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<br /> <br /> <br /> <br /> <br /> <br /> EXHIBIT B <br /> <br /> Local Business Incentive, Tax Abatement <br /> <br /> 1. Proposed Incentive: <br /> <br /> The City of Paris proposes the offering of tax abatement to local qualified businesses. <br /> <br /> 2. Description of the Incentive: <br /> <br /> The City of Paris has agreed to abate the increased valuation of property taxes on real <br /> property developed, redeveloped, or improved to qualified businesses in the enterprise <br /> zone. The amount of tax abated on any increment in value added to the ad valorem value <br /> of the property will be determined by the following objective criteria. <br /> <br /> A. Economic Development Policy <br /> <br /> 1. Objective Requirements. <br /> <br /> a. The business must have a minimum of 10 new full-time positions, <br /> with full-time being defined as at least 1040 hours annually, or <br /> <br /> b. Add at least $100,000 ad valorem value to the current value of the <br /> business. <br /> <br /> c. Must make 1,000 points if a new industry or 250 points if existing <br /> industry making an expansion. Points are awarded in the following <br /> manner: <br /> <br /> 1) Locating in an abandoned building - 200 points. <br /> <br /> 2) For each newly created full-time position on the payroll - 7 <br /> points. <br /> <br /> 3) For each newly created full-time position on the payroll that <br /> is occupied by a handicapped or economically disadvantaged <br /> person - an additional 7 points to the already awarded 7 <br /> <br /> points. <br /> <br /> 4) For each $10,000.00 in capital investment generated -10 <br /> points. <br /> <br /> 5) For each $20,000.00 in annual payroll - 5 points. <br /> <br /> B. Abatement Eligibility. <br /> <br /> Abatement percentages will be awarded depending upon points collected in the <br /> following categories for new and expanding-existing industries: <br /> <br /> Points <br /> Year 250 to 600 601 to 1,000 1,001 or more <br /> <br /> 1 100 % 100 % 100 % <br /> <br /> 2 75 % 100 % 100 % <br /> <br /> 3 50% 100% 100% <br /> <br /> 4 25 % 75 % 100 % <br />