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2020-007 - TIRZ Final Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number OneORDINANCE NO. 2020-007 AN ORDINANCE OF THE CITY OF PARIS, TEXAS APPROVING THE FINAL PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR REINVESTMENT ZONE NUMBER ONE; PROVIDING FOR SEVERABILITY; PROVIDING FOR PUBLICATION; PROVIDING AN EFFECTIVE DATE; AND FINDING AND DETERMINING THE MEETING AT WHICH THIS ORDINANCE IS ADOPTED TO BE OPEN TO THE PUBLIC AS REQUIRED BY LAW. WHEREAS, pursuant to the Tax Increment Financing Act, Chapter 311, Texas Tax Code, as amended (the "Act") on November 11, 2019, the City Council of the City of Paris, Texas approved and adopted Ordinance No. 2019-045, which, among other things, created, established, and designated Reinvestment Zone Number One, (the "Zone"); established a Board of Directors for the Zone, and established a tax increment fund (the "TIRZ Fund") into which the City is required by the Act to deposit its tax increment for approximately 2,176 acres of land lying within the corporate limits of the City (the "Property"); and WHEREAS, on February 11, 2020, the Board of Directors of the Zone considered and adopted a proposed Final Project Plan and Reinvestment Zone Financing Plan, a copy of which is attached hereto as Exhibit A and incorporated herein by reference; and WHEREAS, the City council finds that notice of the public hearing was published in a newspaper of general circulation within the City in the time and manner required by law; and WHEREAS, at the public hearing, interested persons were allowed to speak for or against the proposed amendment to the Final Project Plan and Reinvestment Zone Financing Plan; and WHEREAS, evidence was received and presented at the public hearing in favor of the amendment to the Final Project Plan and Reinvestment Zone Financing Plan; and WHEREAS, the City Council desires to approve the Final Project Plan and Reinvestment Zone Financing Plan. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: SECTION 1. Findings. That the facts and recitations contained in the preamble of this Ordinance are hereby found and declared to be true and correct and are hereby adopted as part of this Ordinance. SECTION 2. Approval. That the Final Project Plan and Reinvestment Zone Financing Plan, attached hereto as Exhibit A and incorporated herein by reference, are hereby determined to be feasible and are approved. The appropriate officials of the City are authorized to take all steps reasonably necessary to implement the Final Project Plan and Reinvestment Zone Financing Plan. SECTION 3. Severabili. ��. If any provision, section, subsection, sentence, clause or the application of same to any person or set of circumstances for any reason is held to be unconstitutional, void or invalid or for any reason unenforceable, the validity of the remaining portions of this ordinance or the application thereby shall remain in effect. SECTION 4. Publishing and Effective Date. This ordinance shall be published and become effective according to law. AND IT IS SO ORDERED. Mayor Clifford On motion by ����- seconded by Councilmember Knox the above and foregoing ordinance was passed and approved by the following vote: Ayes: 4 Nays: o Abstentions: at its regular meeting on February 24, 2020. .............. Steven J ' " Mord, M.11" , ayor APPROVED AS TO FORM AND LEGALITY: Stepha; nie H. Harris, City Attorney ®®®®oa@@@@PaPa®®® ..4E . ATTEST: oµ ® a4 m nice Ellis, City Clerk APPROVED AS TO FORM AND LEGALITY: Stepha; nie H. Harris, City Attorney REINVESTMENT ZONE NUMBER 1 CITY OF PARIS, TEXAS PROJECT AND FINANCING PLAN February 2020 1. INTRODUCTION 1_1 Authority and,,Nf1.L9„sp, The City of Paris, Texas, a Texas incorporated home rule municipality (the City), has the authority under Chapter 311, Texas Tax Code, as amended (the "Act") to designate a contiguous or noncontiguous geographic area within the corporate limits or extraterritorial jurisdiction ("M") of the City as a tax increment reinvestment zone to promote development of the area if the governing body of the City (the "City Council") determines that development would not occur solely through private investment in the reasonable foreseeable future, that the zone is feasible, and that creation of the zone is in the best interest of the City and the property in the zone. The purpose of the zone is to facilitate such development by financing the costs of public works, public improvements, programs, and other projects benefiting the zone, plus other costs incidental to those expenditures, all of which costs are authorized by the Act. 1.2 _ ,ligibilft„ , Rei. uireme„nts, An area is eligible under the Act to be designated as a tax increment reinvestment zone if the area arrests or impairs the sound growth of the City because the Zone is predominately open and undeveloped and has the need for public infrastructure to attract new commercial and residential activity to the Zone for the purpose of providing long term economic benefits for all taxing units in the Zone. The City cannot, however, designate a zone if more than 30% of the property in the proposed zone, excluding property that is publicly owned, is "used for residential purposes” (defined by the Act as follows: ... property is used for residential purposes if it is occupied by a house having fewer than five living units...") or if the total appraised