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Regular Council Meeting May 13, 2013 Page 6 to offer economic incentives to spur rehabilitation and remodeling of existing housing and construction of in-fill housing. Next, Mr. McIlyar said they would need to establish a minimum investment a person must make in a residential structure to be eligible for a tax abatement, as well a term of the tax abatement. He explained that the City may abate any percentage of the taxes from zero to 100% over the term of the tax abatement not to exceed ten years. Mr. McIlyar said in the alternative, the City could create a program where the percentage of tax abatement decreases over time. Mr. McIlyar also said the that City Council must decide whether the residential tax abatement programs would only apply to single-family houses or whether it would include duplex, triplexes, quadplexes and apartments buildings. Mayor Hashmi said he favored a reinvestment zone in West Paris, because they wanted growth in West Paris. He said that the Council might want to consider a tax abatement for a less percentage for less years in other areas where there was already growth. Mayor Hashmi also suggested they look at something like 20% of the investment of the cost of the house or improvement of the house, instead of a specific dollar amount. He said his opinion was not to give a tax abatement longer than five years and that it be on a decreasing scale each year. Mayor Hashmi said his opinion was that the tax abatement should only be for single dwelling homes. Council Member Grossnickle and Council Member Jenkins agreed with the mayor. Council Member Lancaster said that West Paris was more needy, but there were a couple of spots in other areas in the City that needed help. Council Member Wright said they should also consider the vacant lots and the houses that were up for demolition and how that would impact the total number of vacant lots. He said he favored a percentage of the investment or percent of the appraised value or percent of the increased appraised value as a guideline. Council Member Frierson said he was fine with the percentage ideal and suggested they might looking at mirroring terms similar to what had been done for the historic district. He said West Paris did need a lot of help, but there were other spots that needed help too. Council Member Drake inquired about the legality of percentages. Mr. McIlyar said if they go with percentages, his opinion was they would have to create two separate programs. Mayor Hashmi asked that Council Members write in detail what they wanted in the residential tax abatement program and bring it back to a future meeting. Mr. Godwin said staff would prepare a map of the districts for the Council. It was a consensus of the Council to place this item on the June 24`�' agenda. A Motion to table this item was made by Council Member Drake and seconded by Council Member Frierson. Motion carried, 7 ayes — 0 nays. 25. Receive and discuss quarterly report from Paris Economic Development Corporation. PEDC Director Steve Gilbert said that two new companies were looking at moving to Paris and they were waiting to hear back from the companies. He referenced Project Fryer would be about a$20 million project and would bring manufacturing jobs to Paris. He added that Project Sims would possibly bring 200 manufacturing jobs. Mr. Gilbert said PEDC was working on a tax abatement for Project Lakes. He said the investor of Project Jewel decided to put that plant in Arizona and would be reimbursing PEDC for the funds expended to Project Jewel. Mayor Hashmi told Mr. Gilbert that he should refrain from making announcements in the newspaper, such as the one where he announced there were 300 jobs coming to Paris. He said