07-B Ord. Creat Reinvestment - Laserfiche WebLink

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a) That the boundaries of a proposed reinvestment zone are described by metes and bounds and depicted on the plat attached hereto as Exhibit A, hereinafter referred to as Reinvestment Zone No. 10; and, b) That creation of the proposed reinvestment zone will result in benefits to the City and to land included in the zone and that the improvements sought are feasible and practical; and, c) That the proposed reinvestment zone meets the criteria for the creation of a reinvestment zone as set forth in the Property Redevelopment and Tax Abatement Act, as amended, in that it is "reasonably likely as a result of the designation to contribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property and that would contribute to the economic development of the City"; and, d) That the proposed reinvestment zone meets the City's guidelines and criteria for the creation of a tax abatement reinvestment zone and is eligible for tax abatement. Section 3. That, pursuant to the Property Redevelopment and Tax Abatement Act, as amended, the City hereby creates a reinvestment zone for commercial and industrial tax abatement encompassing only the area described by the metes and bounds description and depicted on the plat attached hereto as Exhibit A, and such reinvestment zone is hereby designated and shall hereafter be referred to as Reinvestment Zone No. 10 of the City of Paris, Paris, Texas. Section 4. That the zone shall take effect on October 7, 2004, and shall remain designated as a commercial and industrial reinvestment zone for a period of seven (7) years from such date of designation. Section 5. That, to be considered for execution of an agreement for tax abatement, the commercial and industrial project shall: a) Be located entirely within the designated zone; and, b) Be reasonably expected to increase the appraised value of the property; and, c) Be expected to prevent the loss of employment, retain, or create employment on a permanent, full-time basis in the City during the term of the Agreement; and, d) Not be expected to solely or primarily have the effect of inerely transferring existing employment from one part of the City to another without demonstration of increased future investment (Dollars or jobs) or unusual circumstances whereby without such a move employment is likely to be reduced; and, e) Promote among equally qualified job applicants the hiring of employees first from within the enterprise zone, second from within the corporate limits of the City of