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<br />Should the City Council determine that it is in the best interest of the City of Paris to <br />provide tax abatement incentives to a particular applicant, a resolution shall be adopted declaring <br />that under the guidelines and criteria established herein, the applicant is eligible for tax abatement <br />and that the Mayor is authorized to execute a contract with the applicant, enumerating the type of <br />incentives and governing any conditions applicable to it. Any agreement so adopted must include <br />at least the following specific items: <br /> <br />1) Description of the type of tax abatement to be provided and its duration. <br /> <br />2) Legal description of the property to be designated as a reinvestment zone. <br /> <br />3) Detailed information regarding the type, number, location, and costs of planned <br />improvements. <br /> <br />4) A statement granting the access to and inspection of the property and proposed <br />improvements by City inspectors and officials to ensure that the improvements or <br />repairs are made according to specifications and conditions of the agreements. <br /> <br />5) A statement limiting the uses of the property consistent with the general purpose <br />of encouraging development or redevelopment of the zone during the period that <br />property tax exemptions are in effect; and, <br /> <br />6) A statement providing for the recapturing of property tax revenue lost as a result <br />of the agreement if the owner of the property fails to make the improvements or <br />repairs as provided by the agreement. <br /> <br />V. Amendments to these Guidelines and Criteria <br /> <br />The guidelines and criteria adopted herein shall not be amended or repealed except by <br />three-fourths (3/4) vote of the City Council. <br /> <br />VI. Effective Date <br /> <br />These guidelines and criteria adopted herein shall be effective from the date of passage and <br />remain effective for two (2) years from such date of adoption, unless otherwise repealed by a <br />three-fourths (3/4) vote of the City Council. <br /> <br />PASSED AND ADOPTED this 23rd day of March, 1998. <br /> <br />Eric S. Clifford, Mayor <br /> <br />GUIDELINES & CRITERIA . Page 4 <br />