2013-016 RES APPROVING AND AUTHORIZING TAX ABATEMENT AGREEMENT WITH JAMES SKINNER CO

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Paris, Texas Economic Development Corporation POLICY STATEMENT CRITERIA AND GUIDELTNES FOR TAX ABATEMENT I. General Purpose and Objectives. The City of Paris, Texas (herein called the "City") is committed to enhancing the competitiveness and the expansion potential of the City's manufacturing industry; to attracting and encouraging new manufacturing industry and investment; to irnproving the Ciry and its infrasiructure which amacts and supports development; and, to expanding the tax base, employment opporiunities, and the overall quality of life for its citizenry. Therefore, the City �vill give consideration, on a case- by-case basis, to providing tax abatement according to state law to the owners of real and personal property for projects that stimulate economic growth and diversification in the City. Tax abatement benefits may be made available to industrial, manufacturing, distribution, and service facilities, or any "primary jobs" creating industry as defined by the Economic Development Act of the State of Texas. The facility rnust be currently in the City or locating in the City, and Iocated in a designated Enterprise Zone or Reinvestment Zone. New facilities and structures as well as the expansion and moderniza.tion of existing facilities and structures, will be considered. Evaluation of a tax abatement request will be based on the information provided in the tax abatement application. However, the City, Lamar County and Paris Junior College are under no obligation to provide tax abatement to any applicant. The Paris City Council acts as the lead entity for projects located in the city limits. The Lamar County Board of Commissioners and the Paris Junior College Board of Regents have also adopted this policy and will consider tax abatement request that qualify under these policies. II. Definitions. Definitions are provided as an Appendix A. III. Designation of a Reinvesiment Zone. The City or County may designate an area as a reinvestment zone in accordance with the criteria and procedural requirements set forth in the Property Redevelopment & Tax Abatement Act, as amended (Texas Tax Code Sec. 312.401 (b)). For any area within the jurisdiction of the City to be eligible for ta�c abatement it must meet the criteria for designarion as a tax abatement reinvestment zone as set forth in the Property Redevelopment and Tax Abatement Act, Texas Tax Code Chapter 312. IV. Tax Abatement Autharized. The City, through its elected City Council, rnay agree in writing with the owner and/or lessee of taxable real and/or personal property that is located in a reinvestment zone, but that is not in an improvement project financed by tax increment bonds, to exempt from ta�cation a portion of the value of the reai property, or of personal property located on the real properiy, or both. The period of the abatement granted under the agreement shall not exceed the tertn authorized by law. Such agreement wili be based on the condition that the owner or lessee of the property makes specific improvements or repairs to the property. An agreement may provide for the exemption of the real property in each year covered by the agreement only to the extent its value for that year exceeds the base year value. An agreement may provide for the exemption of personal 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 agreement. Inventory or supplies cannot be abated as personal property.