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RESOLUTION NO. 89 -023 WHEREAS, the City Council of the City of Paris, Paris, Texas, desires to create the proper economic and social environment to induce the investment of private resources in productive business enterprises located in a severely distressed area of the City and to provide employment to residents of such area; and, WHEREAS, certain conditions exist in such area which represent a threat to the health, safety, and welfare of the people of such area; and, WHEREAS, it is necessary and in the best interest of the City of Paris to nominate such area as an enterprise zone pursuant to the Texas Enterprise Zone Act (Texas Civil Statutes, Article 5190.7, the "Act "); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS: 1. That the City Council hereby nominates the area set forth on Exhibit A attached hereto, as an enterprise zone in accordance with the Act. 2. That the City Council finds the zone area meets the qualifications of the Act. 3., That the City Council will provide certain tax incentives applicable to business enterprises in the zone which are not applicable throughout the City as follows: The City shall refund to any qualified business located in such enterprise zone the amount of tax paid under the Municipal Sales and Use Tax Act, TEXAS TAX CODE Chapter 321, by the business and remitted to the Comptroller of Public Accounts to the extent authorized by TEXAS TAX CODE, Section 321.508 for a period of five years from the date the Texas Department of Commerce certifies the entity as a qualified business under the Act. 4. That the area described in this resolution is designated as an enterprise zone, subject to the approval of the Texas Department of Commerce. 5. That Michael E. Malone, City Manager, be, and he is hereby authorized and directed to act in all matters pertaining to the nomination and designation of the area described herein as an enterprise zone. 6. That a public hearing to consider the subject of this resolution was held by the City Council on February 27, 1989. 7. That Joe McCollum, Director of Community Development, be, and he is designated the City's liaison person for communication with the Texas Department of Commerce. 8. That Michael E. Malone, City Manager of the City of Paris, be, and he is hereby authorized and directed to submit an application, in the form attached hereto as Exhibit B, to the Texas Department of Commerce for designation of an Enterprise Zone described on Exhibit A attached hereto, pursuant to the Act.