2012-072 RES AUTHORIZING CITY TO BECOME ELIGIBLE TO PARTICIPATE IN TAX ABATEMENT

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e) If a newly created business is located or will locate within an Enterprise Zone, an additional 10 to 20% abatement may be available as individually negotiated, with total abatement not to exceed 100%. VII. Tax Abatement for Existing Employers Regarding Real or Personal Property. The City recognizes the value of its existing Employers to the well-being of the community and desires to encourage existing Employers to remain in the City and to improve their respective businesses and industries, as well as their profitability. Accordingly, if an existing Employer (as opposed to a newly created business or industry moving into the City), owns or leases an Authorized Facility and has plans to improve such Property by constructing new improvements on its Real Property and/or adding new Personal Property to its Authorized Facility which qualify for tax abatement under these Criteria and Guidelines, such Employer may be eligible for tax abatement with respect to such improvements to its Real Property or its new Personal Property under the provisions of Article V and IV above, even if no new Jobs or Newly Created Minimum Annual Payroll are created. In these cases involving existing Employers, the criteria for tax abatement for improvements to Real Property at Authorized Facilities are identical to that set forth in Article V above (except that no new Jobs or Newly Created Minimum Annual Payroll are required); and the criteria for tax abatement for new Personal Property added to Authorized Facilities are identical to that set forth in Article VI above (except that no new Jobs or Newly Created Minimum Annual Payroll are required). In this regard, however, the City encourages existing Employers to retain as many Jobs and as much existing Annual Payroll as is economically feasible for the existing Employer to do and remain competitive in its industry. VIIL Application. a) Eligibility. Any present or potential owner of taxable property in the City may request tax abatement by filing a written request with the City Manager or County Judge, with a copy of the said application to be forwarded by the applicant to the Executive Director of the Paris Economic Development Corporation. b) Form. The application shall consist of a completed application form accompanied by the following items: 1) A general description of the improvements to be undertaken together with the projected new value to the Property and the type of business operation proposed; 2) A detailed descriptive list of the improvements for which abatement is requested; 3) A list of the kind, number, and location of all proposed improvements of the Property;