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

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WHEREAS, the City Council continues to desire to participate in a residential tax abatement program in the City of Paris and desires to reauthorize a reinvestment zone for a contiguous geographic area comprising City Council Districts 1-7 as depicted herein as Exhibit A. which is incorporated herein by reference and to re -designate said zone as Reinvestment Zone No. 2025-1; WHEREAS, the City Council called a public hearing for January 2 7,2 0 2 5 at 5: 3 0 p.m.,, such date being at least seven (7) days after the date of publication of the notice of such public hearing; and, WHEREAS,,afterthe City held such public hearing giving written notice of said hearing to all taxing units overlapping the territory inside the proposed reinvestment zone; and WHEREAS, at the hearing the City invited all interested persons to appear for or against the creation of the reinvestment zone,, the boundaries of the proposed reinvestment zone, and the concept of residential tax abatement in the proposed reinvestment zone. 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 for all purposes. SECTION 2. Definitions. In this Ordinance, the following words shall be defined as follows: (a) Improvement shall include,, for the purpose of establishing -eligibility under section 312.202, TEX. TAX CODE, new single-family construction and expansion or modernization of existing single-family structures. (b) Taxable Real Property shall be as defined in the Texas Property Tax Code and shall not include personal property located in the reinvestment zone. (c) Base Year the base year for determining increased value shall be the taxable value of the real property and any fixed improvements as of January 1 of the year ion which the tax abatement is executed. SECTION 3. Determinations. The Paris yafter Council, conducting a public hearing', receiving evidence and testimony from all persons wishing to be heard, hereby makes the following findings and determinations: (a) That a public hearing on the adoption of the Reinvestment Zone has been properly called, held and conducted and that the required notice of such hearing has been given to the public and to all taxing units overlapping the territory inside the pPro osed reinvestment zone;