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Regular Council Meeting February 10, 2025 Page 3 11. Approve Liberty National Bank to serve as the City of Paris depository bank for the period March 1, 2025, through February 28, 2027. Re alar A Benda 12. Receive presentation of summary of findings on review of Paris TIRZ #1 and overview of training to be presented to the TIRZ Board of Directors. Director of Planning & Community Development Osei Amo-Mensah said the TIRZ Board hired consultant, Forked Pine, LLC, to assist the board with possibly amending the project and financing plans for TIRZ No. 1. He introduced Consultants Joseph and Cheryl Denny who gave a summary of the project, which included the boundaries, funds collected and what the funds could be spent on. Council Member Putnam inquired about the duration of the 50% increment. Mr. Denny said the timeframe was 2019-2049. Council Member Putnam asked if private investors could use the TIRZ money and Mr. Denny said yes. Council Member Putnam asked which zone the money could be spent. Mr. Denny said Zone 2, which was the downtown area because that is how it was currently set up. 13. Discuss and act on a Resolution approving and authorizing an Economic Development Agreement and Tax Abatement Agreement with Invest Lamar, LLC pursuant to the 5 in 5 Housing Infill Development Program. Mayor Pankaj said Staff learned earlier in the day that Invest Lamar, LLC had withdrawn their application. 14. Discuss and act on the appointment of Paula Portugal to fill the unexpired term of Tylesha Moseley on the Planning and Zoning Commission. City Clerk Janice Ellis said staff had been advertising this vacancy for several months and they had received an application from Paula Portugal. A Motion to appoint Paula Portugal to the Planning and Zoning Commission was made by Council Member Putnam and seconded by Council Member Norment. Motion carried, 6 ayes — 0 nays. 15. Receive applications for disannexation and provide direction to Staff. City Attorney Stephanie Harris said the City had received applications for disannexation from three property owners and grounds cited were lack of access to city water or sewer. She explained that Dr. Kraft's existing building had both water and sewer service. She also said the property was subject to imminent domain because of the 271 South widening project. Ms. Harris explained that the petitions met the criteria for the City to grant disannexation and if the Council wanted to proceed with doing so, public hearings would be required. She also said the agenda posting did not allow for action but for direction.