10-APPROVE ABATEMENT REQUEST OF T&K MACHINE

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Paris, Texas Economic Development Corporation 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 infirastructure 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 and personal property for projects that stimulate economic growth and diversification in the City. T� abatement bene�ts may be made available to industrial, manufacturing, distrihution, and service facilities, ar any "primary jobs" creating industry as defined by the Economic Development Act of the State of Texas. The facility must be currently in the City or locating in the City, and 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 infozxnation provided in the tax abatement application. Hawever, the City, Lamar County and Aaris Junior College are under no obligation to provide tax abatement to any applicant. The Paris City Council acts as the lead entity for projects located in the city limits. The Lamar County Board of Commissioners and the Paris Junior Callege Board of Regents have also adopted this policy and will consider tax abatement request that qualify under these policies. II. Definitions. Definitions are provided as an Appendix A. III. Designation of a Reinvestment Zone. The City or County may designate an area as a reinvestment zone in accordance with the criteria and procedural requirements set forth in the Property Redevelopment & Tax Abatement Act, as amended (Texas Tax Code Sec. 312.401 (b)}. For any area within the jurisdiction of the City to be eligible for tax abatement it must meet the criteria for designation as a tax abatement reinvestment zone as set forth in the Property RedeveIopnnent and Tax Abatement Act, Texas Tax Code Chapter 312. IV. Tax Abatement Authorized. The City, through its elected City Councii, may agree in writing with the owner and/or lessee of ta�cable real and/or personal properiy that is located in a reinvestment zone, but that is not in an improvement project financed by tax increment bonds, ta exempt from taxation a portion of the value of t�e real pzoperty, or of personal property Iocated on the real property, or both. The period of the abatement granted under the agreement shall not exceed the term authorized by law. Such agreement will be based on the condition that the owner or lessee of the property makes specific improvements or repairs to the properly. An agreement may provide for the exemption of the real praperty in each year covered by the agreernent only to the extent its value for that year exceeds the base year value. An agreement may pzovide for the exemption of personal property located on the real property in each year covered by the agreement ofher than personal property that was located on the real property at any time before the period covered by the agreement. Inventory or supplies cannot be abated as personaI property. -� 63