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

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WHEREAS, the City held such public hearing after giving written notice of said hearing to all taxing units overlapping the territory inside the proposed reinvestment zone; and WHEREAS, at the hearing the City invited all interested persons to appear for or against the creation of the reinvestment zone, the boundaries of the proposed reinvestment zone, and the concept of residential tax abatement in the proposed reinvestment zone. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: SECTION 1. Definitions. In this Ordinance, the following words shall be defined as follows: (a) Improvement shall include, for the purpose of establishing eligibility under section 312.202, TEX. TAX CODE, new single-family construction and expansion or modernization of existing single-family structures. (b) Taxable Real Property shall be as defined in the Texas Property Tax Code and shall not include personal property located in the reinvestment zone. (c) Base Year the base year for determining increased value shall be the taxable value of the real property and any fixed improvements as of January 1 of the year in which the tax abatement is executed. SECTION 2. Determinations. The Paris City Council, after conducting a public hearing, receiving evidence and testimony from all persons wishing to be heard, hereby makes the following findings and determinations: (a) That a public hearing on the adoption of the Reinvestment Zone has been properly called, held and conducted and that the required notice of such hearing has been given to the public and to all taxing units overlapping the territory inside the proposed reinvestment zone; (b) That the boundaries of the area of the reinvestment zone shall be the area described and depicted in Exhibit A which is attached hereto and incorporated herein by reference; (c) That the creation of the Reinvestment Zone for residential tax abatement with boundaries as described and depicted in Exhibit A will result in benefits to the City and to the land included in the Reinvestment Zone and the improvements sought are feasible and practical;