14 - Action on Disannexation Petition - located on CR 22500

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three installments, and which represents an approximation of the present value of projected ad valorem taxes on the property to be disannexed through 2055 based on its value once developed; and WHEREAS, said petition came on for consideration and action on September 9, 2024; and WHEREAS, the City Council, having considered the petition, the comments of representatives of the petitioners over the course of several meetings, and the reduction in projected property tax revenues from the subject property has found that disannexation of the subject property and the approval of the Disannextion Agreement is in the best interest of the citizens of the City of Paris; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. That the findings set out in the preamble to this ordinance are hereby in all things approved and are incorporated herein by reference for all purposes. Section 2. That by adoption of this ordinance, the City Council does hereby disannex that Property currently within the boundaries of the city limits of the City of Paris, Texas on or around County Road 22500, being approximately 170 acres in total and comprising those portions of LCAD parcels 71112, 71113, and 70422 lying within the boundaries of the City of Paris, Texas being more particularly described in Exhibit A hereto; and the entirety of a fourth parcel (LCAD# 70423), being more particularly described in Exhibit B hereto. Section 3. That the Property described herein shall be, and is hereby upon the effective date of this ordinance, in all things disannexed from the city limits of the City of Paris, Texas. Section 4. That from and after the effective date of this ordinance, the boundaries of the City of Paris, Texas as the same appear in any and all official documents, maps, or other renderings, shall be and are hereby adjusted to reflect new boundaries of the City of Paris as amended by this disannexation. Section 5. That in accordance with Section 43.148 of the Texas Local Government Code, the City Council finds and determines that the value of services provided by the City for the direct benefit of the Property during the period of time said area was located within the city limits of the City of Paris, equals or exceeds the amount of property taxes and fees collected from the landowners whose property is located within the area disannexed herein. Section 6. That this disannexation of the property is contingent upon to Nexus' execution of the Disannexation Agreement between the City of Paris, Texas and Nexus Renewable Power, LLC, a copy of which is attached hereto as Exhibit C and incorporated herein by reference, and that the effective date of this ordinance shall be on the date Nexus