Laserfiche WebLink
<br />as Reinvestment Zone No. 10; and, <br /> <br />b) That creation ofthe 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, <br /> <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 /> <br />d) That the proposed reinvestment zone meets the City's guidelines and criteria for the <br />creation of a tax abatement reinvestment zone and is eligible for tax abatement. <br /> <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 only the area described by the metes and bounds description and depicted on the plat <br />attached hereto as Exhibit A, and such reinvestment zone is hereby designated and shall hereafter <br />be referred to as Reinvestment Zone No. 10 ofthe City of Paris, Paris, Texas. <br /> <br />Section 4. That the zone shall take effect on October 7, 2004, and shall remain designated <br />as a commercial and industrial reinvestment zone for a period of seven (7) years from such date of <br />designation. <br /> <br />Section 5. That, to be considered for execution of an agreement for tax abatement, the <br />commercial and industrial project shall: <br /> <br />a) Be located entirely within the designated zone; and, <br /> <br />b) Be reasonably expected to increase the appraised value of the property; and, <br /> <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 /> <br />d) Not be expected to solely or primarily have the effect of merely transferring existing <br />employment from one part ofthe City to another without demonstration of increased <br />future investment (Dollars or jobs) or unusual circumstances whereby without such <br />a move employment is likely to be reduced; and, <br /> <br />e) Promote among equally qualified job applicants the hiring of employees first from <br />within the enterprise zone, second from within the corporate limits of the City of <br />Paris, and third from within the County of Lamar, State of Texas, subject to the laws <br />and regulations of the United States of America and the State of Texas and subject <br />