2012-090 RES APPROVING/AUTHORIZING TAX ABATEMENT AGREEMENT WITH T & K MACHINE INC

Home Browse Search

Paris, Texas Economic Development Corporation POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT Accordingly, if an existing employer {as opposed to a newly created business or industry moving into the City), owns ar leases an authorized facility and has plans to improve such property by constructing new improvements on its real property and/or adding new personal property to its authorized facility which qualify for tax abatement under these Criteria and Guidelines, such emplayer may be eligi�le for ta�c abatement with respect to such improvements to its real property or its new personal property under the provisions of Article V above, even if no new jobs or newly created minimum annual payroll are created. In projects involving existing employers, the criteria for tax abatement for improvements to real property and for new personal properry at authorized facilities are identical to that set forth in Article V above (except that no new jobs or newly created minimum annual payroll are required). The City encourages existing employers to retain as many jobs and as much existing annual payrolI as is economically feasible for the existing employer, while rernain competitive in its industry. VII, Ap lication Process A Iication Process Eligibility Any present or potential owner of taxable property in the City may request tax abatement by fil ing a written request with the City Manager or County Judge, with a copy of the application forwarded b the a licant to the Executive Director of the Paris EDC. Form The application shaU consist of a completed application form accompanied by the following: 1. A general description of the improvements to be undertaken together with the projected new value to the property and the type of business operation proposed. 2. A detailed descriptive list ofthe improvements for which abatement is requested. 3. A list of the kind, number, and location of al l proposed improvements of the property. 4. A list of the number and type of jobs created, including information pertaining to anticipated job transfers (if any). 5. A metes and bounds description and plac of the proposed reinvestment aone that shows all roadways within 2U0 feet of the reinvestrnent zone and atl existing zon;ng and land uses within 200 feet of tha reinvestment zone. 6. A time schedule for undertaking and completing the proposed irnprovements. 7. The type and value of any economic development incentives requested. 8. Any other information about the proposed project as may be required by the City or as deemed desirable b the Ci . Review 1. The application wili be reviewed by members of the Tax Abatement Committee. 2. The application will be distributed to the appropriate department heads and taxing entities for review and comment. 3. No tax abatemenT application shall be considered for further processing by the governmental eniities unless first approved by the goveming board of the Paris EDC. 4. Upon approval by the Paris EDC Board the application will processed through the approval rocess of the ovemin bodies for their consideration. Public 1. The City will comply with certain public notices and hearings required as mandated by state Hearing law under the Property Redevelopment and Tax Abatement Act prior to the designation of a reinvestment zone and execution of a tax abatement agreement. 2. The City may adopt an ordinance designating a tax abatement reinvesUnent zone anly after notice of a pubiic heazing has been published at least seven (7) days before the clate of the hearing, and all other procedural requirements of CE�apter 312 of the Texas Tax Code have been satisfied. Findings In order to enter into an agreement, the City must find that: 1. Thetermsoftheproposed agreement comply with these Guidelines and Criteria. z. There will be no substantial adverse affect on the provisiop of City services or tax base. 3. That the lanned use of the ro e will not constitute a hazard to ublic safe , health or