1992-073-RES WHEREAS, the City Council of the City to promote economic development within the of the City of Paris

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RESOLUTION NO. 92-073 WHEREAS, the City Council of the City to promote economic development within the of the City of Paris or within the jurisdiction of said City; and, of Paris desires corporate limits extraterritorial WHEREAS, the provision of certain economic development incentives may encourage prospective businesses and companies to locate within such corporate limits or extraterritorial jurisdiction or existing businesses and companies located therein to expand; and, WHEREAS, the establishment of specific guidelines, criteria, and procedures are necessary to insure that tax abatement incentives are given and administered effectively; and, WHEREAS, the Property Redevelopment and Tax Abatement Act requires municipalities to establish local criteria for the creation of reinvestment zones and the granting of tax abatement within such zones as a prerequisite to granting tax abatement; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS; that the City of Paris does hereby elect to become eligible to participate in tax abatement pursuant to the Act; and, BE IT FURTHER RESOLVED, that the City of Paris does hereby establish and adopt the Guidelines and Criteria for Reinvestment Zones and Tax Abatement Agreements attached hereto as Exhibit A and incorporated herein for all purposes, which shall govern tax abatement within a reinvestment zone in accordance with the Act. Passed and adopted this 14th day of September, 1992. ~ %.',t-v ~st!er, Mayor ATTEST: Cunningham, City Attorney