value of taxable real property in the proposed zone and in existing reinvestment zones exceeds 50% of the total appraised value of taxable real property in the City and in industrial districts created by the City. 1.3 The Proposed Zone. The City is considering the creation of a tax increment � reinvestment zone to be known as "Reinvestment Zone Number One, City of Paris, Texas" (the "Zone") that will include approximately 2176 acres (including public right- of-way) which includes large generally open areas in the north, south, northwest and southwest areas of the City plus a portion of the downtown area, all of which is located within the City's corporate limits. The property meets the eligibility requirements of the Act. The property substantially impairs or arrests the sound growth of this area of the City because of its challenges to development with the lack of public amenities and enhancements. There is a need for economic incentives to attract development and redevelopment in the Zone for the purpose of providing long-term economic benefits including, but not limited to, increased real property tax base for all taxing units in the Zone, Increased sales and use tax, and increased job opportunities for residents of the City and County. If the Zone is created and the public works, public improvements, programs and other projects are financed as contemplated by this Preliminary Plan, the City envisions that the property will be developed to take full advantage of the opportunity to bring to the City a substantially increased tax base and job opportunities for its citizens. 1_4 Prm„ eliminar !p1 ,Hear n, 11, Before the City may adopt an ordinance designating the Zone, the City Council must prepare a preliminary reinvestment zone financing plan in accordance with the Act and hold a public hearing on the creation of the proposed zone and its benefits to the City and to the Property, at which public hearing interested persons may speak for or against the creation of the proposed Zone, the boundaries of the proposed zone, or the concept of tax increment financing. 1_5 Creation ...o.....the ...Zone. Upon the closing of the above -referenced public hearing, the .�. City Council may adopt an ordinance in accordance with the Act creating the Zone if the City Council finds that development or redevelopment of the Property would not occur solely through private investment in the reasonable foreseeable future, that the Zone is feasible, and that creation of the Zone is in the best interest of the City. Among other provisions required by the Act, the ordinance creating the Zone will provide for the appointment of a Board of Directors for the Zone consisting of five (5) members from the City (the "Board"). 1_6 Board Recommendations. After creation of the Zone, the Board will review the Preliminary Plan and approve and recommend to the City Council a final Reinvestment Zone Number One, City of Paris, Texas, Project and Financing Plan (the "f jpAL !pp' ), pursuant to which the City will contribute 50% of its ad valorem tax increment attributable to increased taxable value of existing and new development in the Zone Into a tax increment fund created by the City and segregated from all other funds of the City (the "TIRZ Fund") to pay the costs of public works, public improvements, programs, and other projects benefiting the Zone. The Board will also make recommendations to the City Council concerning any development and reimbursement agreement ('?IRZ Reimbursement Agreement"). 1_7 Council Action. The City Council, taking into consideration the recommendations of the Board, will consider approval of the Final Plan and any TIRZ Reimbursement Agreement. If a TIRZ Reimbursement Agreement is approved, the City Council will authorize and direct its execution. 2_0 DESCRIPTION.S...AND ...MAPS. ExistinL„lJsgs and„Condmitions. All of the Property is currently located In the City's corporate limits. Uses allowed within the Zone include Residential, and Commercial. A boundary map of the Zone is shown as Exhibit A. 2_2 Pr w�ased Uses, The proposed uses will be established by existing zoning in most cases, but there may be areas where revised zoning will be requested. If so, any revisions will be made through the standard process and procedures of the City. 2.3 Boun.dar:: development assumptions are based on input by City staff. This study projected potential development at buildout within the Zone to be $390.7 million. During the term of the Zone, the increase in value of new development that occurs in the Zone (which would not have occurred but for the Zone) will generate approximately $29.4 million for the City ($14.7 million to the TIRZ fund and $14.7 million to the City) in new ad valorem tax revenue. Based on the foregoing, the feasibility of the Zone has been demonstrated. In addition to the above income during the term of the Zone, the City will receive all Business Personal Property and Inventory tax income and sales tax income from new development in the Zone. 10. ESTIMATED BONDED INDEBTEDNESS. If initial Project Costs are not advanced by a Developer or property owner, the City of Paris may consider direct payment of Project Costs or issuing bonds and utilize tax increment funds for either direct repayment or to cover debt service as those funds are available. 