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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SECTION 2. Determinations. The Paris City Council, after conducting a public hearing, receiving evidence and testimony from all persons wishing to be heard, hereby makes the following findings and determinations: (a) That a public hearing on the adoption of the Reinvestment Zone has been properly called, held and conducted and that the required notice of such hearing has been given to the public and to all taxing units overlapping the territory inside the proposed reinvestment zone; (b) That the boundaries of the area of the reinvestment zone shall be the area described and depicted in Exhibit "A" which is attached hereto and incorporated herein by reference; (c) That the creation of the reinvestment zone for residential tax abatement with boundaries as described and depicted in Exhibit "A" will result in benefits to the City and to the land included in the Reinvestment Zone and the improvements sought are feasible and practical; (d) That the Reinvestment Zone, as described and depicted in Exhibit "A ", satisfies the criteria for the creation of a Reinvestment Zone as set forth in Section 312.202 (1) of the Act, in that the area substantially arrests or impairs the sound growth of the municipality creating the zone, retards the provision of housing accommodations, or constitutes an economic or social liability and a menace to the public health, safety, morals or welfare in its present condition and use because of the presence of a substantial number of substandard, slum, deteriorated or deteriorating structures; (e) That the reinvestment zone as defined and depicted in Exhibit "A" meets the criteria for the creation of a reinvestment zone as set forth in the City of Paris Guidelines and Criteria for Residential Tax Abatement; SECTION 3. Creation of Reinvestment Zone. Pursuant to the Property Redevelopment and Tax Abatement Act, Chapter 312 TEX. TAX CODE, the City Council of the City of Paris hereby creates and designates a reinvestment zone for residential tax abatement encompassing the areas as described and depicted in Exhibit "A" which shall be known as Reinvestment Zone 2013 -1 of the City of Paris, Texas. SECTION 4. Term. The term of Reinvestment Zone 2013 -1 shall be for a period of five (5) years and may be renewed for successive five -year terms. SECTION 5. Eligibility for Tax Abatement. To be eligible for residential tax abatement within City of Paris Reinvestment Zone No. 2013 -1, a project shall: (a) Meet the standards set forth in the City of Paris Guidelines and Criteria for Residential Tax Abatement program; (b) Be located wholly within the reinvestment zone as established herein;