20-21 - Tax Increment Reinvestment Zone 1 - five to seven directors and amend Bylaws

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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS TEXAS, APPROVING A CHANGE IN THE BYLAWS OF TAX INCREMENT REINVESTMENT ZONE NO.1 TO PROVIDE FOR THE ENLARGEMENT OF THE BOARD OF DIRECTORS FROM FIVE (5) TO SEVEN (7) AND TO REMOVE THE REQUIREMENT THAT THE BOARD INCLUDE TWO (2) STAFF DIRECTORS; MAKING OTHER FINDINGS AND PROVISIONS AND DECLARING AN EFFECTIVE DATE. WHEREAS, in 2019, the City Council of the City of Paris, Texas created Tax Increment Reinvestment Zone Number One ("TIRZ No. 1" or "TIRZ"); and WHEREAS, the City Council has approved Bylaws for the TIRZ providing that the board of directors (the "Board") shall consist of five (5) members, two (2) of which shall be staff directors; and WHEREAS, at its regular meeting on July 11, 2024, the Board voted unanimously to recommend to Council a change in the Bylaws to enlarge the Board from five (5) directors to seven (7) directors in order to have greater representation from the community in determining the direction of the Zone and future expenditure of the Zone fund; and WHEREAS, the Board further recommended that the Bylaws be amended to remove the requirement that two seats on the Board be occupied by members of staff in order to combat community perception that the Board is controlled by city staff; and WHEREAS, having considered the recommendations of the TIRZ Board, finds that the recommendations are in the best interest of the TIRZ and of the city; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved and are incorporated herein for all purposes. Section 2. That the Paris Tax Increment Financing Reinvestment Zone No.1 Board of Directors Bylaws shall be amended to replace references to five (5) directors with references to seven (7) directors, and to remove the requirement that two places on the Board be filled by city staff. Section 3. That hereafter, said Bylaws shall read as set forth in Exhibit A, attached hereto and incorporated herein by reference. Section 4. That this resolution shall be effective from and after its date of passage.