11. TOTAL TAXABLE VALUE. The current total appraised value of taxable real property in the Zone as of January 1, 2019 is approximately $52.8 million. It is estimated that upon expiration of the term of the Zone, the total appraised value of taxable real property in the Zone will be approximately $443.5 million. 12. ESTIMATED CAPTURED APPRAISED ISVALUE TAXABLE µBYwTHE CITY. The captured taxable ..o._, ...,. ..., _ED value of the Zone—taxable by the City for a year is the total taxable value of the Zone for that year less the tax increment base of the Zone. The tax increment base of the Zone is the total taxable value of the Zone for the year in which the Zone was designated. 13. ,METHOD OF FINANCING, Project Costs will be financed through loans advanced by Developers, property owners, the City of Paris or by bonds which may be issued and utilize tax increment funds for either direct reimbursement or to support bond debt service as those funds are available. The revenue sources will be the real property taxes captured by the TIRZ, which will account for 100% of revenues used to fund Project and Administrative Costs or bond debt service. For the TIRZ Fund, the City of Paris will contribute 50% of its tax rate on incremental taxable value as shown in Exhibit C. 14. DURATION OF THE ZONE., The term of the Zone shall commence January 1, 2019 and continue until the earlier to occur of: (1) December 31, 2048 or (2) the date on which all Project Costs, bonds, and other obligations have been paid in full. 15. LIST OF EXHIBITS. Unless otherwise stated, all references to "Exhibits" contained in this Preliminary Plan shall mean and refer to the following exhibits, all of which are attached to and made a part of this Preliminary Plan for all purposes. Exhibit A Zone Boundary Map Exhibit B Boundary Description Exhibit C Feasibility Analysis Exhibit D Proposed Public Improvements � 1 J ZONE BOUNDARY MAP BOUNDARY DESCRIPTION Boundary Description 2176 Acres in Lamar County, Texas October 1 Being approximately2176 acres of land situated within the corporate limits of the City of Paris, Texas, and consisting of five Sub Zones, being further described herein, each zone connected by public right of way or otherwise adjoining property as described herein; Sub Zone 1: NW Industrial Area Being approximately 420 Acres of land situated within the corporate limits of the City of Paris, Texas and being in the J. Ames Survey, A - 28, the W. Driggers Survey, A — 281, the J. Herrington Survey, A-436 and the F. Morrison Survey, A — 592 and being approximately 1.30 miles, N 64 degrees W from the Downtown Plaza and being bounded on the East by the West right of way of FM 79 / 19th Street NW, on the North and West by the Southwest right of way the NW Loop 286, and on the South by the South right of way line of Campbell Street; Beginning at a point approximately 1.30 miles, N 64 degrees W from the Downtown Plaza at the of intersection of the South right of way line of Campbell Street and the West right of way line of FM 79 / 191h Street NW, for the Point of Beginning for Sub Zone 1: NW Industrial Area; Thence Northerly along the West right of way line of FM 79 / 19th St NW, approximately 4,375 feet, to the intersection with the South right of way line of NW Loop 286 / US 82, to a point for a corner; Thence Southwesterly along the Southwest right of way line of NW Loop 286 / US 82, approximately 1.46 miles, to the Intersection with the South right of way line of Campbell Street, to a point for a corner; Thence Easterly, following along the South right of way line of Campbell Street, approximately 1,150 feet, to a curve to the right, continuing South along said curve, following said South right of way line of Campbell Street, 255 feet, to a curve to the left, and continuing East along said South right of way line of Campbell Street, approximately 5,400 feet, to the intersection with the West right of way line of FM 79 / 19th St NW, to the Point of Beginning for Sub Zone 1, containing 420 acres more or less. Save Except the following parcel as recorded in Lamar County Deed Records (LCDR), Lamar County, Texas: Save & Except all of: 8.247 Acres being, Lot 1, Block A, Potters Industries LLC Addition 355, as recorded in Lamar County Deed Records, CAB, 437 D, dated May 20, 2013, known as Potter Industries, LLC. and as Lamar County Appraisal District (LCAD) Parcel 18922. Being a strip of right of way, approximately 80 feet in width, for FM 79 / 191h Street NW, beginning at the intersection of FM 79 / 19th Street NW and Campbell Street, and ending at the intersection of FM 79 / 19th Street NW and West Sherman Street, for a ROW connection from Sub Zone 1 to Sub Zone 2: Downtown Central Area. Sub Zone 2: Downtown Central Area Being approximately 328 Acres of land situated within the corporate limits of the City of Paris, Texas and being in the A. Jarman Survey, A-479 and the L. Rattan Survey, A-778, and being approximately 1.18 miles, S 77 degrees W of the Downtown Plaza and being bounded by public right of way described as follows: Beginning at a point approximately 1.18 miles, 5 77 degrees W of the Downtown Plaza, said point being the intersection of the South right of way line of West Sherman Street and the West right of way line of FM 137 / 19th Street SW; Thence Southerly along the West right of way line of FM 137 / 19th Street SW, approximately 1,197 feet, to the intersection with the North right of way line of West Washington Street, to a point for a corner; Thence