10 - Tax Increment Financing Reinvestment Zone Number 1 - Project & Financing Plan

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h) That the development or redevelopment of the property in the proposed reinvestment zone will not occur solely through private investment in the reasonable foreseeable future. SECTION 3. That the City hereby creates a reinvestment zone over the area described in Exhibit "A" attached hereto and depicted in the map attached hereto as Exhibit "B" and such reinvestment zone shall hereafter be identified as Tax Increment Financing Reinvestment Zone Number One, City of Paris, Texas (the "Zone" or "Reinvestment Zone"). SECTION 4. That there is hereby established a board of directors for the Zone that shall consist of five members. The board of directors of Tax Increment Financing Reinvestment Zone Number One, City of Paris, Texas shall be appointed as follows: a) Five members shall be appointed by the City Council of the City of Paris. The initial board of directors shall be appointed by resolution within sixty (60) days of the passage of this ordinance or within a reasonable time thereafter. All members appointed to the board shall meet the eligibility requirements set forth in the Act. The governing bodies of other taxing units that levy taxes on real property in Tax Increment Financing Reinvestment Zone Number One have chosen not to pay any of their taxes into the Tax Increment Fund and have waived their right to appoint board members. b) The terms of the board members shall be two-year terms. The City Council shall designate a member of the board to serve as chairman and other officers as it sees fit. c) The board of directors shall make recommendations to the City Council concerning the administration of the Zone. It shall prepare and adopt a project plan and reinvestment zone financing plan for the Zone and must submit such plans to the City Council for its approval. The Board of directors shall possess all powers necessary to prepare, implement and monitor such project plan and financing plan for the reinvestment zone as the City Council considers advisable, including the submission of an annual report on the status of the Zone. SECTION 5. That the Zone shall take effect on January 1, 2019 and that the termination of the Zone shall occur on December 31, 2048, or at an earlier time designated by subsequent ordinance of the City Council in the event the City determines that the Zone should be terminated due to insufficient private investment, accelerated private investment, or other good cause, or at such time as all project costs and tax increment bonds, if any, and the interest thereon, have been paid in full. SECTION 6. That the Tax Increment Base for the Zone, which is the total taxable value of all real property located in the Zone, is to be determined as of January 1, 2019, the year in which the Zone was designated a reinvestment zone.