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<br />(a) Findinl!s. Based upon the representations made by Unit, Department hereby reaffirms <br />previous findings that the zone area meets the criteria for designation as an enterprise zone as set <br />forth in the Act. <br /> <br />(b) Desil!nation of Enterorise Zone. Department hereby designates the area described <br />in Exhibit A and Exhibit B attached hereto as an enterprise zone, known as the City of Paris <br />Enterprise Zone, sometimes referred to herein as thc Zone. <br /> <br />(c) Period of Zone Desil!nation. The Zone shall take effect on November 13, 1997, and <br />terminate on September I, 2005, unless otherwise specifically provided by the terms of this <br />Agreement. Department may remove the designation, following a public hearing, if the area no <br />longer meets the criteria for designation as set out in the Act or by Department rule or if Department <br />determines that the governing body has not complicd with commitments made in the nominating <br />ordinance. <br /> <br />(d) Zone Liaison. Unit has designatcd its city project director as liaison to communicate <br />and negotiate with Department, enterprise projects, Qualified Businesses, and other entities in or <br />affected by the Zone. <br /> <br />(e) Data Submitted. Unit further represents that the data provided to Department is <br />accurate and current as of the date of application; and that there has been no material adverse <br />change in the affairs of U nit. <br /> <br />2. PERFORMANCE. Unit represents and warrants that it will provide all tax relief and other <br />incentives or benefits described in its application for zone designation including, but not limited to <br />the following: <br /> <br />(a) Unit may refund to any qualified business located in such enterprise zone the amount of <br />tax paid under the Municipal Sales and Use Tax Act (Texas Tax Code, Chapter 321) by the business <br />and remitted to the Comptroller of Public Accounts up to the maximum extent authorized by <br />Sections 2303.505 and 2303.506 of the Act, and for a period determined by the city, but which shall <br />not exceed 5 years. <br /> <br />(b) Unit may abate taxes on the increase in value of real property improvements and eligible <br />personal property that locate in a designated enterprise zone, The level of abatement shall be based <br />upon the extent to which the business receiving the abatement creates jobs for qualified employees, <br />with qualified employee being defined by the Act, <br /> <br />3. REPORTING REQUIREMENTS. Unit shall submit to Department no later than October 1 <br />of each year an annual report of the progress, in narrative form, of activities within the Zone. This <br />report shall be in a format prescribed by Department and shall include the information specified in <br />Section 2303.205 of the Act, If such report is not received by the deadline, Department may, <br />following a public hearing, terminate the designation of the zone. <br /> <br />II <br /> <br />4. MONITORING. (a) Unit shall furnish additional information, reports or statements as <br />Department may from time to time request in connection with this Agreement. In order to verify <br />data relating to employment and purchases of equipment, machinery or building materials sold to an <br />enterprise project, Unit and Qualified Businesses must permit on reasonable notice a representative <br />of Department, State Auditor or State Comptroller's Office to inspect the books, records, and <br />properties of Unit and of each Qualified Business at reasonable times and to make copies and <br />abstracts of such books and records and any documents relating to such data. Unit shall include the <br />substance of this section in all agreements with Qualified Businesses executed under the provisions <br />ofthe Act. <br /> <br />II <br /> <br />n <br />11 <br /> <br />Pagc 2 of5 <br />