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i. <br />RESOLUTION NO. 99 -16 <br />45� <br />�— WHEREAS, the City Council of the City of Paris, Paris, Texas, desires to promote <br />economic development within the corporate limits of the City of Paris or within its extraterritorial <br />jurisdiction; and, <br />WHEREAS, the provision of certain economic development incentives may encourage <br />prospective businesses and companies to locate within such corporate limits or extraterritorial <br />jurisdiction or existing businesses and companies located therein to expand; and, <br />WHEREAS, the establishment of specific guidelines, criteria, and procedures are <br />necessary to insure that tax abatement incentives are given and administered effectively; and, <br />WHEREAS, the adoption of guidelines and criteria are required by state law before an <br />area may be established as a reinvestment zone; NOW THEREFORE, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, <br />TEXAS: <br />1. That the City of Paris hereby establishes certain guidelines and criteria, attached <br />hereto as Exhibit A, governing tax abatement incentives within that portion of the City of Paris <br />described as Reinvestment Zone Number 7, and such guidelines and criteria shall expressly govern <br />all subsequent tax abatement agreements in said Zone. <br />2. That such guidelines and criteria shall be effective for two (2) years from the date <br />of adoption and may only be amended or repealed by a vote of three - fourths vote of the City <br />council. <br />PASSED AND ADOPTED this 8th day of <br />ATTEST: <br />Mattie Cunningham, City Clerk <br />APPROVED AS TO FORM: <br />Scott P. Foster, City Attorney <br />