17-ECONOMIC DEVELOPMENT - AD VALOREM TAX ABATEMENT POLICY

Home Browse Search

CITY OF PARIS, TEXAS GUIDELINES AND CRITERIA FOR TAX ABATEMENTS JULY 2012 Section 1. General Purpose and Objectives. The City of Paris, Texas (Hereinafter referred to as the "City"), is committed to the promotion of high- quality development in all parts of the City, and to an ongoing improvement in the quality of life for its citizens. Insofar as these objectives are generally served by the enhancement of the tax base and expansion and diversification of the local economy, the City will, on a case-by case basis, give consideration to providing tax abateinent, pursuant to the Texas Property Redevelopment and Tax Abatement Act, Chapter 312 Texas Tax Code, as from time to time amended, as a stimulus for economic growth and diversification in the City. Consideration will be given to both new facilities and structures and for the expansion or modernization of existing facilities and structures. Proposed abatement agreements will be considered in accordance with the guidelines, criteria and procedures outlined in this document. Nothing herein shall suggest or iinply that the City is under any obligarion to provide tax abatement in any amount or value to any applicant. All applicants shall be considered on a case-by-case basis. Section. 2. Definitions. (a) Act - means the Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. § 312.001 et. Seq., as amended from time to time. (b) Agreeinent - means a contractual agreement not to exceed ten (10) years between a property owner and a lessee (if necessary) and the City for the purposes of tax abatement. (c) Applicant - means an owner of real property located in a reinvestment Zone or in a Historic District or Historically Designated Property who requests tax abatement in accordance with these guidelines. (d) City - means the Ciry of Paris, Texas. (e) Eligible Propert v - means real property located within a Reinvestment Zone or real property located in a Historic District or Historically designated Property and /or tangible personal property located on the real property which is eligible far tax abatement under the Act. The Eligible Property may not be in an improvement project financed by tax increment bonds. (f) Expansion - means the addition or enlargement of buildings, structures, fixed machinery or equipment far the purposes of increasing production capacity. (g) IneliQible Propert y - means property not eligible for tax abatement under the Act, including without limitation inventories, supplies, or property owned or leased by a member of the City Council of the City or by a member of any other zoning or planning board or commission of the City. 1 I\ ~ % - - 61 EXHIBIT