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Paris Economic Development Corp. Y <br />Sept.12,2001 <br />Page 2 <br />abatement application <br />LLP. <br />S. I. Management, Inc. And KG Properties, <br />President Rhodes advised t at a few months ago it was agreed that all tax <br />abatement requests would c me through the Paris Economic Development <br />Corporation before they go o the City Council. Mr. Rhodes said this is our <br />first request. ' <br />Gary Vest, Executive Dir <br />Corporation, reported that <br />which will be located at 174 <br />twenty-five people, and will <br />capitai investment of $2,74, <br />project would not be consi <br />Living Center will be within <br />tax abatement under the st: <br />the Paris Economic Develop <br />is to give tax abatements ti <br />facilities. Mr. Vest said the <br />project in West Paris. M: <br />company asked for was a oi <br />Mr. Vest said that he and t <br />abatement policy which ha: <br />Council. I t has a scale thal <br />this board makes a recomr, <br />would be that they go in w <br />three years and reduce that <br />so that after seven years th <br />tax. <br />actor of the Paris Economic Development <br />this request is for an Assisted Living Center, <br />6 Bonham Street. He said it would employee <br />have a$400,000.00 payroll. They will have a <br />G,000.00. Mr. Vest said normally this type of <br />3ered for a tax abatement, but the Assisted <br />the enterprise zone, and would be eligible for <br />te tax abatement laws. Mr. Vest advised that <br />nent Corporation's guidelines and procedures <br />, manufacturing and warehouse distribution <br />•e would be goodwill to be gained from a new <br />Vest advised that the f"irst thing that this <br />e hundred percent seven year tax abatement. <br />ie City Attorney have been working on a tax <br />not been presented to this board or the City <br />calls for a graduated tax phase-in. He said if <br />tendation to the City Council, his suggestion <br />ith an eighty percent abatement for the first <br />by twenty-five percent for the next four years <br />:y will be paying one hundred percent of the <br />Mr. Vest said the company as asked for a one hundred percent refund of <br />Local Sales and Use Tax. his is the first time this has been requested. <br />Mr. Vest advised that in oider for the PEDG to do this, they would also <br />have to receive enterprise deesignation to qualify for this request. He said <br />