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

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Paris, Texas Economic Development Corporation POLTCY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT Euil-time A number of part-time jobs where the hours worked in each such job is less than 32 hours EqnivalenT per week, made available by one employer and added together. For example, sia�teen (FTE) Jobs ( I G) part-time jobs made available by one employer where all such part-time jobs added together require a total of 352 hours of work per week {but no such part-time job requires 32 hours of work or more per week), will equal eleven (11) FTE jobs (352 hoars divided by 32 hours per week equal ] 1). FTE jobs do not require the employee to receive beneFts from the em io er. Modemization The replacement and upgrading of existing facilities, which increases the productive input or output, updates the technology, or substantially lowers the unit cost of operation. Modernization may resuli from the construction, alteration or installation of buifdings, structures, fixed machinery or equipment, but shall not be for the purpose of reconditionin , refurbishin , re airin , or deferred maintenance, Personal Machinery, equipment, tools, shelving or materials eligibte under applicable law for tax Property abatement, which can be removed from an authorized facility described in Section IV a. Aro e Real Pro e or Personal Pro e defined herein that is eli ible for tax abatement. Real Property The land within an Enterprise Zone or a Reinvestment Zone, together with ali im rovements and fixtures constructed or otherwise siivated thereon. Tax Abatement The committee of persons designated from time to time by the Aaris Economic Committee Development Corporation to study, review and recommend tax abatement to the applicable taxing entities in the community. The Tax Abatement Committee will be composed of one person from each of the City (the City Manager or designee), the County of Lamaz (the County Judge or designee), Paris Junior College (the President or designee), the Chief Appraiser of the Lamar County Appraisai District, and the Executive Director of the Paris Economic Develo ment Co oration.