14-MOTION TO APPROVE RES AUTHORIZING CITY TO BECOME ELIGIBLE TO PARTICIPATE IN TAX ABATEMENTS UNDER CHAPTER 312 OF TX TAX CODE

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CITY COUNCIL AGENDA ITEM BRIEFING SHEET Submittal Date: Originating Department: Ptesented By: Agenda Item No.: 6-1-12 Council Date: 6-11-12 Legal W. Kent McIlyar Ci Attorney 14. RECOMMENDED MOTION: Motion to approve a resolution authorizing the City to become eligible to participate in Tax Abatements under Chapter 312 of the Texas Tax Code and approving the Amended Guidelines and Criteria for Granting Tax Abatements in the City of Paris. POLICY ISSUE(S): Economic Development Paris Economic Development Corporation has indicated that several industries will be approaching the City of Paris and the other local taxing entities this year for tax abatements. Prior to moving forward with review of these tax abatement requests, the City Council must approve Amended Guidelines and Criteria for the Tax Abatement Program. The Amended Guidelines and Criteria for Tax Abatement are streamlined and allow the City Council more flexibility in negotiating tax abatement agreements on a case by case basis. The Guidelines also eliminate the need for an extra tax abatement review committee which is no longer necessary as all tax abatement applications are subject to review by the Board of Directors of the Paris Economic Development Corporation, City Manager and staff and final review and approval by the Paris City Council. The Amended Guidelines and Criteria will also allow the City Council to pursue a Residential Tax Abatement Program for designated areas of the community needing economic reinvestment. BOARD/COMMISSION RECOMMENDATION: None EXHIBITS: Resolution and Amended Guidelines and Criteria for Granting Tax Abatements ACTION: BUDGET INFO: ❑ Financial Report ❑ Minute Order Expense $NA ❑ Department Report Z Resolution Budgeted Amt. $NA ❑ Presentation ❑ Ordinance ❑ P bli H i ❑ O h Y7'D Actual $NA u c ear ng er t Acct. Name NA Acct. Number NA FISCAL NOTES: None REVIEWED AND APPROVED BY: ❑ Administration 0 City Clerk ❑ Community Development ❑ EMS/IT Z Finance ❑ Fire ❑ Municipal Court Z Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities City of Paris I~ n Revised 2/04/08 iG.