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

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developed to take full advantage of the opportunity to bring to the City a substantially increased tax base and job opportunities for its citizens. 1_4 Prm„ eliminar !p1 ,Hear n, 11, Before the City may adopt an ordinance designating the Zone, the City Council must prepare a preliminary reinvestment zone financing plan in accordance with the Act and hold a public hearing on the creation of the proposed zone and its benefits to the City and to the Property, at which public hearing interested persons may speak for or against the creation of the proposed Zone, the boundaries of the proposed zone, or the concept of tax increment financing. 1_5 Creation ...o.....the ...Zone. Upon the closing of the above -referenced public hearing, the .�. City Council may adopt an ordinance in accordance with the Act creating the Zone if the City Council finds that development or redevelopment of the Property would not occur solely through private investment in the reasonable foreseeable future, that the Zone is feasible, and that creation of the Zone is in the best interest of the City. Among other provisions required by the Act, the ordinance creating the Zone will provide for the appointment of a Board of Directors for the Zone consisting of five (5) members from the City (the "Board"). 1_6 Board Recommendations. After creation of the Zone, the Board will review the Preliminary Plan and approve and recommend to the City Council a final Reinvestment Zone Number One, City of Paris, Texas, Project and Financing Plan (the "f jpAL !pp' ), pursuant to which the City will contribute 50% of its ad valorem tax increment attributable to increased taxable value of existing and new development in the Zone Into a tax increment fund created by the City and segregated from all other funds of the City (the "TIRZ Fund") to pay the costs of public works, public improvements, programs, and other projects benefiting the Zone. The Board will also make recommendations to the City Council concerning any development and reimbursement agreement ('?IRZ Reimbursement Agreement"). 1_7 Council Action. The City Council, taking into consideration the recommendations of the Board, will consider approval of the Final Plan and any TIRZ Reimbursement Agreement. If a TIRZ Reimbursement Agreement is approved, the City Council will authorize and direct its execution. 2_0 DESCRIPTION.S...AND ...MAPS. ExistinL„lJsgs and„Condmitions. All of the Property is currently located In the City's corporate limits. Uses allowed within the Zone include Residential, and Commercial. A boundary map of the Zone is shown as Exhibit A.