2001-020-RES APPROVING/AUTHORIZING TAX ABATEMENT AGREEMENT WITH SESACO CORP

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RESOLUTION NO. 2001-020 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, APPROVING AND AUTHORIZING AT AX ABATEMENT AGREEMENT WITH SESACO CORPORATION; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Paris is in receipt of a Tax Abatement and Reinvestment Zone Designation Application from Sesaco Corporation, requesting a tax abatement for improvements to its facilities located at 700 W. Center Street in Paris, Texas; and, WHEREAS, such Application was presented to the Board of Directors of the Paris Economic Development Corporation on the 1 st day of March, 2001, for review and recommendation to the City Council of the City of Paris, and the PEDC has recommended that Sesaco Corporation be granted a one hundred percent (100%) tax abatement for a period of seven (7) years; and, WHEREAS, the City Council of the City of Paris has been presented a proposed agreement by and between the City of Paris, Paris, Texas, and Sesaco Corporation, providing for a commercial and industrial tax abatement for certain improvements, a copy of which is attached hereto and incorporated herein by reference hereinafter called "AGREEMENT"; and, WHEREAS, upon full review and consideration of the AGREEMENT, and all matters attendant and related thereto, the City Council is of the opinion that the terms and conditions thereof should be approved, and that the Mayor Pro Tem should be authorized to execute it on behalf of the City of Paris; 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 terms and conditions of the proposed AGREEMENT, having been reviewed by the City Council ofthe City of Paris and found to be acceptable and in the best interests of the City of Paris and its citizens, be, and the same are hereby, in all things, approved. Section 3. That the Mayor Pro Tem is hereby authorized to execute the AGREEMENT and all other documents in connection therewith on behalf of the City of Paris substantially according to the terms and conditions set forth in the AGREEMENT. Section 4. That the terms of the Tax Abatement Agreement and the property the subject thereof meet the Guidelines and Criteria heretofore adopted by the City of Paris that govern Reinvestment Zone No.9.