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(c) That the creation of the reinvestment zone for tax abatement with boundaries as described <br />in Exhibit "A" will result in benefits to the City and to the land included in the <br />Reinvestment Zone and the improvements sought are feasible and practical; <br />(d) That the Reinvestment Zone, as described in Exhibit "A ", satisfies the criteria for the <br />creation of a Reinvestment Zone as set forth in Section 312.202 of the Act, because it is <br />reasonably likely that as a result of the designation the area will contribute to the retention <br />or expansion of primary employment or will attract major investment in the reinvestment <br />zone that would be a benefit to the property and that would contribute to the economic <br />development of the City of Paris; and <br />(e) That the reinvestment zone as defined in Exhibit "A" meets the criteria for the creation of a <br />reinvestment zone as set forth in the City of Paris Guidelines and Criteria for Tax <br />Abatement. <br />SECTION 3. Pursuant to Chapter 312 of the Property Redevelopment and Tax <br />Abatement Act, the City Council of the City of Paris hereby creates and designates a <br />reinvestment zone for commercial and /or industrial tax abatement encompassing the area as <br />described and depicted in Exhibit "A" which shall be known as Reinvestment Zone 2014 -1 of the <br />City of Paris, Texas. <br />SECTION 4. The term of Reinvestment Zone 2014 -1 shall be for a period of five (5) <br />years and may be renewed for successive five -year terms. <br />SECTION 5. To be eligible for tax abatement within City of Paris Reinvestment Zone <br />No. 2014 -1, a project shall: <br />(a) Meet the standards set forth in the City of Paris Guidelines and Criteria for Tax <br />Abatement; <br />(b) Be located wholly within the reinvestment zone as established herein; <br />(c) Not include property that is owned or leased by a member of the City Council of the <br />City of Paris or by a member of the City Planning and Zoning Commission; <br />(d) Conform to the requirements of the City's Zoning Ordinance and all other applicable <br />laws and regulations pertaining to commercial development. <br />SECTION 6. All agreements for abatement of taxes within Reinvestment Zone No. <br />2014 -1 shall comply with Section 312.205 (a) of the Act. <br />SECTION 7. All provisions of the ordinances of the City of Paris, Texas in conflict with <br />the provisions of this ordinance are hereby repealed, and all other provisions of the ordinances of <br />the City of Paris not in conflict with the provisions of this ordinance shall remain in full force <br />and effect. <br />Page 2 of 3 <br />