Easterly along the North right of way line of West Washington Street, approximately 4,210 feet, to a curve to the left, continue, following along the West right of way for 7th Street NW for approximately 200 feet , to the projected intersection of the North right of way of West Washington Street & 71h Street NW, continuing Easterly along said North right of way of West Washington Street, approximately 850 feet, to the intersection with the West right of way line of 41h Street SW, to a point for a corner; Thence Northerly along the West right of way of 4th Street SW, approximately 1,050 feet, to the intersection with the North right of way of West Sherman Street, to a point for a corner; Thence Easterly along the North right of way line of West Sherman Street, approximately 1,960 feet, to the Intersection with the West right of way line of 3" Street SE, to a point for a corner; Thence Northerly along the West right of way line of 3"d Street SE, approximately 545 feet, to the intersection with the North right of way line of East Austin Street, to a point for a corner; Thence Easterly along the North right of way line of East Austin Street, approximately 988 feet, to the intersection with the West right of way line of 6th Street SE, to a point for a corner; I Had %, 1 :: :: . 0 0 0 . . I , 1 0 f f 3=,ff `.. Thence Westerly along the South right of way line of East Santa Fe Street, crossing N Mam Thence Southerly along the East right of way line of V Street NW, approximately 2,650 feet, the intersection with the South right of way line of Graharn Street, to a point for a corner; f111 11 11 11 i Thence Westerly along the South right of way line of Bonham Street / US 82 W, approximatel i with the East right of of the abandoned Kiamichi Railroad. saM 111M.111'. Mol IT.11111141M WFUT41, I a 0 MOOMMM2 MM M. Development Foundation Inc., described as Tract X12, A-479, A. Jarman Survey, also known as LCAD Parcel 120210, to a point for a corner; THENCE Westerly along said North line of Tract X12, A-479, approximately 45 feet, to the NWC of said Tract X12, to a point for a corner; Thence Southerly along the West boundary line of said Tract X12, A-479, approximately 634 feet, to the SWC of said Tract X12, and continuing on a projected line to the intersection with the South right of way line of West Sherman Street, to a point for a corner; Thence Westerly along the South right of way line of West Sherman Street, approximately 2,815 feet, to the intersection with the West right of way line of 19th Street SW / FM 137, to the Point of Beginning and containing 328 acres more or less, Save and Except the following described tracts: Save & Except the following Tracts: Tract 1. The Paris Retirement Village — C.B. 308, Lot 1, Block A, PARIS RETIREMENT VILLAGE, TRACT 1, ACRES 9.292, being located at the northwest corner of 13th Street SW and West Washington Street, as Plat recorded in LCDR CAB 382-B & 382-C. Tract 2: Approximately 22.7 Acres bounded on the north by West Sherman Street, the East by 7th Street SW, the South by West Washington Street, and the West by City of Paris Block 13, and containing all of: City of Paris Block 133, Lots 1 through 19, and City of Paris Block 152, Lots 1 through 7, and City of Paris Block 153, also known as the George Wright Homes, and City of Paris Block 308, Lot PT 2. ROW Connection BUS 271 North Main Street Tract 2 ROW Con..... ct ��.�.�.� .��.�.�u Being a strip of right of way, approximately 60 feet in width, for BUS 271 N / North Main Street beginning at the intersection with Santa Fe Street and BUS 271 N / North Main Street and ending at the intersection with Center Street, for a ROW connection of Sub Zone 2 : Downtown Central Area to Sub Zone 3: North Loop 286 Area. Sub Zone 3 North -Loo 285 Area Being approximately 250 Acres of land situated within the corporate limits of the City of Paris, Texas and being entirely within the R. Russell Survey, A-786, and being approximately 1.3 miles North of the Downtown Plaza, being bounded on the West bj, the Kiamichi Railroad r(ht o wan and on the North by the South right of way of NE & NW Loop 286, and on the South by the North right of way line of Clement Road.; alongThence Easterly i'' of of riF. approximately5,100 feet, to I r. if the M*0 right if if ClemeAt rii.i 2Ai, tke S*vtkwestf f ♦if 286, to a point for► " Thence Northwesterly, alongi of way line of if 4 286, at approximately line of BUS 271 N Main Street/ ♦ iii i s i i ��► k ► ifF f f1 i f, M `�` . 0 s r, Thence Southerly, ii i 925 feet, alongboundary i CITY OF PARIS, BLOCK 251, LOT PT OF 27-A, PT OF 27-B & ALL OF 29, A786 RUSSELL SUR, 2300 N MAIN & 185 NW LOOF Thence Westerly, approximately80 feet, alongi boundary of, CITY PARIS, for ffnr -7 "-w M ME .7 ih i .r I f i i Mi ! f ! � alongThence Easterly, boundary of PARIS, 4 f fr & 30, ■approximatelyfeet,R the SEC of same, said point / being the SWC of PARIS, ♦ � .. . rSURVEY, DRIVE-IN AVE, ACRES ♦ knownas LCAD parcel 53616, continuing alongBoundary of same, approximatelyfor distance of approximately 858 feet, to the SEC of f Lot i a point forcorner; Thence Northerly, approximately 4 boundary line of ► Lotto the NEC of same, also bi of of Dto a point for an insidecorner; 111`11121 f ♦ 11PT2 Ill 11! roll M iii i"IT f l 4 i i i► ►i Thence Southerly, pproximately 340 feet, alongof of fi3 and ernandicular if the intersectionof . y III 1 Thence Easterly, approximately 