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(a) Improvement shall include, for the purpose of establishing eligibility under section <br />312.202, TEX. TAX CODE, new single - family construction and expansion or <br />modernization of existing single - family structures. <br />(b) Taxable Real Property shall be as defined in the Texas Property Tax Code and shall <br />not include personal property located in the reinvestment zone. <br />(c) Base Year the base year for determining increased value shall be the taxable value of <br />the real property and any fixed improvements as of January 1 of the year in which the tax <br />abatement is executed. <br />SECTION 2. Determinations. The Paris City Council, after conducting a public hearing, <br />receiving evidence and testimony from all persons wishing to be heard, hereby makes the <br />following findings and determinations: <br />(a) That a public hearing on the adoption of the Reinvestment Zone has been properly <br />called, held and conducted and that the required notice of such hearing has been given to <br />the public and to all taxing units overlapping the territory inside the proposed reinvestment <br />zone; <br />(b) That the boundaries of the area of the reinvestment zone shall be the area described <br />and depicted in Exhibit "A" which is attached hereto and incorporated herein by reference; <br />(c) That the creation of the Reinvestment Zone for residential tax abatement with <br />boundaries as described and depicted in Exhibit "A" will result in benefits to the City and <br />to the land included in the Reinvestment Zone and the improvements sought are feasible <br />and practical; <br />(d) That the Reinvestment Zone, as described and depicted in Exhibit "A" attached hereto, <br />satisfies the criteria for the creation of a Reinvestment Zone as set forth in Section <br />312.202 of the Act; <br />(e) That the Reinvestment Zone as defined and depicted in Exhibit "A" meets the criteria <br />for the creation of a reinvestment zone as set forth in the City of Paris Guidelines and <br />Criteria for Residential Tax Abatement; <br />SECTION 3. Creation of Reinvestment Zone. Pursuant to the Property Redevelopment <br />and Tax Abatement Act, Chapter 312 TEX. TAX CODE, the City Council of the City of Paris <br />hereby creates and designates a Reinvestment Zone for residential tax abatement encompassing <br />the areas as described and depicted in Exhibit "A" which shall be known as Reinvestment Zone <br />2015 -1 of the City of Paris, Texas. <br />SECTION 4. Term. The term of Reinvestment Zone 2015 -1 shall be for a period of <br />five (5) years and may be renewed for successive five -year terms. <br />