2012-088 RES APPROVING AND AUTHORIZING TAX ABATEMENT AGREEMENT WITH ESSENT PRMC LP DBA PARIS REGIONAL MEDICAL CENTER

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d) Any project with a capital investment ofmore than ien million doJlars ($10,000,000), accompanied by a newly created minimum annual payroll of two and one-half million dollars ($2,500,000), or creating more than two hundred twenty-five (225) Jobs wi11 be individually negotiated. No abatement will be granted for more than specified in state law. e) If a newly created business is located or will locate within an Enterprise Zone, an additional l 0 to 20% abatement may be availabJe as individually negotiated, with total abatement not to exceed 100%. VI. Tax Abatement for Personal Property; Creation of Jobs: The City recognizes a significant difference in the valuation of real property and personal property. Because of depreciation schedules, often t�e abatement of personal properry is basically a tax exemption. For this reason, the abatement schedule for personal property versus real property is significantly different. If personal property should become obsolete and be replaced while under an abatement agreement, the replacement personal property is not eligible for abatement. a) To be eligible for any tax abatement on Personal Property, there must be a minimum capital investment of $250,OOU in Personal Property and at least ten (10) new Jobs added to the Employer's labor force. b) When an abatement percentage has been agreed upon it shall be granted for years one (1) through three (3); thereafler, there wil] be a 20% reduction in the original amount abaied beginning with year four (4) and a similar reduction of 20% in each of the next three years until ] 00% of the Real Property valuation is added to the tax rolls. Criteria for qualification for tax abatement are as foliows: ' CapitalInvestment $250.000-$350.000 $350,OO1-$500,000 $500,00]-$750,000 $750,001-$1,000,000 $1,000, OO l -$1,250,000 $1,250,001-$1,500,000 $1,500,001-$1,750,000 $1.750.001-$2,000.000 Min. Annua! New1y Created avroll Created Jobs 10]-125 126-] 50 151-175 Possible Abatement flst 3 Years Onlvl 50% 60% 90% d) Any project with a capital investment in personal property of more than three million dollars ($3,000,000), accompanied by a newly created minimum annual payroll of two and one- half million dollars ($2,500,000}, or creating more than two hundred twenty-five (225) new Jobs will be individually negotiated, No abatement will be granted for more than specified in state law.