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<br />Section 2. That the City has made the following findings and determinations: <br /> <br />a) That the boundaries of a proposed reinvestment zone are described by the plat and <br />associated instruments attached hereto as Exhibit A, hereinafter referred to as <br />Reinvestment Zone No. 11; and, <br /> <br />b) That creation of the proposed reinvestment zone will result in benefits to the City and <br />. to land included in the zone and that the improvements sought are feasible and <br />practical; and, <br /> <br />c) That the proposed reinvestment zone meets the criteria for the creation of a <br />reinvestment zone as set forth in the Property Redevelopment and Tax Abatement <br />Act, as amended, in that it is "reasonably likely as a result of the designation to <br />contribute to the retention or expansion of primary employment or to attract major <br />investment in the zone that would be a benefit to the property and that would <br />contribute to the economic development of the City"; and, <br /> <br />d) That the proposed reinvestment zone meets the City's policy on guidelines and <br />criteria for the creation of a tax abatement reinvestment zone and eligible for tax <br />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. 11 of the City of Paris, Paris, Texas. <br /> <br />Section 4. That the zone shall take effect on August 8, 2005, and shall remain designated as <br />a commercial and industrial reinvestment zone for a period of five (5) years from such date of <br />designation. Prior to or upon such date of expiration the City Council may renew such designation <br />for an additional successive period not exceeding two (2) years; provided, no agreement may be <br />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 a <br />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 existing <br />employment from one part of the City to another without demonstration of increased <br />