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<br />a) That the boundaries of the reinvestment zone are described by metes and bounds <br />and depicted on the plat attached hereto as Exhibit A, hereinafter referred to as <br />Reinvestment Zone No.8; and, <br /> <br />b) That creation of the proposed reinvestment zone will result in benefits to the City <br />and to land included in the zone and that the improvements sought are feasible and <br />practical; and, <br /> <br />c) That the reinvestment zone meets the criteria for the creation of a reinvestment <br />zone as set forth in the Property Redevelopment and Tax Abatement Act, as <br />amended, in that it is "reasonably likely as a result of the designation to contribute <br />to the retention or expansion of primary employment or to attract major investment <br />in the zone that would be a benefit to the property and that would contribute to the <br />economic development of the City"; and, <br /> <br />d) That the reinvestment zone meets the City's policy on guidelines and criteria for <br />the creation of a tax abatement reinvestment zone and eligible for tax abatement. <br /> <br />Section 3. That, pursuant to the Property Redevelopment and Tax Abatement Act, as <br />amended, the City hereby creates a reinvestment zone for commercial and industrial tax abatement <br />encompassing only the area described by the metes and bounds description and depicted on the plat <br />attached hereto as Exhibit A, and such reinvestment zone is hereby designated and shall hereafter <br />be referred to as Reinvestment Zone NO.8 of the City of Paris, Paris, Texas. <br /> <br />Section 4. That the zone shall take effect on February 14, 2000, and shall remain <br />designated as a commercial and industrial reinvestment zone for a period of five (5) years from <br />such date of designation. Prior to or upon such date of expiration the City Council may renew <br />such designation for an additional successive period not exceeding two (2) years; provided, no <br />agreement may be extended beyond seven (7) years from the date of the original agreement. <br /> <br />Section 5. That, to be considered for execution of an agreement for tax abatement, the <br />commercial and industrial project shall: <br /> <br />a) Be located entirely within the designated zone; and, <br /> <br />b) Be reasonably expected to increase the appraised value of the property; and, <br /> <br />c) Be expected to prevent the loss of employment, retain, or create employment on <br />a permanent, full-time basis in the City during the term of the Agreement; and, <br /> <br />d) Not be expected to solely or primarily have the effect of merely transferring <br />existing employment from one part of the City to another without demonstration <br />of increased future investment (Dollars or jobs) or unusual circumstances whereby <br />without such a move employment is likely to be reduced; and, <br />