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