60 feet, crossing the right of way of BUS 271 N / North Main Street, to the intersection of the East right of way line of BUS 271 N / North Main Street and the North right of way line of Clement Road and Point of Beginning for Sub Zone 3: North Loop 286 Area, containing 257 Acres more or less, SAVE & EXCEPT the following described tracts: SAVE & EXCEPT the following Tracts: Tract 3: The City of Paris Public Pool being further described by Lamar County Appraisal District Parcel 59521 having a legal description CITY OF PARIS, BLOCK 276, LOT 6, LOOP 286 NE 6TH CLEMENT RD, being located near the intersection of Loop 286 at Clement Road; and Tract 4: Lamar County Appraisal District Parcel 55681 having a legal description CITY OF PARIS, BLOCK 276, LOT 4, A786 R RUSSELL SURVEY, 1680 NE LOOP 286, ACRES 1.71, being located at the intersection of Loop 286 at Clement Road. Being a strip of right of way, approximately 50 feet in width, known as Old Bonham Road, beginning at the intersection with FM 137 / 191h Street NW and ending at the intersection of the South right of way line of Old Bonham Road and the Northeast corner of LCAD 18667, described as CITY OF PARIS, BLOCK 309, LOT 16, S SIDE OLD BONHAM RD, ACRES 21.37. for a ROW connection of Sub Zone 2: Downtown Central Area to Sub Zone 4: SW Industrial Area. Sub Zone 4: SW Industrial Area Being approximately 338 Acres of land situated within the corporate limits of the City of Paris, Texas and being in the I. Cruise Survey, A-162 and the A. Jarman Survey, A-479 and being approximately 2.45 miles, S 7.6...,d.e "'reel W from the Downtown Plaza and being bounded on the West by the East right of way of SW Loop 286, and on the South, East & North by private property boundaries as described herein: Beginning at a point, approximately 2.45 m„ilea, 5 76 deFreesww from the Downtown Plaza, being the intersection of the South right of way line of Old Bonham Road and the East right of way of SW Loop 286, and being the NWC of CITY OF PARIS, BLOCK 309, LOT PT OF 22, OLD BONHAM RD & LOOP 286, ACRES 11.245, known as TXDOT Yard, also known as LCAD parcel 102819 & 18673, for the Point of Beginning for Sub Zone 4: SW Industrial Area; Thence in a Southeasterly direction, at approximately 1,995 feet, passing the most Southerly corner of TXDOT Yard, CITY OF PARIS, BLOCK 309, LOT PT OF 22, OLD BONHAM RD & LOOP 286, ACRES 14.307, also known as LCAD parcels 102819 & 18673, and continuing along said SW Loop 286 right of way, approximately 2,195 feet to the most Southerly SWC of CITY OF PARIS, BLOCK 309, LOT 20, BETWEEN LOOP & OLD BONHAM RD, ACRES 85.478, also known as LCAD parcel,18671, also being in the North right of way line of the Union Pacific Railroad, for a distance of approximately 4,190 feet, to a point for a corner; Thence Easterly, approximately 1,010 feet, along the South boundary line of said CITY OF PARIS, BLOCK 309, LOT 20, to the SEC of said CB 309, Lot 20, to a point for a corner; Thence Northerly, approximately 2,245 feet, along the East boundary line of said CB 309, Lot 20, to the SWC of CITY OF PARIS, BLOCK 309, LOT 16, S SIDE OLD BONHAM RD, ACRES 21.37, also known as LCAD parcel 18667, to a point for an inside corner; Thence Easterly, approximately 1,450 feet, along the South boundary line of said CB 309, Lot 16, to the SEC of same, to a point for a corner; Thence Northerly, approximately 1,225 feet, along the East boundary line of said CB 309, Lot 16, to the NEC of said CB 309, Lot 16, same being in the South right of way of Old Bonham Road and a point of connection to ROW Tract 3 herein described, continuing across the 50 foot right of way of Old Bonham Road to a point in the North right of way of said Old Bonham Road and being in the South boundary line of CITY OF PARIS, BLOCK 213, LOT PT OF 9, S SIDE WEST SHERMAN & E SIDE 25TH SW, ACRES 8.04, also known as LCAD parcel 107706, to a point for a corner; Thence Westerly, approximately 615 feet, along the South boundary line of said CB 213, Lot Part of 9, also being along said North right of way line of Old Bonham Road, to the intersection with the West right of way line of 25th Street SW, to a point for a corner; Thence Northerly, approximately 650 feet, along the West right of way of 25' Street SW to the intersection with the South right of way of Brame Street, also being the NEC of PORTER'S 2ND ADDITION, BLOCK D, LOT 5, 2515 W BRAME, also known as LCAD parcel 19325, to a point for a corner; Thence Westerly, approximately 855 feet, along the South right of way of Brame Street, to the NWC of PORTER'S 2ND ADDITION, BLOCK D, LOT 12-A, 13 TRU 17, 2675 W BRAME, also known as LCAD parcel 19329, and being in the most Westerly East boundary line of CITY OF PARIS, BLOCK 328, LOT 6, A479 JAMAR SURVEY 2704 OLD BONHAM RD, ACRES 57, also known as LCAD parcel 18869, to a point for a corner; Thence Northerly, approximately 1,020 feet, along said boundary line of CB 328, Lot 6, to the most Northerly NEC of same, to a point for a corner; Thence Westerly, approximately 820 feet, following the North boundary line of said CB 328, Lot 6, to the most Northerly NWC of same, also being in the East right of way of 291h Street SW and being the SWC of SPERRY'S IST ADDITION, BLOCK 9, LOT 4-E, 275 29TH SW, also known as LCAD parcel 19663, to a point for a corner; Thence Southerly, approximately 540 feet, along the East right of way of 290 Street SW, to the intersection