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Regular Council Meeting July 23, 2012 Page 6 Mr. Godwin said it was his understanding that for a number of years the City had a tax abatement policy which is the same one used by the college district and the county. He said the City needed to reapprove the existing policy or adopt an amended policy. Mr. Godwin said the trend was a shorter policy with more flexibility. He said if the Council wanted to stay with the existing policy they did not need to take action. He said that he met with Mr. Gilbert, the college president, the county judge and the chief appraiser tax collector, and their opinion was that all taxing entities should have the same policy. He also said the college district president and county judge preferred to stay with the existing policy. City Attorney Kent McIlyar said some of the interest in revising the tax abatement policy for the City was related to interest expressed in initiating a residential tax abatement program and the current tax abatement policy did not allow for that. Council Member Wright suggested that if the City decides to do residential tax abatement that it be changed at that time. Council Members Drake, Lancaster and Jenkins agreed with Council Member Wright. Mayor Hashmi wanted to know if the tax abatement policy was the same for existing businesses as for new businesses. Mr. Godwin deferred to Mr. McIlyar. Mr. McIlyar said existing businesses were excepted from the some of the matrixes and tables of the existing policy. Mayor Hashmi confirmed with Mr. Gilbert that PEDC supported old and new industry and that was done based on the creation of new jobs. Mr. Gilbert said that was true. Mayor Hashmi wanted to know if an existing industry was going to invest without the creation of very many jobs what was PEDC's policy. Mr. Gilbert said the current policy states that existing industry is exempt from the new job creation requirements. Mayor Hashmi said his thoughts were to leave the current policy in place since the Council had wanted to create tax abatements for new residential properties. He said he would like something brought back to the Council in order to support growth in Paris, specifically West Paris. A Motion to leave the existing policy in place and to bring back an item forward to encourage residential property growth in West Paris was made by Mayor Hashmi and was seconded by Council Member Drake. Motion carried, 5 ayes — 0 nays. 18. Convene into Executive Session: a. Pursuant to Section 551.071 of the Texas Government Code, Consultation with Attorney, to receive legal advice from the City Attorney about pending or contemplated litigation and/or on matters in which the duty of an attorney to his client under the Texas Disciplinary Rules of Professional Conduct of the State Bar of Texas clearly conflicts with this chapter. b. Pursuant to Section 551.087 of the Texas Government Code, (1) to discuss or deliberate regarding commercial or financial information that the governmental body has received from a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of the governmental body and with which the governmental body is conducting economic development negotiations; or (2) to deliberate the offer of a financial or other incentive to a business prospect described by Subdivision (1).