2025-027 - Reducing the boundaries of the City of Paris, Texas Tax Increment Refinancing District No. 1 by removing Subzone 4

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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. That the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct and are incorporated herein by reference. Section 2. That the City Council, after conducting the public hearing and having heard evidence and testimony, has made the following findings and determinations based on the evidence and testimony presented to it: a) That the public hearing on adoption of the reinvestment zone has been properly called, held and conducted and that notice of such hearing has been published as required by law. b) That reduction of the area within the Zone boundaries Cby the removal of Subzone 4) will result in benefits to the City, its residents and property owners, in general, and to the property, residents and property owners in the reinvestment zone. c) That after the reduction of area in the Zone boundary, 30 percent or less of the property in the proposed reinvestment zone, excluding property dedicated to public use, is used for residential purposes, which is defined in the Act as any property occupied by a house which has less than five living units. d) That after the reduction of area in the Zone boundary, the total appraised value of all taxable real property in the proposed reinvestment zone according to the most recent appraisal rolls of the City, together with the total appraised value of taxable real property in all other existing reinvestment zones within the City, according to the most recent appraisal rolls of the City, does not exceed 50 percent of the current total appraised value of taxable real property in the Town and in the industrial districts created by the City, if any. Section 3. That Ordinance No. 2019-045 and Ordinance No. 2023-014 are hereby amended by removing Subzone 4 from the boundary of Tax Increment Refinancing Zone No. 1 and that the map and property description attached thereto are hereby amended to reflect the map and property description attached hereto as Exhibit B, which is incorporated herein by reference. Section 4. That the remainder of Ordinance 2019-045 shall remain unchanged. Section 5. That if any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance.