2020-005 - Designating the City as Reinvestment Zone 2020-1 for Residential Tax Abatement

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ORDINANCE NO. 2020-005 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS DESIGNATING THE CITY LIMITS OF THE CITY OF PARIS, TEXAS, MORE PARTICULARLY DESCRIBED IN EXHIBIT "A" ATTACHED HERETO, AS REINVESTMENT ZONE NO. 2020-1 FOR RESIDENTIAL TAX ABATEMENT; DESCRIBING THE BOUNDARIES THEREOF; PROVIDING FOR ELIGIBILITY REQUIREMENTS FOR TAX ABATEMENT WITHIN SAID ZONE; PROVIDING REQUIREMENTS FOR TAX ABATEMENT AGREEMENTS AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on October 14, 2013, the City Council of the City of Paris, Texas, enacted Ordinance No. 2013-036 creating Reinvestment Zone No. 2013-1 for Residential Tax Abatement in City Council District Nos. 1 - 5 as depicted in the map included with Ordinance 2013-036 as authorized by the Property Redevelopment Tax Abatement Act, Chapter 312 of the Texas Tax Code, to promote the development or redevelopment of a certain contiguous geographic area through the use of tax abatement; and, WHEREAS, concurrent with Ordinance No. 2013-036, the City Council also approved Resolution No. 2013-036 electing to be eligible to participate in a residential tax abatement program and approving Guidelines and Criteria for Residential Tax Abatement Program as required by statute; and WHEREAS, on February 9, 2015, the City Council passed Ordinance No. 2015-002 amending Reinvestment Zone 2013-1 for Residential Tax Abatements to expand it to include all Council Districts in the City and designated the new reinvestment zone as Reinvestment Zone No. 2015-1; and WHEREAS, on January 9, 2017 and April 22, 2019, the City Council approved Resolution 2017-001 and Resolution 2019-013 respectively reauthorizing the City to become eligible to participate in residential tax abatements and approving guidelines and criterial for the residential tax abatement program; and WHEREAS, pursuant to Texas Tax Code Section 312.203, the designation of a reinvestment zone is effective for a period of five years; and WHEREAS, the City Council continues to desire to participate in a residential tax abatement program in the City of Paris and desires to reauthorize a reinvestment zone for a contiguous geographic area comprising City Council Districts 1-7 as depicted herein as Exhibit which is incorporated herein by reference and to designate said zone as Reinvestment Zone No. 2020-1; WHEREAS, a public hearing before the City Council was called on January 27, 2020 at 5:30 p.m., such date being at least seven (7) days after the date of publication of the notice of such public hearing; and,