21 - RESIDENTIAL TAX ABATEMENT AGREEMENTS

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DRAFT ORDINANCE NO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS AMENDING REINVESTMENT ZONE NO. 2013 -1 AND DESIGNATING THE CITY LIMITS OF THE CITY OF PARIS, TEXAS, MORE PARTICULARLY DESCRIBED IN EXHIBIT "A" ATTACHED HERETO, AS REINVESTMENT ZONE NO. 2015 -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, on October 14, 2013, the City Council of the City of Paris, Texas, enacted City Ordinance No. 2013 -036 creating Reinvestment Zone No. 2013 -1 for Residential Tax Abatement in City Council District Nos. 1 — 5 as depicted in the map included with Ordinance 2013 -036; and, WHEREAS, the City Council now wishes to expand the Residential Tax Abatement Program to all areas of the City by amending Reinvestment Zone 2013 -1 to include City Council Districts 6 and 7; and WHEREAS, as authorized by the Property Redevelopment and Tax Abatement Act, Chapter 312, Teas Tax Code (the "Act "), the City Council amends Reinvestment Zone No. 2013- 1 to include Council Districts 6 and 7 designates an Amended Reinvestment Zone No. 2015 -1 to promote the development or redevelopment of a contiguous geographic area through the use of tax abatement; and WHEREAS, a public hearing before the City Council was called February 9, 2015 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: