17-ECONOMIC DEVELOPMENT - AD VALOREM TAX ABATEMENT POLICY

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(7) The Paris City Council may hold a public hearing to determine whether the project is feasible and would be of benefit to the land to be included in the zone and to the municipaliry. (8) The Paris City Council may consider adoprion of an ordinance designating the Project area as a tax abatement reinvestment zone. (9) The City Council may consider adoption of a resolution or ordinance approving the tenns and conditions of a contract between the City and the applicant governing the provision of a tax abatement. (10) The governing bodies of Lamar County, Texas and Paris Junior College may consider ratification of and participation in the tax abatement agreement between the ciry of Paris and the applicant. (c) Review Criteria: It is understood that much of the infonnation provided in the application will be, out of necessity, estimates only. The applicant should endeavar to provide the most accurate estimates possible based upon available information. The applicant may be requested by the Paris Economic Development Corporation or City to describe the logics/methodologies to be utilized and to supply supporting documentarion that substantiates the economic feasibility of the overall project and assists in determining the long-term benefit to the City. The applicant, if requested by the PEDC or City, shall provide the following information and estimated projections to the City. (1) Employment Impact The mmmber of new jobs to be created in the City or existing jobs to be retained. (2) Proposed Improvements Identification and description of the kind, number and location of all proposed unprovements to the property, as well as the land area and cost, accompanied by a discussion of the developinent schedule for the proposed improvements that applicant will ask City to provide to serve the proposed project and the estimated cost of these improvements. (3) FiscalImpact The amount of ad valorem taxes and sales tax to be generated by this project. The cost to provide inunicipal services or additional infrastructure to the proposed project. (4) Prior Years Taxes No tax abatement shall be granted for any property unless and until full market value taxes (including rollback taxes) have been paid prior to the execution of the agreement. Exceptions may be granted if it can be demonstrated that significant and sustained valuation increases will be achieved. (5) Project Life The economic life of the project and the improvements must exceed the life of the abatement agreement. 5 65