with the South right of way of West Sherman Street, to a point for a corner; Thence Westerly, approximately 1,775 feet, along the South right of way of West Sherman Street, to the intersection with the West right of way of 34th Street SW, also being the NWC of STALLINGS ADDITION, BLOCK A, LOT 1, ACRES 1.406, also known as LCAD parcel 125606, to a point for a corner; Thence Southerly, approximately 245 feet, along the West boundary of said Stallings Addition, Block A, Lot 1, passing the SWC of same, and continuing Southerly, approximately 13 feet, to the NEC of CITY OF PARIS, BLOCK 328, LOT 3, E SIDE LOOP 286 SW, ACRES 37.49, also known as LCAD parcel 18866, a distance of approximately 258 feet, to a point for a corner; Thence Westerly, approximately 1,340 feet, along the North boundary line of said CB 328, Lot 3, to the NWC of same, also being the intersection with the East right of way of SW Loop 286, to a point for a corner; Thence Southerly, approximately 1,490 feet, following the East right of way line of SW Loop 286 to the intersection with the South right of way line of Old Bonham Road and the Point of Beginning for Sub Zone 4: SW Industrial Area and containing 378 acres more or less, Save & Except the following described tract: Save & Except the following Tract: Tract 5: The Texas Department of Transportation Paris Area Office and Grounds located on SW Loop 286 on the south side of Old Bonham Road and being further described as two parcels: Lamar County Appraisal District Parcel 102819 having a legal description CITY OF PARIS, BLOCK 309, LOT PT OF 22, OLD BONHAM RD & LOOP 286, ACRES 11.245; and Lamar County Appraisal District Parcel 18673 having a legal description CITY OF PARIS, BLOCK Sub Zone S: South Industrial Area Being approximately 825 Acres of land situated within the corporate limits of the City of Paris, Texas and being in the A. Jarman Survey, A-479, the L. Rattan Survey, A-778, the J. Bourland Surrey, A- 69, and the L. Ewer Survey, A-313, and being approximately 0.55 miles, S 32 degrees W, from the Downtown Plaza and being bounded on the North by West Washington Street, being the common boundary with Sub Zone 1, and on the West by the Union Pacific Railroad right of way, and on the South by SW Loop 286 and on the East by SH 19/24 / South Church Street, and being more particularly described as follows: Beginning at the point of intersection of the North right of way line of West Washington Street and the West right of way line of 611 Street SW; Thence Westerly, approximately 340 feet, along the North right of way of West Washington Street to the intersection with the West right of way of Ph Street SW, also being in the East line of Sub Zone 2: Downtown Central Area, as described herein, to a point for a corner; Thence Southerly, approximately 177 feet, following the West right of way of 7th Street SW, to the intersection with the continuing North right of way of West Washington Street and South boundary of said Sub Zone 2, described herein, to a point for a corner; Thence Westerly, approximately 1,420 feet, following the North right of way line of West Washington Street and also the South boundary of Sub Zone 2, to the intersection with the West right of way line of Union Pacific railroad right of way, and being in the South boundary line of CITY OF PARIS, BLOCK 132, LOT 4, 1110 W WASHINGTON ST, also known as LCAD parcel 16165, same being 50 feet from and perpendicular to the NEC of CITY OF PARIS, BLOCK 154-A, LOT 12, also known as LCAD parcel 16492, also being a point for the most Northerly NWC of Sub Zone 5, herein described, to a point for a corner; Thence Southerly, approximately 50 feet, crossing the right of way of West Washington Street, to the NWC of said CB 154-A, Lot 12, and continuing along the East boundary line of said CB 154-A, Lot 12, same being the West right of way line of the Union Pacific railroad, approximately 1,522 feet, passing the SEC of said Lot 12, and continuing along private property lines and the West right of way line of the Union Pacific railroad, approximately 1.50 miles, to the intersection with the Northeast right of way of SW Loop 286, same being the most Southerly SWC of CITY OF PARIS, BLOCK 334, LOT PT 4-A, AB313 EWER SURVEY, SW LOOP 286, ACRES 37.95, also known as LCAD parcel 71637, to a point for a corner; Thence Southeasterly, approximately 7,243 feet, following the Northeast right of way of SW Loop 286, and continuing, approximately 407 feet, along the Northwest right of way of SE Loop 286, to the intersection with the East right of way of 31 Street SE, a distance of 8,650 feet, to a point for a corner; Thence Northerly, approximately 2,640 feet, following the East right of way of Std Street SE, to the beginning of a curve to the left, and departing said curve in a projected line, approximately 750 feet, to the intersection with the West right of way line of South Church Street, and continuing, approximately 1,710 feet, along the West right of way of said South Church Street to the intersection with the North right of way line of Neagle Street; a distance of approximately 5,100 feet, to a point for a corner; Thence Westerly, approximately 1,710 feet, along the North right of way of Neagle Street to the intersection with the West right of way line of 4th Street SE, to a point for a corner; Thence Northerly, approximately 2,000 feet, to the intersection with the South