2014-029 Reinvestment Zone for the Paris Lakes Project, a tract of 40.00 acres, part of the Joseph Leach Survey, Abst. No. 524, and being a part of the prope

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ORDINANCE NO. 2014 -029 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. 2014 -1 FOR TAX ABATEMENT; DESCRIBING THE BOUNDARIES THEREOF; ORDAINING OTHER MATTERS RELATED THERETO AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris, Texas, ( "City "), desires to promote the development or redevelopment of a certain contiguous geographic area within its jurisdiction by the creation of a reinvestment zone for tax abatement, as authorized by V.T.C.A. Tax Code Chapter 312 (referred to as the "Property Redevelopment and Tax Abatement Act" or the "Act "); and, WHEREAS, the City Council held a public hearing on December 8, 2014 to consider the creation of a Reinvestment Zone, such date being at least seven (7) day's after notice of the public hearing was published in The Paris News; and, WHEREAS, notice of the public hearing was delivered to all taxing units overlapping the territory inside the proposed reinvestment zone; and WHEREAS, at the public 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 tax abatement in the proposed reinvestment zone. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: SECTION I. The facts and recitals contained in the preamble of this ordinance are hereby found to be true and correct. SECTION 2. 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 in Exhibit "A" which is attached hereto and incorporated herein by reference; Page I of 3