1990-047-RES WHEREAS, the City Council of the City of Paris to promote economic development within the corporate of

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RESOLUTION NO. 90-047 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 prov is ion of cer ta in economic development incentives may encourage prospective businesses and companies to loca te wi th in such corpor ate 1 imi t s or extra terr i tor ial 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 adopt ion of gu ide 1 ines and cr iter i a 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 governing tax abatement incentives within that portion of its extraterritorial jurisdiction described in Reinvestment Zone Number Two attached hereto as Exhibit A, 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such guidelines and criteria shall be effective for two (2) years from the date of adoption and may only be amended or repealed by a vote of three-fourths vote of the City council.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 7th day of June, 1990. ATTEST: APPROVED AS TO FORM: