1998-078-RES WHEREAS, COMMISSIONERS COURT OF LAMAR COUNTY

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RESOLUTION NO. 98-078 WHEREAS, the Commissioners Court of Lamar County, Texas did heretofore, on the 26th day of May, 1998, conduct public hearings on and adopt Guidelines & Criteria for the proposed Reinvestment Zone Number 1998-1; and, WHEREAS, the City Council of the City of Paris, Paris, Texas, desires to promote economic development within the corporate limits of the City of Paris and within its extraterritorial jurisdiction; and WHEREAS, the provision of certain economic development incentives may encourage prospective businesses and companies to locate within such corporate limits or extraterritorial 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 adoption of guidelines and criteria 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, attached hereto as Exhibit A, governing tax abatement incentives within that portion of its extraterritorial jurisdiction described as Reinvestment Zone Number 1998-1, 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such guidelines and criteria shall be effective for two (2) years from the date of adoption and may only be amended or repealed by a vote of three-fourths vote of the City Council.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 8th day of June, 1998. ~ Charles H. Neeley, Mayor ATTEST: Mattie Cunningham, City Clerk