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

Home Browse Search

(d) That the Reinvestment Zone, as described and depicted in Exhibit A,, satisfies the criteria for the creation of a Reinvestment Zone as set forth in Section 312.202 of the Act; (e) That the Reinvestment Zone as defined and depicted in Exhibit A meets the criteria for the creation of a reinvestment zone as set forth in the City of Paris Guidelines and Criteria for Residential Tax Abatement; SECTION 3. Creation of Reinvestment Zone. Pursuant to the Property Redevelopment and Tax Abatement Act, Chapter 312 TEX. TAX CODE, the City Council of the City of Paris hereby creates and designates a Reinvestment Zone for residential tax abatement encompassing the areas as described and depicted in Exhibit it A which shall be known as Reinvestment Zone 2020-1 of the City of Paris, Texas. SECTION 4. Term. The term of Reinvestment Zone 2020-1 shall be for a period of five (5) years and may be renewed for successive five-year terms. SECTION S. Eligibility for Tax Abatement. To be eligible for residential tax abatement within City of Paris Reinvestment Zone No. 2020-1, a project shall: (a) Meet the standards set forth in the City of Paris Guidelines and Criteria for Residential Tax Abatement program; (b) Be located wholly within the reinvestment zone as established herein; (c) Not include property that is owned or leased by a member of the City Council of the City of Paris or by a member of the Planning and Zoning Commission; (d) Conform to the requirements of the City's Zoning Ordinance and all other applicable laws and regulations; (e) Have and maintain all land and improvements located within the designated reinvestment zone, appraised at market value for tax purposes. SECTION 6. Tax Abatement Agreement Requirements. All agreements for abatement of taxes within Reinvestment Zone No. 2020-1 shall comply with Section 312.205 (a) of the Act and must: (a) List the kind, number and location of all proposed residential improvements to the property; (b) Provide for access to the property and authorize inspection of the property by municipal employees to insure that the improvements are made according to the terms, conditions and specifications of the Agreement;