1990-040-RES WHEREAS, the enhancement of the local economy best interest of the citizens of Paris, Texas; and

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RESOLUTION NO. 90-040 WHEREAS, the enhancement of the local economy 1S in the best interest of the citizens of Paris, Texas; and WHEREAS, the creation of specified reinvestment zones and granting of tax abatement within such zones will be reasonably likely to contribute to the retention or expansion of primary employment or to attract major investment that would be a benefit to the property and that would contribute to the economic development within the corporate limits of the City of Paris and Lamar County and to the economy of each; and WHEREAS, the Property Redevelopment and Tax Abatement Act permits municipalities to establish local criteria for the creation of reinvestment zones and the granting of tax abatement within such zones; and, WHEREAS, City of Paris Ordinance No. 89-036 heretofore passed on the 2nd day of October, 1989, did establish Reinvestment Zone No. One; and, WHEREAS, the City Council did in Resolution No. 89-122 passed on the 2nd day of October, 1989, approve the form of a Tax Abatement Agreement with Campbell Soup Company and Campbell Soup (Texas), Inc., which recognized criteria in the form of jobs created and amount of investment to be made and it would be right and proper for such criteria to be reaffirmed, ratified and established as described in Exhibit A, attached hereto; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, that the City of Paris, Paris, Texas, does hereby elect to become eligible to participate in tax abatement pursuant to the Property Redevelopment and Tax Abatement Act; and BE IT FURTHER RESOLVED, that the City of Paris does hereby ratify previously recognized criteria included in the form of a Tax Abatement Agreement with Campbell Soup Company and Campbell Soup (Texas), Inc., which recognized criteria in the form of jobs created and amount of investment to be made. BE IT FURTHER RESOLVED, that the City of Paris, does hereby establish and adopt the Guidelines and Criteria for Reinvestment Zones and Tax Abatement Agreements attached hereto as Exhibit A and incorporated herein for all purposes, which shall govern tax abatement within the reinvestment zones in accordance with the Property Redevelopment and Tax Abatement Act. Passed and adopted on this Ma y, 1 990 . Eric S. ATTEST: