1997-143-RES WHEREAS, CITY COUNCIL DID HERETOFORE ON THE 14TH DAY OF OCTOBER 1996

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AGREEMENT FOR DESIGNATION OF AN ENTERPRISE ZONE STATE OF TEXAS ~ COUNTY OF TRAVIS ~ THIS AGREEMENT is made and entered into this 13th day of November, 1997, by and between the Texas Department of Economic Development, an agency of the State of Texas, hereinafter referred to as "Department" and the City of Paris, Texas hereinafter referred to as "Unit." WIT N E SSE T H: WHEREAS, the public policy of this state is to provide the people of this state with the necessary means to assist communities, their residents, and the private sector to create the proper economic and social environment to induce the investment of private resources in productive business enterprises located in severely distressed areas and to provide employment to residents of those areas; WHEREAS, the objective of the Texas Enterprise Zone Act, Texas Government Code, Chapter 2303 (the Act) is to provide appropriate investments, tax benefits, and regulatory relief to encourage the business community to commit its financial participation; WHEREAS, the revitalization of enterprise zones through the concerted efforts of government and private sector is declared a public purpose; WHEREAS, Unit requested Department to designate an area within its jurisdiction as an enterprise zone, which is described in Exhibit A and Exhibit B attached hereto; WHEREAS, Unit filed its application on September 2, 1997, with Department for designation of an enterprise zone pursuant to the Act for the purpose of l'evitalizing the area described herein; WHEREAS, the governing body of Unit adopted an ordinance on August 11, 1997, following a public hearing, to nominate the area and made the necessary finding that the zone area meets the criteria for designation as an enterprise zone as set forth in the Act; WHEREAS, the Executive Director acting on behalf of Department authorized and approved the designation of the enterprise zone on November 13, 1997, under the terms and conditions of the Act and those set forth herein; II WHEREAS, Unit has entered or will enter into agreements with Qualified Businesses, as defined in the Act and as further defined in its nominating ordinance, in which the Qualified Businesses agree to maintain their status as Qualified Businesses in order to benefit from the local incentives available and in which Unit provides for certain local incentives, pursuant to the terms of the Act; NOW THEREFORE, in consideration of the respective representations and agreements herein contained, the parties hereto agree as follows: II , 1. REPRESENTATIONS. Department and Unit represent and warrant, as applicable, the foJ,Iowing: ~ 11 Page 1 of 5 EXHIBIT A