1998-042-RES WHEREAS, CITY COUNCIL DESIRES TO PROMOTE ECONOMIC

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RESOLUTION NO. 98-042 WHEREAS, the City Council of the City of Paris desires to promote economic development within the corporate limits of the City of Paris or within the extraterritorial jurisdiction of said city; and WHEREAS, the provision of certain economic development incentives may encourage prospective businesses and companies to locate within such corporate limits or extraterritorial jurisdiction or existing businesses and companies located therein to expand; and, WHEREAS, the establishment of specific guidelines, criteria, and procedures are necessary to insure that tax abatement incentives are given and administered effectively; and, WHEREAS, the adoption of guidelines and criteria are required by state law before an area may be established as a reinvestment zone; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: 1. That the City of Paris hereby establishes certain guidelines and criteria, attached hereto as Exhibit A, governing tax abatement incentives within that portion of the City of Paris described as Reinvestment Zone Number 5, and such guidelines and criteria shall expressly govern all subsequent tax abatement agreements in said Zone. 2. That such guidelines and criteria shall be effective for two (2) years from the date of adoption and may only be amended or repealed by a vote of three-fourths vote of the City Council. PASSED AND ADOPTED this 23rd day of March, 1998. Eric S. Clifford, Mayor ATTEST: lm~\L~~~ Mattie Cunningham, City Clerk APPROVED AS TO FORM: