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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(b) Legal description of the property to be designated as a Reinvestment Zone; (c) Detailed information regarding the type, number, location, and costs of planned improvements; (d) A statement granting access to and inspection of the property and proposed improvements by City inspectors and officials to ensure that the improvements or repairs are made according to specifications and conditions of the Agreement; (e) A statement limiting the uses of the property consistent with the general purpose of encouraging development or redevelopment of the Reinvestment Zone during the period that property tax exemptions are in effect; and, (f) A statement providing for the recapturing of property tax revenue lost as a result of the Agreement if the owner of the Property fails to make the improvements or repairs as provided by the Agreement. 7. ASSIGNMENT Tax abatement agreements may be assigned to a new owner or lessee of the facility only with the prior written consent of the City. Any assignment shall provide that the assignee shall irrevocably and unconditionally assume all the duties and obligations of the assignor upon the same terms and conditions as set out in the Agreement. Any assignment of an Agreement shall be to an entity that contemplates the same improvements or repairs to the property, except to the extent such improvements or repairs have been completed. No assignment shall be approved if the assignor or the assignee are indebted to the City for ad valorem taxes or other obligations, or if any event of default under the Agreement remains uncured. 8. AMENDMENTS These Guidelines are effective for a two year period unless amended or repealed by a three-fourths vote of the members of the City Council. GUIDELINES & CRITERIA - Page 6