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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 />An additional 20% abatement for new job creation is available based on the following requirements: <br />a. A project that creates a minimum of 10 new jobs. <br />b. The new job wages are equal to or greater than the current County average wage for all private sector jobs <br />excluding retail trade and accommodation and food services ($41,158 annually for 2013. Source: Texas <br />Workforce Commission via www.tracer2.com. (Note: This represents 547 companies, 10,470 jobs and 56% of <br />all private sector employment in Lamar County.) <br />c. The taxing jurisdictions and the company must agree to include measuring, tracking and annual reporting of the <br />net job increases (existing jobs plus new jobs) for the entire term of the abatement agreement. <br />For Net New Jobs (New Job Creation and Retention of Existing Jobs) <br />Net New Jobs <br />Year 1 <br />Year 2 <br />Year 3 <br />Year 4 <br />Year 5 <br />Year 6 <br />Year 7 <br />1. 10 new jobs minimum. <br />*20% <br />20% <br />20% <br />20% <br />20% <br />20% <br />20% <br />2. New job wages = or > average annual <br />wages for private sector jobs in Lamar <br />County. (Excluding retail, accommodations, food <br />service. See Item 9.b. above.) <br />3. Agree to maintain existing base and new <br />jobs during the entire term of agreement. <br />4. *Year 1 cannot exceed 100 %. <br />VI. Tax Abatement for Existing Employers Regarding Real or Personal Property. <br />The Taxing Jurisdictions recognize the value of its existing employers to the wellbeing of the <br />City and County. The Taxing Jurisdictions desires to encourage existing employers to remain in <br />the Taxing Jurisdictions and to improve their respective businesses and industries, as well as <br />their profitability. <br />Accordingly, if an existing employer (as opposed to a newly created business or industry <br />moving into the Taxing Jurisdictions), owns or leases an authorized facility and has plans to <br />improve such property by constructing new improvements on its real property and /or adding <br />new personal property to its authorized facility which qualify for tax abatement under these <br />Policies, Criteria and Guidelines, such employer may be eligible for tax abatement with respect <br />to such improvements to its real property or its new personal property under the provisions of <br />Article V above, even if no new jobs or newly created minimum annual payroll are created. <br />In projects involving existing employers, the criteria for tax abatements for improvements to <br />
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