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SECTION 5. Eligibility for Tax Abatement. To be eligible for residential tax <br />abatement within City of Paris Reinvestment Zone No. 2015 -1, a project shall: <br />(a) Meet the standards set forth in the City of Paris Guidelines and Criteria for Residential <br />Tax Abatement program; <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 Planning and Zoning Commission; <br />(d) Conform to the requirements of the City's Zoning Ordinance and all other applicable <br />laws and regulations; <br />(e) Have and maintain all land and improvements located within the designated <br />reinvestment zone, appraised at market value for tax purposes. <br />SECTION 6. Tax Abatement Agreement Requirements. All agreements for <br />abatement of taxes within Reinvestment Zone No. 2015 -1 shall comply with Section 312.205 (a) <br />of the Act and must: <br />(a) List the kind, number and location of all proposed residential improvements to the <br />property; <br />(b) Provide for access to the property and authorize inspection of the property by <br />municipal employees to insure that the improvements are made according to the terms, <br />conditions and specifications of the Agreement; <br />(c) Limit the uses of the property consistent with the general purpose of encouraging the <br />development and redevelopment of the Reinvestment Zone during the period that property <br />tax exemptions are in effect; and <br />(d) Provide for recapturing property tax revenue lost as a result of the Agreement if the <br />owner of the property fails to make the improvements or maintain the improvements as <br />provided in the Agreement. <br />(e) Require the owner of the property to certify annually to the governing body that the <br />owner is in compliance with each applicable term of the Agreement; <br />(f) Provide that the governing body of the municipality may cancel or modify the <br />Agreement if the property owner fails to comply with the Agreement. <br />SECTION 7. Severability. That it is the intention of the City Council of the City of <br />Paris that this ordinance and every provision hereof, shall be considered severable, and the <br />