10-APPROVE ABATEMENT REQUEST OF T&K MACHINE

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Paris, Texas Ecorzomic Developnnent Cozporation FOLICY STATEMENT CRITERIA AND GUIDELINES F�R TAX ABATEMENT APPENDIX A . Term p . , �efin�rion , ' � ,W e. _�_ Abatement or Tax The fuli or partial exemption from ad valorem taxes of certain real and tangible personal Abatement ro e in a Reinvestment Zone desi nated for economic develo ment u oses. Agreement or The written legal agreement for tax abatement between a property owner and/or lessee and A reements the Ci of Paris, and also between Lamar Coun and Paris Junior Colle e. Authorized A facility may be eligible for abatement if it is a facility used for manufacturing, research, Cammercial or regionat distribution, regional tourist entertainment, other basic industry, or any primary jobs Industriaf Facility creating industry {a11 #erms are defined below}. Al! authorized facility definitions inelude buildings and structures, including fixed machinery and equipment used in operating the facility; AND/OR if the faciliry is a Historic Aroperty defined in Section ]V (b) within a City of Paris �-Iistorical District. Authorized The City of Paris may also designate areas of the City where residential properties may be Residential Facility considered for abatement. The City of Paris will approve their residential abatement olicies, criteria and uidelines se arate from these olicies. See Section IV (b). Manufacturing The purpose of which is or will be the manufacture of tangible goods or materials or Facility the processing of such goods or materials by physical or chemical change. Facilities primarily engaged in assembling component parts of manufactured products are also considered manufacturin faci[ities. Regional Used primarily to receive, store, service, or distribute goods or maYeriais where a Distribution majority of the goods or services are distributed to points at least ] 00 miles from its Facili location in the Ci of Paris. Regional Used in providing amusement/entertainment through the admission of the general public Tourist where the majority of users reside at least 100 miles from the City and where the Entertainment majority of users are likely to stay in the City for more than one day and will therefore Faciti likel utilize Iacal restaurants and hoteUmotel accommodations. Research Used primazi[y for research or experimentation to improve or develop new tangible Facili oods or materials or to im rove or develo the roduction rocesses thereto. Other Basic Not elsewhere described, used for the production of products or services which resu[t in lndus the creation of new jobs and brin new wealth into the Ci . Primary Jobs Any industry creaTing "primary jobs" defined as a job that is available at a company for Creating which a majority of the products or services of that company are ultimately exported to Industry regional, statewide, national, or intemational markets infusing new dollars into the IocaE economy, and that meets any one of certain enumerated sector numbers of the North American Tndustry Classification System (NA1CS) found in the Development Cor oration Act of the State of Texas. Base Year 'i'he assessed value of eligible property as of January 1, preceding the date of execution of the Value agreement plus the agreed upon value of eligible properiy unprovements made af3er January 1, but before the execution of the agreement. The Base Year Value may be adjusted either up or down from ear to ear as er renditions b the Lamar Coun A raisal District. Employer The owner or lessee of property, who is applying for tax abatement and who wi11 provide 'obs and ca ital investment within the Reinvestment Zone or within the Enie rise Zone. Reinvestment An area where the CiYy or County has decided to influence development pattems and Zone attract major investments that will contribute ta the development of the area through the use of talc abatement for specified improvements. These statues are found in Chapter 312 of the Texas Tax Code. Ente rise Zone An area of land desi ated as such under Cha ter 2343 ofthe Texas Government Code. Job or Jobs A position of full-time employrr►ent for an individual to work 32 hours or more per week for an employer, in which position the individual is provided the benefits normal[y offered by the employer, such as health insurance, vacation and some farm of retirement beneftt. A job is not a position filled for the employer as a worker or employee of an employment agency or service. "7obs" also includes "Full-time E uivalent Jobs" defined below. • ��