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CITY OF PARIS, PARIS, TEXAS <br />GUIDELINES AND CRITERIA FOR <br />TAX ABATEMENT AGREEMENTS <br />1. DEFINITIONS <br />a) "Abatement" means the full or partial exemption from ad valorem taxes of certain <br />real and tangible personal property in a Reinvestment Zone designated for economic <br />development purposes. <br />b) "Agreement" means the written agreement for tax Abatement between a property <br />owner and/or lessee and the City. <br />c) "Base Year Value" means the assessed value of eligible property as of January 1 <br />preceding the date of execution of the Agreement plus the agreed upon value of <br />eligible property improvements made after January 1 but before the execution of the <br />Agreement. <br />d) "Manufacturing Facility" means buildings and structures, including fixed machinery <br />and equipment, the primary purpose of which is or will be the manufacture of <br />tangible goods or materials or the processing of such goods or materials by physical <br />or chemical change. Facilities primarily engaged in assembling component parts of <br />manufactured products are also considered manufacturing facilities. <br />e) "Modernization" means the replacement and upgrading of existing facilities which <br />increases the productive input or output, updates the technology, or substantially <br />lowers the unit cost of operation. Modernization may result from the construction, <br />alteration or installation of buildings, structures, fixed machinery or equipment, but <br />shall not be for the purpose of reconditioning, refurbishing, repairing, or deferred <br />maintenance. <br />fl "Other Basic Industry" means buildings and structures, including fixed machinery <br />and equipment, not elsewhere described, used, or to be used for the production of <br />products or services which result in the creation of new, permanent, full-time jobs <br />and bring new wealth into the community. <br />g) "Regional Distribution Facility" means buildings and structures, including fixed <br />machinery and equipment, used or to be used primarily to receive, store, service, or <br />distribute goods or materials where a majority of the goods or services are distributed <br />to points at least 100 miles from its location in the City. <br />-1- <br />EXH1BIT 0 <br />