2025-003 - Approved the Reinvestment Zone for Residential Tax Abatements

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ORDINANCE NO. 2025-003 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS DESIGNATING THE CITY LIMITS OF THE CITY OF PARIS, TEXAS, MORE PARTICULARLY DESCRIBED IN EXHIBIT " A" ATTACHED HERETO, AS REINVESTMENT ZONE NO. 2025-1 FOR RESIDENTIAL TAX ABATEMENTS; DESCRIBING THE BOUNDARIES THEREOF; PROVIDING FOR ELIGIBILITY REQUIREMENTS FOR TAC.)LBATEMENT WITHIN SAID ZONE; PROVIDING REQUIREMENTS FOR TAX ABATEMENT AGREEMENTS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on October 14, 2013, the City Council of the City of Paris, Texas, enacted Ordinance No. 2013-036 creating Reinvestment Zone No. 2013-1'or Resid ential Tax Abatement in City Council District Nos. 1 - 5 as depicted in the map included with Ordinance 2013-036 as authorized I y the Property Redevelopment Tax Abatement Act, Chapter 312 of the Texas Tax Code, to promote the development or redevelopment of a certain contiguous geographic area through the use of tax abatement; and, WHEREAS, concurrent with Ordinance No. 2013-036, the City Council also approved Resolution No. 2013-036 electing to be eligible to participate in a residential tax abatement program and approving Guidelines and Criteria for Residential Tax Abatement Program as required by statute; and WHEREAS, on February 9, 2015, the City Council passed Ordinance No. 2015-002 amending Reinvestment Zone 2013-1 for Residential Tax Abatements to expand it to include all Council Districts in the City and designated the new reinvestment zone as Reinvestment Zone No. 2015-1; and WHEREAS, on January 9, 2017 and April 22, 2019, the City Council approved Resolution 2017-001 and Resolution 2019-013 respectively reauthorizing the City to become eligible to participate in residential tax abatements and approving guidelines and criterial for the residential tax abatement program; and WHEREAS, on February 10, 2020, the City Council adopted Ordinance No. 2020-005 readopting Reinvestment Zone No. 2015-1 and redesiagnatin t as Reinvestment Zone No. 2020-1; and WHEREAS, in 2021 and 2023, the City Council reapproved Guidelines and Criteria for Residential Tax Abatements in general; and WHEREAS, by Resolution No. 2022-003, city council adopted the 5 in 5 Housing Infill Redevelopment program including guidelines and criteria for residential tax abatements within a described program area located within Reinvestment Zone No. 2025- 1, which guidelines and criteria have been amended by Resolution Nos. 2022-055 and 2024-038; and WHEREAS, pursuant to Texas Tax Code Section 312.203, the designation of a reinvestment zone ins effective for a period of five years; and