2020-007 - TIRZ Final Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number One

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ORDINANCE NO. 2020-007 AN ORDINANCE OF THE CITY OF PARIS, TEXAS APPROVING THE FINAL PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR REINVESTMENT ZONE NUMBER ONE; PROVIDING FOR SEVERABILITY; PROVIDING FOR PUBLICATION; PROVIDING AN EFFECTIVE DATE; AND FINDING AND DETERMINING THE MEETING AT WHICH THIS ORDINANCE IS ADOPTED TO BE OPEN TO THE PUBLIC AS REQUIRED BY LAW. WHEREAS, pursuant to the Tax Increment Financing Act, Chapter 311, Texas Tax Code, as amended (the "Act") on November 11, 2019, the City Council of the City of Paris, Texas approved and adopted Ordinance No. 2019-045, which, among other things, created, established, and designated Reinvestment Zone Number One, (the "Zone"); established a Board of Directors for the Zone, and established a tax increment fund (the "TIRZ Fund") into which the City is required by the Act to deposit its tax increment for approximately 2,176 acres of land lying within the corporate limits of the City (the "Property"); and WHEREAS, on February 11, 2020, the Board of Directors of the Zone considered and adopted a proposed Final Project Plan and Reinvestment Zone Financing Plan, a copy of which is attached hereto as Exhibit A and incorporated herein by reference; and WHEREAS, the City council finds that notice of the public hearing was published in a newspaper of general circulation within the City in the time and manner required by law; and WHEREAS, at the public hearing, interested persons were allowed to speak for or against the proposed amendment to the Final Project Plan and Reinvestment Zone Financing Plan; and WHEREAS, evidence was received and presented at the public hearing in favor of the amendment to the Final Project Plan and Reinvestment Zone Financing Plan; and WHEREAS, the City Council desires to approve the Final Project Plan and Reinvestment Zone Financing Plan. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: SECTION 1. Findings. That the facts and recitations contained in the preamble of this Ordinance are hereby found and declared to be true and correct and are hereby adopted as part of this Ordinance.