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Regular Council Meeting October 28, 2019 Page 3 10. Approve the Final Plat of Lot 1, Block A of the Stephens 195 Addition, located in the 3900 Block of FM 195. 11. Approve the Final Plat of Lot 1, Block A of the Haning EST Addition, located on Haning Drive a/k/a County Road 42640. 12. Approve RESOLUTION NO. 2019-037: A RESOLUTION APPROVING THE PRIVATE RE -SALE OF MULTIPLE TRACTS OF TAX FORECLOSED PROPERTIES, AND AUTHORIZING THE MAYOR TO EXECUTE DEEDS. Regular Agenda 13. Discuss and act on RESOLUTION NO. 2019-038: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, APPROVING AND AUTHORIZING THE .EXECUTION OF ASSIGNMENT—OF AN AIRPORT GROUND; LEASE AGREEMENT BETWEEN COLIN MARINO AND THE CITY OF PARIS _ FOR PROPERTY AT COX FIELD AIlZPORT TO TEXBAMA 2, LLC, A TEXAS LIMITED LIABILITYCOMPANY; MAKING,' OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN :EFFECTIVE DATE.L City Engineer Carla Easton explained that Colin Marino had a 40 -year lease for aprivate hangar at Cox Field, and he wanted to assign the lease to TEXBAMA 2, LLC. She said that Colin Marino was a named partner of the corporation. A Motion to approve this item was; made by Mayor Clifford, and seconded by Council Members Portugal and Knox. Motion carried, 5 ayes — 0 nays. 14. Discuss, conduct a public hearing, and act on an Ordinance Designating a Certain Area as Tax Increment Financing Reinvestment Zone Number One and Establishing a Board of Directors for such Reinvestment Zone. Ms. Easton said they had been discussing this over the last year and that tax increment financing was a way to set aside future tax revenue for investment in an area. She said downtown had many infrastructure needs that often deterred development or redevelopment due to cost. She said a preliminary plan for Reinvestment Zone Number One had been prepared for consideration, which included a 30 -year term, a 2,176 acre zone, 50% of tax rate would be set aside, that $14.7 million was estimated in the fund over 30 years, and $25.5 million was estimated in potential project costs. Ms. Easton also said consultant Larry Kline was there to give City Council a presentation. Mr. Kline gave an overview of creating a tax increment reinvestment zone and explained tax increment financing. Mr. Kline answered questions from City Council and referenced the Project and Finance Plan document in their packets. Council Member Knox said it was not in their agenda packets. Council Member Pilgrim said he was uncomfortable passing this until he could review the information, as did other Council Members. City Attorney Stephanie Harris advised a public hearing needed to be conducted because it was advertised.