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2014-007 - Approve amendments to the Paris Economic Development Corporation tax abatement policy.
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2014-007 - Approve amendments to the Paris Economic Development Corporation tax abatement policy.
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CITY CLERK
CITY CLERK - Date
2/10/2014
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(Updated 2- 10 -14) <br />Paris, Texas Economic Development Corporation <br />POLICY STATEMENT <br />CRITERIA AND GUIDELINES FOR TAX ABATEMENT <br />Manager's Office for additional information on these and other programs offered by the City of Paris. <br />Value and <br />1. The governing bodies of the local Taxing Jurisdictions will decide whether to grant a tax abatement to an <br />Term of <br />applicant, and the amount, if any, of such abatement, on a case -by -case basis and in accordance with these <br />Abatement <br />Policies, Criteria and Guidelines. <br />2. The term of abatements granted under any agreement may not exceed that permitted by applicable <br />state law. <br />3. The amount of the abatement shall be based upon a percentage (0 to 100 %) of all or a portion of the <br />eligible property within the authorized facility. <br />4. Abatements may only be granted for the additional value of eligible real and personal property <br />improvements made pursuant to and listed in the agreement between the Taxing Jurisdictions and property <br />owner and /or lessee, subject to such limitations as the Taxing Jurisdictions may require. <br />5. Real property tax abatement may be granted only to the extent that its value for each year of the agreement <br />exceeds its value for the year in which the agreement is executed. <br />6. If a modernization project includes the replacement of improvements within an authorized facility, the <br />value eligible for abatement shall be the value of the new unit(s), less the value of the replaced unit(s). <br />Abatement <br />The criteria used to evaluate a proposed project application for abatement includes, but is not limited to: <br />Evaluation <br />1. The dollar amount of the increase in the tax roll. <br />Criteria <br />2. The number of jobs created or retained by the employer involved. <br />3. The possible effect on attracting other taxable improvements into the Taxing Jurisdictions. <br />4. The nature of and overall effect on the Taxing Jurisdictions. <br />5. The effect on the safety, health, and morals of the Taxing Jurisdictions' residents. <br />6. Any substantial long -term adverse effect on the provision of the Taxing Jurisdictions' services or tax <br />base. <br />7. Meeting all relevant zoning requirements. <br />8. Consistent with the comprehensive plan of the City of Paris and County of Lamar. <br />9. The types and cost of public improvements and services (water and sewer main extensions, streets and <br />roads, etc.) required of the Taxing Jurisdictions. <br />10. The types and values of public improvements to be furnished by the applicant. <br />Economic <br />To be eligible to receive tax abatement, the planned improvements: <br />Qualification <br />1. Must be reasonably expected to increase the appraised value of the property. <br />2. Must be expected to prevent the loss of employment, or assist in the retention or creation of jobs in the Taxing <br />Jurisdictions during the term of the agreement. <br />3. Should not be expected to solely or primarily have the effect of merely transferring existing employment <br />from one part of the Taxing Jurisdictions to another without demonstration of increased future investment <br />(dollars or jobs) or unusual circumstances whereby without such a move employment is likely to be reduced. <br />4. Must be necessary because capacity cannot be provided efficiently utilizing existing improved property <br />when reasonable allowance is made for necessary improvements or relevant governmental actions. <br />Taxability <br />During the term of the agreement, taxes shall be payable as follows: <br />1. The base year of eligible property as determined each year by the Lamar County Appraisal District, shall <br />be fully taxable. <br />2. The additional value of eligible property above the base year value shall be taxable in the manner <br />described in the agreement. <br />3. The Chief Appraiser of the Lamar County Appraisal District shall annually determine an assessment of <br />the real and personal property comprising the reinvestment zone. <br />4. Each year, the employer, the company or individual receiving an abatement pursuant to an agreement <br />shall furnish the assessor with such information as may be necessary to determine the amount of any <br />abatement. <br />5. Once such value has been established, the Chief Appraiser shall notify the affected Taxing Jurisdictions, <br />which levy taxes on such property and also notify the Paris EDC. <br />6. The employer, owner or lessee of eligible property requesting tax abatement within a reinvestment <br />zone shall, prior to the commencement of eligible property improvements, agree to expend a designated <br />sum of money and to create or retain a certain number of jobs, or annual payroll as further defined below. <br />
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