93-014 ORD PROVIDING CODE OF ORDINANCES BE REVISED BY AMENDING CHAPTER 30 OF SAID CODE

Home Browse Search

d) That the reinvestment zone within said Zone Four, 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 ot the City"; and, e) Z'hat the reinvestment zone located within said Zone Four, 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. Four of the City of Paris, Texas. Section 4. That the zone shall take effect on April 12, 1993, 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 or upon such date of expiration the City Council may renew such designation for an additional successional 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; b) Prevent the loss of a significant number of jobs which initially could be as much as 100 or as little as 20 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; c) Have a minimum expenditure of $19,032,000 for the proposed improvements ar repair; 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;