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Section 2. That the City has made the following findings and determinations: <br />a) That the boundaries of a proposed reinvestment zone are depicted on the plat <br />attached hereto as Exhibit A, hereinafter referred to as Reinvestment Zone No. 15; <br />and, <br />b) That creation of the proposed reinvestment zone will result in benefits to the City and <br />to land included in the zone and that the improvements sought are feasible and <br />practical and will be of benefit to the zone after the expiration of the Tax Abatement <br />Agreement; and, <br />C) That the proposed reinvestment zone meets the criteria for the creation of a <br />reinvestment zone as set forth in the Property Redevelopment and Tax Abatement <br />Act, as amended, in that it is "reasonably likely as a result of the designation to <br />contribute to the retention or expansion of primary employment or to attract major <br />investment in the zone that would be a benefit to the property and that would <br />contribute to the economic development of the City "; and, <br />d) That the proposed reinvestment zone meets the City's policy on guidelines and <br />criteria for the creation of a tax abatement reinvestment zone and eligibility for tax <br />abatement. <br />Section 3. That, pursuant to the Property Redevelopment and Tax Abatement Act, as <br />amended, the City hereby creates a reinvestment zone for commercial and industrial tax abatement <br />encompassing the area depicted on the plat attached hereto as Exhibit A, and such reinvestment zone <br />is hereby designated and shall hereafter be referred to as Reinvestment Zone No. 15 of the City of <br />Paris, Paris, Texas. <br />Section 4. That the zone shall take effect as of the effective date of this Ordinance, and shall <br />remain designated as a commercial and industrial reinvestment zone for a period of five (5) years <br />from such date of designation. Prior to or upon such date of expiration the City Council may renew <br />such designation for an additional successive period not exceeding five (5) years; provided, no <br />agreement may be extended beyond ten (10) years from the date of the original agreement. <br />Section 5. That, to be considered for execution of an agreement for tax abatement, the <br />commercial and industrial project shall: <br />a) Be located within the designated zone; and, <br />b) Be reasonably expected to increase the appraised value of the property; and, <br />C) Be expected to prevent the loss of employment, retain, or create employment on a <br />permanent, full -time basis in the City during the term of the Agreement; and, <br />