right of way line of Frisco Street, to a point for a corner, - Thence Easterly, approximately 520 feet, to the intersection with the West right of way line of 6th Street SW, to a point for a corner, Thence Northerly, approximately 1,228 feet, to the intersection with the North right of way of West Washington Street and the Point of Beginning for Sub Zone 5: South Industrial Area and containing 847 acres more or less; Save & Except the following described tracts: Save & Except the following Tracts: Tract 6: LCAD Parcel: 103373, SOUTHWEST INDUSTRIAL PARK, BLOCK A, LOT 5, 1810 SW LOOP 286 11 Tract 7: 6D Parrp - MR-L—R #-Uj 4%MAkP-79.r. FIETPERX ECONOMIC FEASIBILITY ANALYSIS American Spiraleld Pipe Company • Site: 145 acres • Development value: $72 million • Estimated completion date: 2021 • Taxable value (including tax abatement): o 2022-$0 o 2023-$0 o 2024 - $21.6 million o 2025 - $21.6 million o 2026 - $36.0 million o 2027 - $54.0 million o 2028 - $54.0 million o 2029 and beyond - $72.0 million 1 0 . 0 G4m-1 U99= • Site: 127 acres industrial • Site coverage: 10% • Building area: 553 KSF • Building value / SF: $ 100 • Building value: $55 million • Buildout: 5 projects of $11 million every 5 years beginning in 2025 • Site: 50 acres residential • Site coverage: 4 units / acre • Number of units: 200 • Unit value: $160K • Development value: $32 million • Buildout: 4 projects of 50 units @ $8.0 million every 3 years beginning in 2030 • Site: 10 acres commercial • Site coverage: 10% • Building area: 43.6 KSF • Building value/ SF: $100 • Building value: $4 million • Buildout: $4 million in 2035 *9 WKI-T70 I plow & 51: • Site: 150 acres commercial • Site coverage: 10% • Building area: 653 KSF • Building value/ SF: $100 • Building value: $65 million • Buildout: 5 projects of $13 million every 5 years beginning in 2022 M V RVA We I / f 1 LOW KI • Site: 32 acres (infill lots) residential • Site coverage: 4 units / acre • Number of units: 128 • Unit value: $175 K • Development value: 8 projects of 16 units @ $2.8 million every 5 years beginning in 2025 • Site: 32 acres (city lot plus other) multi -family • Site coverage: 8 units / acre • Number of units: 256 • Unit value: $ 100 K • Development value: $25.6 million • Buildout: 4 projects of 64 units @ $6.4 million every 4 years beginning in 2030 Site: Redevelopment of vacant and dilapidated building stock Buildout: $4 million every 5 years beginning in 2025 MAW&" M V 1' I 6 M - I 11 I'll MOTO I WO INIM LI&TJ *110 101711 W41 V "I F41 0 • Site: 150 acres industrial • Site coverage: 10% • Building area: 653 KSF • Building value / SP $100 • Building value: $66 million • Buildout: 6 projects of $11 million every 5 years beginning in 2035 • Site: 10 acres retail • Site coverage: 10% • Building area: 43.6 KSF • Building value/ SF: $100 • Building value: $4 million • Buildout: $4 million in 2040 • Site: 135 acres residential • Site coverage: 4 units / acre • Number of units: 540 • Unit value: $175 K • Development value: $94.5 million • Buildout: 9 projects of 60 units @ $10.5 million beginning in 2035 L I I I I Mult, I k'I 11119 1 VITA PRIN 101 IM WA F.,'V 0 ZIA • Site: 342 acres industrial • Site coverage: 10% • Building area: 1,490 KSF • Building value / SF: $ 100 • Building value: $149 million • Buildout: 10 projects of $14.9 million ever 5 years beginning in 2040 • Site: 11 acres commercial • Site coverage: 10% • Building area: 48 KSF • Building value / SF: $100 • Building value: $4.8 million • Buildout: I project of $4.8 million in 2035 CITY OF PARIS TMZ Na 1 DEVELOPMENT SCHEDULE ��fliwmi��P� 'II 20i j �iR 1 2013u 4 g 2036' 2031" jo 38 X640 204"2 2044 04 204 Uff�m „� SIT 1 11 VIII A..R..1 Wl,w.IR,Z .II S ..l DE._. �� raw ` I . MALUM '%� "� J ...r w ,. I� ry � I � a �m .�Iw j 2� tl91Hll'��.� �N MUM a .�.. .. ��A I �.,.... L ,. .� J 630, 9��. 13 0 335 335 1116 fiTl 135 1670 17 S 52. w R ^I�' 3 L I,56. 119.4 . �... 1 ��u291. 5 8683 911828,9 41 5 t 96S.''? 321 148,01 It. I ,267 ' m 14,8 0 p 'IIC IIr 109 11:11) 161"0 3819' d_ g ff l 8, 9,0 169,0 415.4 2,446,71 'yv�mwwwe�'MWmM'Ard.IiMVNiT;MiPPoJIN u YIWPRSf3!✓Jidpd�Fm4roYrNP.9'�Y,m'ttJnPL'G.4flJYSdMdffw'w'�MdG,M . 175 4 4361 ,Sal 231.5 576,117 31912A 1..��,m„ ;:�' JIB h r, � � �II”' ��'' ��� I� 630, 9��. ;I ... 5ki fiTl 669.1 6:,:4!559 119.4 . �... 8 18.2 NuIIII.,.. 5 8683 911828,9 41 3 .7II ,'��li �'Vl,�wlAmll���V'�. ��w �:11 08.2 7-11 �m M.�I d_ g ff l 8, "" •• 'w N' 1 4 730 i 'yv�mwwwe�'MWmM'Ard.IiMVNiT;MiPPoJIN u YIWPRSf3!✓Jidpd�Fm4roYrNP.9'�Y,m'ttJnPL'G.4flJYSdMdffw'w'�MdG,M . dGd... ,.m....�µNNt4Y 390.7 1417136u0 14,7XO *Based on 50% of City of Paris 2019 tax rate of $0.51608 / $100 = $0.25804 / $100. PROJECT PLAN Exhibit D Project Plan for Public Improvements Proposed Improvements and Uses The Paris Downtown Plan as well as the Downtown Visioning Plan calls for the preservation of the Historic Core with enhancements near the Plaza and the Farmers Market that include an expanded park space, widened sidewalks for outdoor dining, pedestrian elements such as curb ramps, crosswalks, benches and trash receptacles, traffic calming with reduced lane widths and enhanced pavement features, period lighting, and landscaping for improved aesthetics. All this is intended to redevelop the downtown as a walkable, urban destination that provides for an urban lifestyle of live, work, play, while preserving the historic structures and surrounding neighborhoods. As