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<br /> ORDINANCE N0. 92-033
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<br /> AN ORDINANCE AND RESOLUTION DESIGNATING REINVESTMENT
<br /> ZONE NUMBER THREE FUR PURPOSES OF TAX ABATEMENT AND
<br /> AUTHORIZING THE EXECUTION, I7ELIVERY AND PERFORMANCE OF THAT
<br /> CERTAIN TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF PARIS,
<br /> PARIS, TEXAS, AND MERICO, INC. PERTAINING TO CERTAIN PROPERTY
<br /> OWNED BY MERICU, INC. IN THE PARIS ENTERPRISE ZONE AND
<br /> REINVESTMENT ZONE N0. THREE, AND OTHER MATTERS RELATING
<br /> THERETO; AND PROVIDING FOR AN EFFECTIVE DATE UF SEPTEMBER 14,
<br /> 1992.
<br /> WHEREAS, by Resolution duly adopted by the City Council
<br /> of the City of Paris, on September 14, 1992, the City (i)
<br /> elected to participate in tax abatement in accordance with
<br /> the Property Redevelopment and Tax Abatement Act, V.T.C.A.,
<br /> Tax Code 9312.001 et.seq., hereinafter referred to as the
<br /> Act; and (ii) adopted Guidelines and Criteria for Designation
<br /> of Reinvestment Zones and Tax Abatement Agreements,
<br /> hereinafter referred to as Guidelines; and,
<br /> WHEREAS, the Texas Department of Commerce authorized and
<br /> approved the creation and designation of the Paris Enterprise
<br /> Zone, including among other property the real property
<br /> described in Exhibit A attached hereto, pursuant to the
<br /> Agreement for Designation of an Enterprise Zone, dated June
<br /> 12, 1989, by and between the Texas Department of Commerce and
<br /> the City of Paris; and,
<br /> WHEREAS, Section 312.2011 of the Act provides that
<br /> designation of an area as an enterprise zone under the Texas
<br /> Enterprise Zone Act constitutes designation of the area as a
<br /> reinvestment zone under the Act without further hearing or
<br /> other procedural requirements or other designation; and,
<br /> WHEREAS, by Resolution No. 89-068 duly adopted by the
<br /> City Council of the City of Paris, Paris, Texas on June 12,
<br /> 1989, the City established and designated Paris Enterprise
<br /> Zone, encompassing the real property described in Exhibit A
<br /> attached hereto for purposes of the Tax Increment Financing
<br /> Act and the Act; acid,
<br /> WHEREAS, Merico, Inc., hereinafter referred to as Owner,
<br /> owns certain real property in the City of Paris located
<br /> within Paris Enterprise Zone, on which Owner has constructed
<br /> and is currently operating a prepared food manufacturing
<br /> plant and related facilities; and,
<br /> WHEREAS, Owner proposes to expand the existing
<br /> facilities by the construction and installation of certain
<br /> improvements to be used in the manufacturing of bakery
<br /> products which Owner anticipates will increase the efficiency
<br /> of the facilities, thereby facilitating the maintenance of
<br /> current employment positions at the facilities, and creating
<br /> approximately 40-50 additional permanent employment
<br /> positions; and,
<br /> WHEREAS, the Owner submitted an application for tax
<br /> abatement to the City in accordance with the Guidelines; and,
<br /> WHEREAS, in order to encourage the Owner to construct
<br /> and install the proposed improvements and to continue to
<br /> operate the facilities, the City Council of the City of
<br /> Paris, has determined that it would be in the best interest
<br /> of the City to (i) designate the property as a reinvestment
<br /> zone for the purposes and and in accordance with Section
<br /> 312.2011 of the Act, and (ii) enter into an agreement with
<br /> the Owner pursuant to the Act and the Guidelines to exempt a
<br /> portion of the value cf the property owned by Owner located
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