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Paris, Texas Economic Development Corporation <br />POLICY STATEMENT <br />CRITERIA AND GUIDELINES FOR TAX ABATEMENT <br />APPENDIX B <br />Abatement Agreement Terms and Conditians <br />After approval, the City shall formally pass an order or resalution and authorize the execution of <br />an agreement with the owner and/or lessee of the authorized facility, which shall include, but <br />not be limited to the following terms and condirions: <br />Contract Terms & Conditions <br />Project The following project specifics will be included: <br />Description 1. The base year value. <br />2. Percent of increased value to be abated each year. <br />3. The commencement date and the termination date of abatement. <br />4. Amount of investment and average number of jobs involved during the term of the <br />agreemeni. <br />5. T'he proposed use of the authorized facility, nature of construction, time schedule, plat, <br />property description, and improvement list, as provided in the application. <br />6. A listing of the kind, number, location, and costs of all proposed improvements of the <br />property. <br />7. A statement limiting the uses of the property consistent with the general purpose of <br />encouraging development or redevelopment of the reinvestment zone during the period that <br />properiy tax abatement is in effect. <br />8. That access to the project is provided to allow for the inspection by City inspectors and <br />officials in order to ensure that the improvements or repairs are made according ta the <br />specifications and conditions of the agreement. <br />9. That property tax revenue lost as a result of the tax abatement agreement will be recaptured by <br />the City if the owner of the property fails to make the improvements or repairs as provided <br />by the agree►nent. <br />l0. Each term agreed to by the owner of the property. <br />] 1. A requirement that ihe owner of the property shall certify annually to the City that the owner is <br />in compliance witFi each applicable term of the agreement. <br />12. Contractual obligations in the event of default, violation ofterms or conditions, deiinquent <br />taxes, recapture, administration and assignment, or other provisions that may be requirad by <br />state law, or in the discretion of the Ciiy Council. <br />I3. That the City may cancel or modify the agreement if the property owner fails to comply with <br />the a eement. <br />Defaulf If the City determines that the person or entity receiving an abatement is in default according to <br />the terms and conditions of its agreement, the City shal] notify the company or individuai in <br />writing at the address stated in the agreement, and if such default is not cured within a reasonable <br />time specifed in such no'tice ("cure period"}, then the agreament may be modified or terminated <br />without further notice. In the event the company or individual allows its ad valorem taxes owed <br />to the City to become delinquent and fails to timely and properly follow the legal procedures for <br />their protest and/or contest, or violates any of the terms and conditions ofthe agreement and fails <br />to cure during the care period, the agreement then may be roodified or terminated without further <br />notice, and the agreement may provide a formula for recapture of ali or part of the taxes abated. <br />At any time before the expiration, any tax abatement agreement may be terminated by mutual <br />consent of aIl arties involved in the same manner that the a eement was executed. <br />ConfidenYiality Inforn,ation that is provided to a taxing unit in connection with an application or request for tax <br />of Proprietary abatement under these Guidelines and Criteria and that describes the specific processes or business <br />lnformation activities to be conducted or the equipment or other property to be located on the property for <br />which ta�c abatement is sought is conf dential and not subject to public disclosure until the <br />agreement is executed. Sach information in the custody of the City after the agreement is <br />executed is not confidential hereunder. <br />Inspections The agceement shall stipulate that employees and/ or designated representatives of the City will <br />have access to the reinvestrnent zone durin the term of the reement to ins ect the authorized <br />