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

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CITY OF PARIS, TEXAS POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT 1. General Purpose and Objectives. The City of Paris, Texas (herein called the "City") is committed to enhancing the competitiveness and the expansion potential of the City's manufacturing industry; to attracting and encouraging new manufacturing industry and investment; to improving the City and its infrastructure which attracts and supports development; and, to expanding the tax base, employment opportunities, and the overall quality of life for its citizenry. Therefore, the City will give consideration, on a case-by-case basis, to providing tax abatement according to state law to the owners of real property for projects which stimulate economic growth and diversification in the City. Tax abatement benefits may be made available to industrial, manufacturing, distribution, and service facilities currently in the City or locating in the City if located in a designated Enterprise Zone or Reinvestment Zone. New facilities and structures as well as the expansion and modernization of existing facilities and structures, will be considered. Evaluation of a tax abatement request will be based on the information provided in the tax abatement application. However, the City is under no obligation to provide tax abatement to any applicant. II. Definitions a) "Abatement" or "abatement" means "tax abatement", which is the full or partial exemption from ad valorem taxes of certain real and tangible personal property in a Reinvestment Zone designated for economic development purposes. b) "Agreement" means the written agreement for tax abatement between a property owner and/or lessee and the City. c) "Authorized Facility". A facility may be eligible for abatement if it is a Manufacturing Facility, a Research Facility, a Regional Distribution Facility, a Regional Tourist Entertainment Facility or Other Basic Industry (all of which terms are defined below); or if the facility is a Historic Property defined in Section N(b) below within a City of Paris Historical District. d) "Base Year Value" means the assessed value of eligible property as of January l, preceding the date of execution of the agreement plus the agreed upon value of eligible property improvements made after January 1, but before the execution of the agreement. The Base Year Value may be adjusted either up or down from year to year as per renditions by the Lamar County Appraisal District.