc. DESCRIPTION: The guidelines and criteria proposed to be adopted by this resolution essentially track the same guidelines and criteria the City of Paris has used in prior tax abatements. However, because those guidelines and criteria were specific to individual projects, it is necessary to adopt the enclosed guidelines and criteria, which will be generally applicable for the next two years. The City may amend such guidelines and criteria in the future, with a 3/4 vote of the City Council. The enclosed resolution will formally adopt the guidelines and criteria for granting tax abatements, which are attached to the resolution. RECOMMENDED ACTION: Approval of the resolution and the accompanying guidelines and criteria. STAFF CONTACT: Larry W. Schenk, City Attorney, and Gary Vest, Director of Economic Development of the Paris Economic Development Corporation. SUPPLEMENTAL MATERIALS: See attached resolution and accompanying guidelines and criteria. COUNCII, DATE: Consider for approval at the City Council's September 22, 2004, special Council meeting. -11-