07-B Ord. Creat Reinvestment - Laserfiche WebLink

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AGENDA INFORMATION SHEET PROJECT: Consideration of an ordinance establishing Reinvestment Zone No. 10 for tax abatement purposes. BACKGROUND: As a preliminary step to approval of a tax abatement agreement, Section 312.201 of the Texas Tax Code requires a municipality by ordinance to designate as a reinvestment zone an area of real property wherein the improvements subject to tax abatement are located. Paris Warehouse 107, Inc. has applied for a tax abatement applicable to a portion of properly adj acent to the existing Paris Warehouse 107, Inc.'s facility. Therefore, the City Council must consider formal action on an ordinance establishing a reinvestment zone on the designated property. This zone will be designated as Reinvestment Zone No. 10. DESCRIPTION: The enclosed ordinance satisfies State law requirements for an ordinance designating a reinvestment zone area. The area referenced in the ordinance is that area where the real property improvements subject to tax abatement will be constructed by Paris Warehouse 107, Inc. RECOMMENDED ACTION: Approval of the enclosed ordinance. STAFF CONTACT: Larry W. Schenk, City Attorney, and Gary Vest, Director of Economic Development of the Paris Economic Development Corporation. LOCATION: The property is located at the existing Paris Warehouse 107, Inc. facility, 2300 13`'' S.W., Paris, Texas. SUPPLEMENTAL MATERIALS: See attached ordinance along with the accompanying description of the reinvestment zone. COUNCIL DATE: Consider for adoption at the City Council's regular meeting of Thursday, October 7, 2004.