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member of the City Council of the City or by a meinber of any other zoning or planning <br />board or commission of the City. <br />(h) Modernization - means the replacement and upgrading of existing facilities which <br />increases the productive input ar output, updates the technology or substantially lowers <br />the unit cost of the operation. Modernization inay result from the construction, <br />alteration ar installation of builduigs, structures, fixed machinery ar equipment, but shall <br />not include reconditioning, refurbishijlg or repairing. <br />(i) Reinveshnent Zone - ineans an area within the corporate city limits of the City of <br />Paris, Texas designated in accordance with the Act. <br />Section 3. Availability of Tax Abatements. <br />(a) Tax abatement is available for both new facilities, structures, and equipment and far the <br />Expansion ar Modernization of existing facilities and structures. <br />(b) Abatement may only be granted for the additional value of Eligible Property improvements <br />specified in an abatetnent agreement. <br />(c) As provided in the Act, abatement may only be granted for the value of Eligible Property <br />listed in an Agreement between the City and the property owner and ]essee (if required), <br />subject to sucli limitations as the City inay require and to the following limitations. ]n the <br />case of real property that is Eligible Property, an Ageement may provide far exemption <br />of the rea] property in each year covered by the Agreement only to the extent its value for <br />that year exceeds its value for the year in which the Ageement is executed. In the case <br />of tangible personal property that is Eligible Property, an Agreement may not provide for <br />the exemption of tangible personal property that is located on the real property at any <br />time before the period covered by the Agreement. <br />(d) Tax abatement is not available for Ineligible Property. <br />(e) Upon determination that tax abatement should be offered to tlle Applicant, the value and <br />terms of the abatement will be determined by the City on a case-by-case basis. <br />(f) Abatement will be granted on a case-by-case basis effective with the first valuation date <br />immediately following the date of execution of the Agreement The period of abatement <br />may not exceed ten (10) years including the construction period. <br />Section 4. Tax Abatement Agreements. <br />(a) The City Council may not enter into a tax abatement agreement unless it finds that the <br />terms of the Agreement and the property subject to the Agreement meet these Guidelines <br />and Criteria. <br />(b) An Agreement must contain the following provisions: <br />(1) List the kind, number and location of all proposed improvements of the Eligible <br />Property; <br />2 <br />1? 5 <br />