07-B Tax Abatement Eligibility - Laserfiche WebLink

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AGENDA INFORMATION SHEET PROJECT: A resolution declaring the City of Paris eligible to participate in a tax abatement program. BACKGROUND: On August 20, 2004, Paris Warehouse 107, Inc. d/b/a WePack, presented an application for tax abatement to the Paris Economic Development Corporation (PEDC). A copy of that application is included with this packet. As a consequence, the city staffis preparing the necessary documents in accordance with state law to present a tax abatement agreement for consideration by the City Council in the near future. DESCRIPTION: As required by Section 312.002 of the Texas Tax Code, the first step to enable a municipality to participate in tax abatement is the adoption of a resolution stating that the municipality elects to become eligible to so participate. While the City of Paris has adopted similar resolutions in the past, before it can participate in future tax abatements, a new statement of intent must be adopted. The enclosed resolution satisfies State law requirements stating the intention of the City of Paris to become eligible to participate in tax abatement. Adoption of this resolution is the first step enabling the City of Paris to grant a tax abatement to Paris Warehouse 107, Inc. RECOMMENDED ACTION: Approval of the resolution. 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 for consideration. COUNCII, DATE: Consider for adoption at the City Council's special meeting of Wednesday, September 22, 2004. FUTURE COUNCII, DATES: City staff anticipates presenting the tax abatement agreement for consideration at Council's regularly scheduled meeting in October, 2004.