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Reinvestment Zones Section I. Criteria A. Any property to be considered for designation as a reinvestment zone shall be reviewed and approved or disapproved by the Paris City Council. In the review process, the council will, if applicable, consider the recommendations of the Paris Economic Development Corporation. In general, creation of the zone will be considered based upon the following: • The value added to the community by the proposed project; • The sustainability of the project; and • The likelihood of the development of the proposed project without tax abatements and /or other incentives. B. Specific considerations for approving reinvestment zones will be based upon the degree to which the proposed project: • Furthers the goals and objectives of the community as expressed in its comprehensive plan, master land use plan, and zoning ordinances; the master parks, recreation & open space plan; the Cox Field Planned Development District ordinance; the Lake Crook Planned Development District ordinance; the downtown redevelopment plan; any and all other adopted economic development plans and policies of the city and the PEDC; and any extant city infrastructure development plans and programs; • Impacts the city's costs and ability to provide existing and expanded municipal services; • Impacts the local environment, housing market, and available infrastructure; • Offers potential for long -term payback in tax revenues for the city's participation; and • Likely stimulates other desirable economic development within the city. C. To be designated as a reinvestment zone, an area must: • Be reasonably likely as a result of the designation to contribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property and that would contribute to the economic development of the city; or • Be predominantly open and, because of obsolete platting, deterioration of structures or site improvements, or other factors, substantially impair or arrest the sound growth of Paris; or • Substantially impair the city's sound growth due to a substantial number of substandard, slum, deteriorated, or deteriorating structures; the predominance of defective or inadequate streets; faulty size, adequacy, accessibility, or usefulness of lots; unsanitary or unsafe conditions; the deterioration of site or other improvements; conditions that endanger life or property; or • Encompass signs, billboards, or other outdoor advertising structures designated by the Paris City Council municipality for relocation, reconstruction, or removal for the purpose of enhancing the physical environment of the city; or • Be located entirely in an area that meets the requirements for federal assistance under Section 119 of the Housing and Community Development Act of 1974; and • Fully comply with Sec. 312.202. "CRITERIA FOR REINVESTMENT ZONE ", of Chapter 312 of the Texas Tax Code.