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

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41 (b) That the boundaries of the area of the reinvestment zone shall be the area described and depicted in Exhi"bi"t A which is attached hereto and incorporated herein bY reference; (c) That the creation of the Reinvestment Zone for residential tax abatement with boundaries as described and depicted in Exhibit A will result in benefits to the City and to the land included in the Reinvestment Zone and the improvements sought are feasible and practicals (d) That the Reinvestment Zone, as described and depicted in Exhibit A. satisfies the criteria for the creation of a Reinvestment Zone as set forth in Section 312.202 of the Act; (e) That the Reinvestment Zone as defined and depicted in Exhibit A meets the I I criteria for the creation of a reinvestment zone as set forth in the City of Paris Guidelines and Criteria for Residential Tax Abatement; SECTION 4. Creation of Reinvestment Zone. Pursuant to the Property Redevelopment and Tac Abatement Act, Chapter 312 TEX. TAX CODE, the City Council of the City of Paris hereby creates and designates a Reinvestment Zone for residential tax abatement encompassing the areas as described and depicted in Exhibit A which shall be known as Reinvestment Zone 2025-1 of the City of Paris, Texas. SECTION S. Term. The term of Reinvestment Zone 2025-1 shall be for a period of five (5) years and maybe renewed for successive five-year terms. SECTION 6. Eligibility for Tax Abatement. To be eligible for residential tax abatement within City of Paris Reinvestment Zone No. 2025-1, a project shall: (a) Meet the standards set forth in the City of Paris Guidelines and Criteria for Residential Tax Abatement programs (b) Be located wholly within the reinvestment zone as established herein; (c) Not include property that is owned or leased by a member of the City Council of the City of Paris or by a member of the Planning and Zoning Commission; (d) Conform to the requirements of the City's Zoning Ordinance and all other applicable laws and regulations; (e) Have and maintain all land and improvements located within the designated reinvestment zone, appraised at market value for tax purposes.