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The Chief Appraiser of the Lamar County Appraisal District shall annually determine an <br />assessment of the Real and Personal Property comprising the Reinvestment Zone. Each year, the <br />Employer, the company or individual receiving abatement pursuant to an agreement shall furnish <br />the assessor with such information as may be necessary to determine the amount of any <br />abatement. Once such value has been established, the Chief Appraiser shall notify the affected <br />jurisdictions which levy taxes on such Property and the Paris Economic Development <br />Corporation. <br />The Employer, owner or lessee of eligible Property requesting tax abatement within a <br />Reinvestment Zone shall, prior to the commencement of eligible property improvements, agree <br />to expend a designated sum of money and to create or retain a certain number of Jobs, or annual <br />payroll as further defined below. <br />V. Tax Abatement for Real Property; Creation of Jobs: <br />Tax abatement may be made available to Employers creating Jobs with respect to an <br />Authorized Facility located anywhere within the City or its extra territorial jurisdiction based <br />on the following: <br />a) To be eligible for any tax abatement, there must be a minimum capital investment in the <br />Authorized Facility of $250,000 and at least ten (10) new Jobs added to the Employer's labor <br />force. <br />b) When an abatement percentage has been agreed upon it shall be granted for years <br />one (1) through three (3); thereafter, there will be a 20% reduction in the original amount abated <br />beginning with year four (4) and a similar reduction of 20% in each of the next three years until <br />100% of the Real Property valuation is added to the tax rolls. <br />c) Criteria for qualification for tax abatement are as follows: <br />Ca ital Investment <br />Min. Annual <br />Pa roll Created <br />ewly Created <br />obs <br />Possible Abatement <br />lst 3 Years Onl <br />250 000- 350 000 <br />125 000 <br />10-25 <br />0% <br />$350,0014500,000 <br />$325,000 <br />26-50 <br />30% <br />$500 001-$750 000 <br />$635 000 <br />51-75 <br />0% <br />$750,00141,000,000 <br />$945,000 <br />76-100 <br />50% <br />$1 000 001-$1 250 000 <br />$1 260 000 <br />1 O l-125 <br />60% <br />$1 250 001-$1 500 000 <br />$1 570 000 <br />126-150 <br />70% <br />$1,500,001-$1750,000 <br />$1,880,000 <br />151-175 <br />80% <br />$1 750 001-$2 000 000 <br />$2 190 000 <br />176-200 <br />90% <br />2 000 001- 3 000 000 <br />2 500 000 <br />O 1-225 <br />100% <br />59 <br />