1995-055-RES WHEREAS, CITY COUNCIL DID ON AUGUST 9, 1990 AUTHORIZED EXECUTION

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RESOLUTION NO. 95-055 WHEREAS, the City Council of the City of Paris, did on August 9, 1990, authorize the execution, delivery and performance of an agreement with KIMBERLY-CLARK CORPORATION, pursuant to the Property Redevelopment and Tax Abatement Act, V.T.C.A., Tax Code Sec. 312.001, et seq. ("Act"), and the Guidelines and Criteria for Designation of Reinvestment Zones and Tax Abatement Agreements ("Guidelines") to exempt a portion of the value of the property owned by KIMBERLY-CLARK CORPORATION located in Reinvestment Zone No. Two from ad valorem taxation upon and subjected to the terms, conditions and provisions set forth in the Tax Abatement Agreement, dated effective as of August 9, 1990 (" Agreement"); and, WHEREAS, pursuant to the Agreement, the term of the tax abatement granted therein began with the tax year beginning January 1, 1991, and expires on December 31, 1995, subject to the option to extend for an additional two-year period expiring on December 31, 1997; and, WHEREAS, KIMBERLY-CLARK CORPORATION is desirous of exercising the option to extend the period of tax abatement under the Agreement to December 31, 1997; and, WHEREAS, Section 312.208(a) of the Act and the Guidelines adopted by the City each provide that a tax abatement agreement may be modified by the parties thereto by the same procedure by which the original agreement was approved and executed; and, WHEREAS, the City and KIMBERLY-CLARK CORPORATION now desire to amend the Agreement in accordance with the Act and the Guidelines to provide for extension of the period of tax abatement under the Agreement to December 31, 1997; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, that: 1. The City Council hereby finds and determines that the terms of the First Amendment to Tax Abatement Agreement for Reinvestment Zone No. Two, attached hereto as Exhibit A meet the criteria for tax abatement as set forth in the Act and in the Guidelines adopted by the City of Paris. 2. Pursuant to Section 312.208(a) of the Act, the City Council hereby authorizes the execution, delivery and performance by the City of the First Amendment to Tax Abatement Agreement with KIMBERLY-CLARK CORPORATION in the form attached hereto as Exhibit A. The Mayor is hereby authorized to execute the First Amendment to Tax Abatement Agreement on behalf of the City of Paris, and to do or cause to be done all things necessary to effect such Amendment. ATTEST: . . \'. \) -. ,