2013-011 RES APPROVING AND AUTHORIZING TAX ABATEMENT AGREEMENT WITH CAMPELL SOUP

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CITY OF PARIS, TEXAS POLICY STATEMENT CRTTERIA AND GUIDELINES FOR TAX ABATEMENT T. General Purpose and Objectives. The City of Paris, Texas (herein called the "City") is committed to enhancing the competitiveness and the expansion potential af the City's manufacturing industry; ta attracting and encouraging new manufacturing industry and investment; to improving the City and its infrastrueture which attracts and supports development; and, to expanding the tax base, ernployment opportunities, and the overall quality af life for its citizenry. Therefore, the City will give consideration, on a case-by-ease basis, to providing tax abatement according to state law to the owners of r�al praperty for projects which stimuiate economic growth and diversification in the City. Tax abaiement benefits may be made available to industrial, manufacturing, ciistribution, and service faeilities currently in the Ciry or locating in the City if located in a designated Enterprise Zona or Reinvestrnent Zone. New facilities and structures as well as the expansion and modernizatian of existing facilities and strvciures, will be considered. Evaluation of a tax abatement request wi11 be based on the infarmatian provided in the tax abatement appiication. However, the City is under no o6tigation to provide tax abatement to any appiicant. iI. Def nitions a) "Abatement" or "abatement" means "tax abatement", which is the full or partial exemption from ad valorerrt taxes of certain reaJ and tangible personal property in a Reinvestment Zone designated for economic development purpases. b) "Agreement" means the written agreement for tax abatement between a property owner and/or lessee and the City. c) "A�thorized Facility". A facility may be eligible for abatement if it is a Manufacturing Facility, a Research Faeility, a Regional Distribution FaciJity, a Regional Tourist Entertainment Facility or Oiher Basic Tndustry (al] of which terms are defined below); or if the facility is a Historic Property defined in Section IV {b) below withir► a City oFParis Historicai District. d) "Base Year Value" meens the assessed valve of sligible property as of January 1, preceding the date of execution of the agreement p7us the agreed upan value of eligible proper[y improvements made after January I, bnt before the execution of the agreement. The Base Year Value may be adjusted either up or down from year to year as per renditions by the �,amar County Appraisal District.