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CITY COUNGIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Presented By: <br />Agenda Ixem No.: <br />6-I-12 <br />Councii Date: <br />Legal <br />John Godwin, City Manager <br />15. <br />6-25-12 <br />RECOMMENDEI? MOTION: <br />Motion to reapprove the existing Tax Abatement Policy cansistent with Chapter 312 of the Texas Tax Code <br />POLICY ISSUE(S): <br />Economic Development <br />Paris Economic Development Corporation has indicated that several industries will be approaching the <br />City of Paris and the other local taxing entities this year for tax abatements. Prior to moving forward <br />with review of these tax abatement requests, the City Council must approve Amended Guidelines and <br />Criteria for the Tax Abatecnent Program. <br />The Amended Guidelines and Criteria for Tax Abatement are streamlined and allow the City Council <br />znore flexibzlity in negotiating tax abatement agreements on a case by case basis. The Guidelines also <br />eliminate the need for an extra tax abatement review committee which is no longer necessary as all tax <br />abatement applications are subject to review by the Board of Directors of the Paris Economic <br />Development Corporation, City Manager and staff and final review and approval by the Paris City <br />Council. <br />The Amended Guidelines and Criteria will also allow the City Council to pursue a Residential Taac <br />Abatement Program for designated areas of the community needing eeonomic reinvestment. <br />At the City Council meeting of June 11, 2012, City Council decided to postpone this item until PEDC <br />had a chance to discuss the amendments at their meeting of June 12, 2012. At their meeting, PEDC <br />temporarily re-approved the existing policy and the Council now needs to do likewise. We will bring <br />this item back on July 23 for final resolution. <br />BOARD/COMMISSIQN RECOMMENDATION: <br />None <br />EXHIBITS: <br />ACTION: ( <br />BUDGET INFO: <br />❑ <br />Financial Report Z Minute Order <br />Expense <br />$NA <br />❑ <br />Departrnent Report ❑ Resolution <br />gudgeted .Amt. <br />$NA <br />❑ Presentation ❑ Ordinance <br />y'T'D Actual <br />~NA <br />❑ Public Hearing ❑ Other <br />Acet. Name <br />NA <br />Acct. Number <br />NA <br />Fcscat. NoTES; <br />None <br />City of Paris <br />Revised 2/04/08 <br />(-6 <br />