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<br />AGREEMENT FOR DESIGNATION OF AN ENTERPRISE ZONE <br /> <br />STATE OF TEXAS ~ <br /> <br />COUNTY OFTRAVlS ~ <br /> <br />THIS AGREEMENT is made and entered into this 1 st day of June, 1989, by and between the Texas <br />Department of Commerce, an agency of the State of Texas, hereinafter referred to as <br />"Department" and the City of Paris, Texas hereinafter referred to as "Unit." <br /> <br />WITNESSETH: <br /> <br />WHEREAS, the public policy of this state is to provide the people of this state with the <br />necessary means to assist communities, their residents, and the private sector to create the <br />proper economic and social environment to induce the investment of private resources in <br />productive business enterprises located in severely distressed areas and to provide employment <br />to residents of those areas; <br /> <br />WHEREAS, the objective of the Texas Enterprise Zone Act, Texas Civil Statutes, Article <br />5190.7 (the Act) is to provide appropriate investments, tax benefits, and regulatory relief to <br />encourage the business community to commit its financial participation (Sec. 2(b)); <br /> <br />WHEREAS, the revitalization of enterprise zones through the concerted efforts of <br />government and private sector is declared a public purpose; <br /> <br />WHEREAS, Unit requested Department to designate an area within its jurisdiction as an <br />enterprise zone, which is described in Exhibit A and Exhibit B attached hereto; <br /> <br />WHEREAS, Unit has filed its application on March 16, 1989, with Department for <br />designation of an enterprise zone pursuant to the Act for the purpose of revitalizing the area <br />described herein; <br /> <br />WHEREAS, the governing body of Unit adopted a resolution on March 13, 1989, following a <br />public hearing to nominate the area and made the necessary finding that the zone area meets the <br />criteria for designation as an enterprise zone as set forth in the Act; <br /> <br />WHEREAS, the Executive Director acting on behalf of Department authorized and approved <br />the designation of the enterprise zone on June 1, 1989, under the terms and conditions of the <br />Act and those set forth herein; <br /> <br />WHEREAS, Unit has entered or will enter into agreements with Qualified Businesses, as <br />defined in the Act and as further defined in its nominating resolution, in which the Qualified <br />Businesses agree to maintain their status as Qualified Businesses in order to benefit from the <br />local incentives available and in which Unit provides for certain local incentives, pursuant to <br />the terms of the Act; <br /> <br />NOW THEREFORE, in consideration of the respective representations and agreements herein <br />contained, the parties hereto agree as follows: <br /> <br />1. REPRESENTATIONS. Department and Unit represent and warrant, as applicable, the <br />following: <br /> <br />Page 1 of 5 <br /> <br />EXHIBIT A <br />