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

Home Browse Search

(Updated 2- 10 -14) Paris, Texas Economic Development Corporation POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT Full -time The intention of the governing bodies is to provide a company the maximum flexibility in Equivalent running their business and making business decisions, especially related to staffing. The (FTE) Jobs following definition of FTE will be reflected in all incentive agreements. An FTE is: 1. An individual working 40 hours per week in a job defined above. 2. A number of part-time jobs where the hours worked in each such job is less than 40 hours per week, made available by one employer and added together to total 40 hours per week. For example, fourteen (14) part-time jobs made available by one employer where all such part-time jobs added together require a total of 380 hours of work per week (but no such part-time job requires 40 hours of work or more per week), will equal nine and one -half (9.5) FTE jobs (3 80 hours divided by 40 hours per week equals 9.5). 3. FTE jobs do not require the employee to receive benefits from the employer. Modernization The replacement and upgrading of existing facilities, which increases the productive input or output, updates the technology, or substantially lowers the unit cost of operation. Modernization may result from the construction, alteration or installation of buildings, structures, fixed machinery or equipment, but shall not be for the purpose of reconditioning, refurbishing, repairing, or deferred maintenance. Personal Machinery, equipment, tools, shelving or materials eligible under applicable law for tax Property abatement, which can be removed from an authorized facility. Property Real Property or Personal Property defined herein that is eligible for tax abatement. Real Property The land within an Enterprise Zone or a Reinvestment Zone, together with all improvements and fixtures constructed or otherwise situated thereon. Tax Abatement The Tax Abatement Advisory Committee will be convened from time to time by the Advisory Paris Economic Development Corporation to study, review and recommend tax Committee abatements to the applicable Taxing Jurisdictions in the City of Paris and Lamar County, Texas. The Tax Abatement Advisory Committee will be composed of one person from each of the Taxing Jurisdictions: the City of Paris (the City Manager or designee), the County of Lamar (the County Judge or designee), Paris Junior College (the President or designee), the Chief Appraiser of the Lamar County Appraisal District, and the Executive Director of the Paris Economic Development Corporation. Recommendations from the Tax Abatement Advisory Committee shall be decided by majority vote of the representatives from the three taxing entities referenced above.