2001-018-RES ELECTING TO BECOME ELIGIBLE TO PARTICIPATE IN TAX ABATEMENT AGREEMENTS

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RESOLUTION NO. 2001-018 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, ELECTING TO BECOME ELIGIBLE TO PARTICIPATE IN TAX ABATEMENT AGREEMENTS AS AUTHORIZED UNDER THE PROPERTY REDEVELOPMENT AND TAX ABATEMENT ACT, AS AMENDED; DIRECTING THE CITY MANAGER TO DEVELOP GUIDELINES AND CRITERIA TO GOVERN ALL TAX ABATEMENT AGREEMENTS WITH THE CITY OF PARIS; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris desires to promote economic development within Paris; and, WHEREAS, the creation of certain reinvestment zones for tax abatement purposes within the City of Paris and its extraterritorial jurisdiction will likely contribute to the economic development of Paris by encouraging major investment and the creation of jobs; and, WHEREAS, the passage of Senate Bill 1225 (70th Legislature) amended the Property Redevelopment and Tax Abatement Act to allow cities to establish their own local criteria for the designation of reinvestment zones for tax abatement purposes; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the City of Paris does hereby elect to become eligible to participate in tax abatement agreements as authorized under the Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code, as amended. Section 3. That the City Manager shall develop guidelines and criteria to govern all tax abatement agreements with the City of Paris as required by the Property Redevelopment and Tax Abatement Act, as amended. Section 4. That this resolution shall be effective from and after its date of passage. PASSED AND ADOPTED this 12th day of March, 2001. 4L/~":7 Richard Manning, Mayor Pro Tern