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07-C Tax Abatement Guidelines
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07-C Tax Abatement Guidelines
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Last modified
8/29/2012 4:22:43 PM
Creation date
9/17/2004 4:31:14 PM
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AGENDA
Item Number
07-C Tax Abatement G
AGENDA - Type
RESOLUTION
Description
Tax Abatement Guidelines & Criteria Resolution
AGENDA - Date
9/22/2004
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distribute goods or materials where a majority ofthe goods or services are distributed <br />to points at least 100 miles from its location in the City. <br />i) "Regional Tourist Entertainment Facility" means buildings and structures, including <br />fixed machinery and equipment, used or to be used in providing <br />amusement/entertainment through the admission of the general public where the <br />majority of users reside at least 100 miles from the City and where the majority of <br />users are likely to stay in the City for more than one day and will therefore likely <br />utilize local restaurants and hoteUmotel accommodations. <br />j) "Reinvestment Zone" is an area where the City or County has decided to influence <br />development patterns and attract major investments that will contribute to the <br />development of the area through the use of tax Abatement for specified <br />improvements. <br />k) "Research Facility" means buildings and structures, including fixed machinery and <br />equipment, used or to be used primarily for research or experimentation to improve <br />or develop new tangible goods or materials or to improve or develop the production <br />processesthereto. <br />IL DESIGNATION OF A REINVESTMENT ZONE. <br />The City may designate an area as a Reinvestment Zone in accordance with the criteria and <br />procedural requirements set forth in the Property Redevelopment & Tax Abatement Act, as <br />amended (Chapter 312, Texas Tax Code). <br />IIL TAX ABATEMENT AUTHORIZED. <br />The City, through its City Council, may agree in writing with the owner and/or lessee of <br />taxable real property that is located in a Reinvestment Zone, but that is not in an improvement <br />project financed by tax increment bonds, to exempt from taxation a portion of the value of <br />the real property, or of tangible personal property located on the real property, or both. The <br />period of the Abatement granted under the Agreement shall not exceed the term authorized <br />by law. Such Agreement will be based on the condition that the owner or lessee of the <br />property make specific improvements or repairs to the property. An Agreement may provide <br />for the exemption of the real property in each year covered by the Agreement only to the <br />extent its value for that year exceeds the Base Year Value. An Agreement may provide for <br />the exemption of tangible personal property located on the real property in each year covered <br />by the Agreement other than tangible personal property that was located on the real property <br />at any time before the period covered by the Agreement. Inventory or supplies cannot be <br />abated as tangible personal property. <br />-4- <br />
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