98-018 ORD REVISE CHAPTER 30 OF CODE OF ORDINANCES

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e) That the reinvestment zone located within said Zone Five meets the City's policy on guidelines and criteria for the creation of a tax abatement reinvestment zone and 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. Five of the City of Paris, Paris, Texas. Section 4. That the zone shall take effect on April 13, 1998, and shall remain designated as a commercial and industrial reinvestment zone for a period of five (5) years from such date of designation. Prior to ar upon such date of expiration the City Council may renew such designation for an additional successive period not exceeding two (2) years; provided, no agreement may be extended beyond seven (7) years from the date of the original agreement. 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) Create at least twenry-two (22) or more jobs and to 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 Paris, and third from within the County of Lamar, State of Texas, subject to the laws and regulations of the United States of America and the State of Texas and subject to any labor contracts currently in effect and any successive contracts or past practices; and, c) Have a minimum expenditure of $1,800,000.00 for the proposed improvements or repairs; and, d) Not include property that is owned or leased by a member of the City Council of the City of Paris nor by a member of the Planning and Zoning Commission; and, e) Conform to all the requirements of the City's zoning ordinance. Section 6. That written agreements with the property owner(s) located within the zone shall provide for the following: a) Terms regarding the amount and duration of the tax exemption; and, b) A listing of the kind, number, location, and costs of all proposed improvements of the properry; and, c) That access to the project be provided to allow for the inspection by City inspectors and officials in order to ensure that the improvements or repairs are made according to the specifications and conditions of the agreement; and, d) That property tax revenue lost as a result of the tax abatement agreement will be recaptured by the City if the owner of the property fails to make the improvements as provided by the agreement. Section 7. That, if any section, paragraph, clause, or provision of this Ordinance shall, for any reason, be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Ordinance. Section 8. That it is hereby found, determined, and declared that a sufficient notice of the date, hour, place, and subject of the meeting of the City Council at which this Ordinance was adopted was posted at a place convenient and readily accessible at all times as required by the