2005-020-ORD AMENDING ARTICLE IV TO CHAPTER 30 OF CODE OF ORDINANCES ENTITLED TAX EXEMPTION FOR HISTORICAL STRUCTURES

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WHEREAS, the City Council also finds that such tax relief will provide economic incentive to develop projects in historic buildings worthy of preservation; and, WHEREAS, the City Council has previously adopted Ordinance No. 2004-055 establishing tax exemptions for properties which are repaired, renovated, or rehabilitated and are located in the City's Historic Districts; and, WHEREAS, the City Council further desiresto provide tax exemptions fornew, historically compatible construction also located in said Historic Districts; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the fmdings set out in the preamble to this ordinance are hereby in all things approved. Section 2. That Article IV to Chapter 30 of the Code of Ordinances of the City of Paris at Section 30-50, entitled Tax exemption for historically significant sites in need of tax relief, shall be and is hereby amended to add a new subsection (c) thereto, to re-designate the existing subsection (c) as subsection (d) and add a new paragraph 4 thereto, and to re-designate the existing subsection (d) to subsection (e) and revise said subsection, all to provide for a process of tax exemption for construction of new historically compatible structures, said amended Section 30-50 to read as follows: "Sec.30-50. Tax exemption for historically significant sites in need of tax relief. (a) Designation of historically significant sites in need of tax relief to encourage their preservation - For the purposes of this Article IV, and subject to the eligibility requirements of paragraph (d) of this Section, all properties located within the boundaries of Historic Districts, as the same are and shall be hereafter designated in accordance with Article VII, Chapter 7 of the Code of Ordinances of the City of Paris (the Historic Preservation Ordinance), and the Zoning Ordinance of the City of Paris, as amended by Ordinance No. 2003-019, shall be and are hereby designated as historically significant sites in need of tax relief to encourage their preservation. (b) Tax exemption of historically significant sites in need of tax relief to encourage their preservation; rehabilitation - Any property which is designated as a "historically significant site in need of tax relief to encourage its preservation" pursuant to the terms of this Article IV and which is substantially rehabilitated as provided herein, shall have exempted for a period of seven (7) years, 100% of any increase in the assessed value for ad valorem tax purposes in excess of the assessed value of the property for the tax year immediately prior to its rehabilitation; that is, the taxable value of said property for ad valorem tax purposes shall not for seven (7) -2-