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<br /> <br /> <br /> <br /> <br /> <br /> reinvestment zone as set forth in the Property <br /> Redevelopment and Tax Abatement Act, as amended, in that <br /> it is "reasonably likely as a result of the designation <br /> to contribute to the retention or expansion of primary <br /> employment or to attract major investment in the zone <br /> that would be a benefit to the property and that would <br /> contribute to the ecanomic development of the City"; <br /> and, <br /> e) That the reinvestment zone as described in Exhibit <br /> A ancl depicted in the plat attached as Exhibit B meets <br /> the City's policy on guidelines and criteria for the <br /> creation of a tax abatement reinvestment zone and <br /> eligible tor tax abatement. <br /> 113: That pursuant to the Property Redevelopment and Tax <br /> Abatement Act, as amencied, the City hereby creates a <br /> reinvestment zone for commercial and industrial tax abatement <br /> encompassing only the area described by the metes and bounds <br /> in Exhibit B and such reinvestment zone is hereby designated <br /> and shall hereafter be referred to as Reinvestment Zone No. <br /> Two of the City of Paris, Texas. <br /> 94: That the zone shall take effect on July 5, 1990, and <br /> shall remain designated as a commercial and industrial <br /> reinvestment zone for a period of five (5) years from such <br /> date of designation. Prior to or upon such date of <br /> expiration the City Council may renew such designation for <br /> additional successional period not exceeding two (2) years; <br /> provided, no agreement may be extended beyond ten (10) years <br /> from the date of the original agreement. <br /> §5: That to be considered for execution of an agreement for <br /> tax abatement the commercial and industrial project shall: <br /> a) Be located entirely within the designated zone; <br /> b) Create at least twenty (20) or more jobs; <br /> <br /> c) Have a minimum expenditure of $250,000.00 for the <br /> proposed improvements or repair; <br /> <br /> d) Not include property that is owned or leased by a <br /> member of the City Council of the City of Paris nor by a <br /> member of the Planning and Zoning Commission; and, <br /> e) Conform to all the requirements of the City's <br /> zoning ordinance. <br /> <br /> §6: That written agreements with the property owner located <br /> within the zone shall provide for the following: <br /> a) Terms regarding the amount and duration of the tax <br /> exemption; <br /> <br /> b) A listing of the kind, number, location and costs <br /> of all proposed improvements of the property; <br /> c) That access to the project be provided to allow for <br /> the inspection by City inspectors and officials in order <br /> to ensure that the improveinents or repairs are made <br /> according to the specifications and conditions of the <br /> agreement; <br /> <br /> d) That property tax revenue lost as a result of the <br /> tax abatement agreement will be recaptured by the City <br /> if the owner of the property fails to make the <br /> improvements as provided by the agreement. <br /> 97: That if any section, paragraph, clause or provision of <br /> this Ordinance shall for any reason be held to be invalid or <br />