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| INDUSTRIAL INCENTIVES Our most important asset is our ‘can do’ attitude of both government and business. We work for our industrial economic base 365 days per year. Paris is home to three FORTUNE 500 Companies, and dozens of other companies. Paris was selected by all these companies for of the following: - Central Location to major consumer markets, and excellent transportation network. - Industrial Parks and sites meet the needs of both larger and small industrial users. - Available work force with specialized training provided by Paris Junior College. - Abundant water supply from Pat Mayse Lake, water for now and the future. - Excellent quality of life for our citizens. |
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| Financial | All providers of financial services in Paris and Lamar County are committed to the economic growth of this area through commercial and industrial development. Paris is served by seven commercial banks, two savings & loan associations, and has access to mortgage bankers, and other creative financing services. Small business loans are also available through the SBA 504 program. Up to 40% of total cost can be provided in the form of subordinate debt to SBA for most fixed asset projects at interest cost of 2 to 3% below market for periods of 15-25 years. This type of financing can provide 90% of the long-term financing needs of a small business. Paris also utilizes other financing programs such as the SBA 7(A) Loan Guarantee program, the FmHA, the Texas Leverage Fund, our own local Revolving Loan Fund, and other programs of the ArkTex Council of Governments. Industrial Development Bonds are sometimes a viable alternative in financing industrial expansion and construction. The Paris Economic Development Corporation is available locally for this purpose and to provide other location assistance. |
| Incentives | Because of a pro-business attitude, Texas has limited the number of state controls and taxes in regulating the activities of business. This attitude is evidenced by the absence of a personal or corporate income tax, a state property tax, or a unitary form of taxation. The same pro-choice attitude exists toward the Texas worker. The state’s right work law guarantees that every person has an inherent right to work and negotiate freely with their employer, either as an individual or as a group. In addition, the City of Paris will negotiate tax abatement for new and expanding industries. The city has traditionally approved tax abatement up to 10 years. Through the Texas Department of Economic Development, Paris has an Enterprise Zone program that allows qualifying businesses tax rebates, priority on-the-job training, and other preferential treatment on state programs. The City of Paris will further grant partial or deferred payment of sales and use taxes by persons making a taxable purchase, lease, or rental for purposes of development or revitalization in the zone. Paris has also adopted a ¼ % sales tax to be used to facilitate industrial locations in the area. This incentive assistance program is administered by the Paris Economic Development Corporation. |
| Freeport Law | Article VIII, Section 1 of the Texas Constitution has been amended to allow real and personal property to be exempt from taxation. All goods, wares, merchandise, other than tangible personal property acquired in or imported into Texas to be forwarded outside this state, which is detained for storing, assembling, manufacturing, processing, or fabricating in Texas for 175 days or less, may be exempt from taxation. |
Contents © Lamar
County Chamber of Commerce 2005
All Rights Reserved Lamar County Chamber of Commerce