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<br />RESOLUTION NO. 98-041 <br /> <br />WHEREAS, the City Council of the City of Paris desires to promote economic <br />development within Paris; and, <br /> <br />WHEREAS, the creation of certain tax abatement zones within the City of Paris and its <br />extraterritorial jurisdiction will likely contribute to the economic development of Paris by <br />encouraging major investment and the creation of jobs; and, <br /> <br />WHEREAS, the passage of Senate Bill 1225 (70th Legislature) amended the Property <br />Redevelopment and Tax Abatement Act to allow cities to establish their own local criteria for the <br />designation of tax abatement zones; NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, that the <br />City of Paris does hereby elect to become eligible to participate in tax abatement agreements as <br />authorized under the Property Redevelopment and Tax Abatement Act, as amended; and, <br /> <br />BE IT FURTHER RESOLVED, that the City Manager, Michael E. Malone, shall <br />develop guidelines and criteria to govern all tax abatement agreements with the City of Paris as <br />required by the Property Redevelopment and Tax Abatement Act, as amended. <br /> <br />PASSED AND ADOPTED this 23rd day of March, 199 . <br /> <br /> <br />ATTEST: <br /> <br /> <br /> <br />AS TO FORM: <br /> <br />T. K. Haynes, C' y Attorney <br />