2016-025 - Approving a Tax Abatement Agreement with Potters Industries, LLC

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RESOLUTION NO. 2016 -025 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS; APPROVING AND AUTHORIZING A TAX ABATEMENT AGREEMENT WITH POTTERS INDUSTRIES, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris has been presented a proposed agreement by and between the City of Paris, Texas and Potters Industries, LLC, providing for a commercial and industrial tax abatement for certain improvements, a copy of which is attached hereto as Exhibit "1" and incorporated herein by reference, hereinafter called "Agreement "; and, WHEREAS, the City Council of the City of Paris, Texas, did heretofore, on the 11th day of January, 2016, in Resolution No. 2016 -003, reaffirm its election to be eligible to participate in tax abatement agreements authorized by the Property Redevelopment and Tax abatement Act, Texas Government Code Chapter 312, et seq. (the Act "), in order to maintain and enhance the commercial and industrial economic and employment base of the Paris area for the long term interest and benefit of the City and its citizens; and, WHEREAS, under the Act, the designation of an area as an Enterprise Zone also constitutes designation of the area as a Reinvestment Zone (a "reinvestment zone ") within which local ad valorem property taxes may be abated; and pursuant to the 2010 Census, the Property is included within an Enterprise Zone, as is shown in a document published by the Office of the Governor of the State of Texas in Exhibit A to the Agreement; and WHEREAS, upon review and consideration of the Agreement, and all matters attendant and related thereto, the City Council is of the opinion that the terms and conditions thereof meet the Guidelines and Criteria for Tax Abatement and should be approved, and that the Mayor should be authorized to execute it on behalf of the City of Paris, Texas. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the terms of the Tax Abatement Agreement and the property the subject thereof meet the City's Guidelines and Criteria for Tax Abatement adopted by the City of Paris by Resolution No. 2016 -003. Section 3. That the terms and conditions of the proposed Agreement attached hereto as Exhibit "A ", having been reviewed by the City Council of the City of Paris and found to be acceptable and in the best interests of the City of Paris and its citizens, be, and the same are hereby, in all things approved. Section 4. That the Mayor is hereby authorized to execute the Agreement and all other documents in connection therewith on behalf of the City of Paris substantially according