08-A Historic Tax Abate Ord.wpd - Laserfiche WebLink

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WHEREAS, the City Council also finds that such tax relief will provide economic incentive to NOW, THEREFORE, develop projects in historic buildings worthy of preservation; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this ordinance is hereby in all things approved. Section 2. That Article IV of Chapter 30 of the Code of Ordinances of the City of Paris, entitled “Tax Abatement,” the same consisting of Sections 30-50 through 30-59, shall be and is hereby in all things repealed. Section 3. That there is hereby established a new Article IV to Chapter 30 of the Code of Ordinances of the City of Paris, the same consisting of Sections 30-50 through 30-59, to be entitled “Tax Abatement for Historical Structures”, to read as follows: Sec. 30-50. Tax abatement for historically significant sites. “ (a) Designation of historically significant sites - For the purposes of this Article IV, all properties located within the boundaries of Historical Districts, as the same are and shall be hereafter designated in accordance with Article VII, Chapter 7 of the Code of Ordinances of the City of Paris, (the Historic Preservation Ordinance) and the Zoning Ordinance of the City of Paris, as amended by Ordinance No. 2003-019, shall be and are hereby designated as historically significant sites. (b) Tax exemption of historically significant sites - Any property which is designated as a “historically significant site” pursuant to the terms of this Article IV which is certified in accordance with this Article IV to be in need of tax relief to encourage its preservation, and which is substantially rehabilitated as provided herein, shall have abated for a period of seven (7) years any increase in the assessed value for ad valorem tax purposes in excess of the assessed value of the property for the tax year immediately prior to the renovation as follows: st 1 Year------------------------------100% abatement of added value nd 2 Year------------------------------100% abatement of added value rd 3 Year------------------------------100% abatement of added value th 4 Year------------------------------ 80% abatement of added value th 5 Year------------------------------ 60% abatement of added value th 6 Year------------------------------ 40% abatement of added value th 7 Year------------------------------ 20% abatement of added value Only the historic structure and the land reasonably necessary for access to, and use of the structure, shall be subject to the tax abatement. The abatement period shall begin on the first day of the tax year following completion of the rehabilitation project. Upon qualification, said abatement shall be available to any particular historically significant site one (1) time only for a period of seven (7) years as set forth above. -2-