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

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TV. '�'ax Abatemenf Aat6orized. The City, through its Conncil, may agree in wriiing with the owner and/or lessee of taxable Reai Properiy that is located in a Reinvestment Zone, but that is not in an improvement project ftnanced by tax increment bonds, ta exempt from taxation a portion of t4�e value of the Real Property, or of PersonaJ Property lor,ated on the Rea[ Property, or bath. The period of the abatement granted under the agreement shal! not exceed the term authorized by Iaw. Such agreement will be based on the condition that the owner or lessee of the Property makes specif c improvements or repairs to the Property. An agreement may provide for the exemption ofthe Rea1 Property in each year co�ered by the agreement onIy to the extent its value for that year exceeds the Base Year Value. An agreement may provide for the exemption of Persona] Property located on the Real Property in each year covered by the agreement other than Personal Property that was located on the Real Property at any time before the period covered by the agreemeni. Inventory or supplies cat�not be abated as Personal Property. Tax abatement may only be granted for additional value of eligible Properiy improvements made subsequent to and specified in an abatement agreement between the City and the Property awner ar )essee subject to svch limitation as the City may require. The additional vatue must exceed any reduction in the fair market value of other property of tt�e owner already on the tax role with the jarisdiction ofthe City. Change in appraised value does not qua(ify for abatement except in an instance where a previously vacant Authorized FaciIity is utilized. Value added to the t� rolls must come from actuat capital expenditures. The negotistion of ia�c abatement contracts wil] be conducted by the Paris Economic Development Corporation, in conjunction with the City Mana�er or designee to the T'ax Abatement Committee. 1n determining where and how tax abatement will be utilized, the Tax Abatement Committee will examine the potential return on the public's investment. Return on public investment will be measured in terms of (i} Jobs created, (ii) .Tobs retained in cases of existing Employers within the City, and (iii) broadening of the tax base, and expansion of the economie base. A praperty owner and/or lessee shall be eligible for tax abalement on[y upon the foflowing terms and conditions: a) If the Property involved is an Authorized Facility. b) If the Property involved is a Historic Property. In the City Historic Districts there are certain eommercial and residentia� tax exemptions ailowed. Exterior improvements in the historic districts are allowed at 100% for seven {'n years witii a minimum investment of $5,000 for res'tdentiaJ pcoperty and $10,000 for commercial property. New residential construetion requires a minimum invesirnent of $ i OQ,000 to be considered far a three (3) year 100% exemption. New commercial construction requires a minimum investment of $200,000, for a 1 QO% tax exemption for three (3) years.