2013-036 Designating a certain area within the City of Paris, Texas, as Reinvestment Zone 2013-1 for Residential Tax Abatement

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ORDINANCE NO. 2013 -036 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, DESIGNATING A CERTAIN AREA WITHIN THE CITY OF PARIS, TEXAS, MORE PARTICULARLY DESCRIBED IN EXHIBIT "A" ATTACHED HERETO, AS REINVESTMENT ZONE NO. 2013 -1 FOR RESIDENTIAL TAX ABATEMENT; DESCRIBING THE BOUNDARIES THEREOF; PROVIDING FOR ELIGIBILITY REQUIREMENTS FOR TAX ABATEMENT WITHIN SAID ZONE; PROVIDING REQUIREMENTS FOR TAX ABATEMENT AGREEMENTS AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris, Texas, ( "City "), as authorized by the Property Redevelopment and Tax Abatement Act, Chapter 312, TEX. TAX CODE, (`the Act "), wishes to designate a new reinvestment zone in an effort to promote the development or redevelopment of a certain contiguous geographic area through the use of tax abatement; and, WHEREAS, a public hearing before the City Council was called August 12, 2013 at 5:30 p.m., such date being at least seven (7) days after the date of publication of the notice of such public hearing; and, WHEREAS, the City held such public hearing after giving written notice of said hearing to all taxing units overlapping the territory inside the proposed reinvestment zone; and WHEREAS, at the hearing the City invited all interested persons to appear for or against the creation of the reinvestment zone, the boundaries of the proposed reinvestment zone, and the concept of residential tax abatement in the proposed reinvestment zone. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: SECTION 1. Definitions. In this Ordinance, the following words shall be defined as follows: (a) Improvement shall include, for the purpose of establishing eligibility under section 312.202, TEX. TAX CODE, new single - family construction and expansion or modernization of existing single - family structures. (b) Taxable Real Property shall be as defined in the Texas Property Tax Code and shall not include personal property located in the reinvestment zone. (c) Base Year the base year for determining increased value shall be the taxable value of the real property and any fixed improvements as of January 1 of the year in which the tax abatement is executed.