2014-007 - Approve amendments to the Paris Economic Development Corporation tax abatement policy.

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RESOLUTION N0. 2014 -007 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS; APPROVING AND ADOPTING GUIDELINES AND CRITERIA FOR TAX ABATEMENT AGREEMENTS IN THE CITY OF PARIS, TEXAS; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, over the last six months representatives from the local taxing entities, specifically the City of Paris, Paris Junior College and Lamar County, along with PEDC staff and the Chief Appraiser from Lamar County Appraisal District have met to update and revise the guidelines and criteria for industrial /commercial tax abatement agreements; and WHEREAS, the Tax Abatement Guidelines and Criteria Committee also solicited input from local industry and other citizens before finalizing an updated set of policies, guidelines and criteria for tax abatement agreements to be presented to the local governing bodies for the City of Paris, Paris Junior College and Lamar County; and WHEREAS, these updated policies, guidelines and criteria for tax abatement agreements were reviewed and approved by the Paris Economic Development Corporation Board at their last meeting on January 14, 2014; and WHEREAS, the City Council of the City of Paris, Texas has been presented for review and approval an updated Policy Statement, Guidelines and Criteria for Tax Abatement Agreements, a copy of which is attached hereto as Exhibit "A ", and incorporated herein by reference, hereinafter referred to as "Agreement." NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the updated Policy Statement, Guidelines and Criteria for Industrial Tax Abatement Agreements attached hereto as Exhibit "A ", having been reviewed by the City Council of the City of Paris and found to be acceptable and in the best interests of the City of Paris and its citizens, be, and the same are hereby, in all things adopted and approved. Section 3. That the Mayor is hereby authorized to execute the Agreement and all other documents in connection therewith on behalf of the City of Paris substantially according to the terms and conditions set forth in the Agreement attached hereto as Exhibit "A ".