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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 investrnent 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 (]) 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 />