shown in Figure 1, the downtown visioning plan provides an illustrative delineation of the redevelopment character and supporting Infrastructure proposed for the project. W Figure 1: Paris Downtown Visioning Plan —Toole Design Group 2018 In addition, key catalytic projects are envisioned for the reuse of historic buildings or sites, such as the Grand Theatre, the Scott Building, the Gibralter Hotel, the First National Bank, and the Belford buildings. In order to accommodate such redevelopments, improvements in street infrastructure, public parking, and pedestrian features are planned. The following types of projects are proposed: 1. Catalyst Projects - Significant Downtown projects with individual sites, buildings or groups of buildings for which total project investment from all sources will exceed $2.0 million per project. Catalyst projects anticipated during the life of the TIRZ are listed below. ■ Plaza Expansion (curb and gutter, sidewalk, landscaping and on -street parking modifications) ■ Parking Facilities (locations will vary and will be based on availability of parking improvements to public or private lots with city partnerships) ■ Development of a Downtown Police Station of Substation ■ Development of new buildings (or redevelopment of existing buildings) as mixed-use residential/civic projects or other projects with direct community benefit ■ Development of major employment center supported by residential, retail and entertainment uses and serving as a signature development within the community ■ Traffic modiflcations providing improved vehicle or pedestrian safety, reducing speeds, delineating lanes or on -street parking, conversion to two-way traffic, or other traffic or pedestrian related improvements outlined in the Downtown Plan or Downtown Visioning Plan ■ Transit improvements providing for accommodation of multi -modal transportation including but stops, shelters, and signage ■ Redevelopment or expansion of the Farmers Market as outlined in the Downtown Visioning Plan, including associated parking, streetscape and pedestrian elements along 11t Street SW and the library property II. Vacant/ Underutilized Sites and Buildings —Relatively smaller projects (under $2.0 million) for the incremental redevelopment of vacant/underutilized Downtown sites or buildings. The Vacant/Underutilized Sites and Buildings Improvement Area is designated as Sub Zone 2: Downtown Central Area in Exhibit A. The following categories of TIRZ-eligible expenditures shall be applicable to both Catalyst Projects and Vacant/Underutilized Sites and Buildings: a) Street, Utility, Landscape and Streetscape Improvements: This category includes TIRZ-eligible expenditures for improvements to local streets, including paving, utility infrastructure upgrades/relocation (water, wastewater, storm water), burial of overhead utilities as well as lighting improvements, street trees/planters, trails, and sidewalk improvements for enhancing pedestrian linkages between the downtown core and surrounding neighborhoods. Key street, utility, and streetscape improvements anticipated during the life of the TIRZ are as outlined in both the 2018 Downtown Plan and the Toole Design Group Downtown Visioning Plan and include the following streets: Lamar, Clarksville, Bonham, Grand, The Plaza (all sides), Main Street, West 1St, West 2"d, West 3`d, East 11, East 2"d, East 3rd, Houston, Price, Kaufman, Austin, Sherman. b) Environmental Remediation, Interior/Exterior Demolition, Historic Fa;ade Restoration Improvements/Easements and Fire Safety Improvements/Grants: The City of Paris Downtown has a number of buildings that contribute to the historic fabric of the community, however some of these buildings are sometimes financially unfeasible to properly redevelop because of the cost of environmental remediation of asbestos, lead-based paint, contaminants, demolition costs, fagade improvement costs, and fire safety issues. Interior and exterior demolition expenses are a large part of a remediation project for a historic structure, and often prevent a private project from moving forward. These costs are TIRZ-eligible expenditures. Remediation of the environmentally hazardous materials and associated improvements, using TIRZ funds, greatly improves the marketability of these buildings. This budget category is necessary for attracting mixed-use and adaptive reuse projects to downtown such as new retail, office and residential uses. New construction and fagade improvements that are eligible under this program and within the historic district will be reviewed for compliance with the adopted design standards to ensure compatibility with other structures and investments in the area. Acquisition and restoration of historic sites Several key historic buildings in the Downtown area are vacant or substantially underutilized. These buildings are in a serious state of disrepair that has resulted in the deterioration of exterior architectural features and structural elements, producing a detrimental effect upon the character of the area as a whole. Acquisition and restoration of historic buildings by public entities will be supported as a TIRZ-eligible project cost to enable the redevelopment of these structures. Only buildings that are designated as a local or State historic landmark; that are listed on the National Register of Historic Places; or that are designated by the City's Historic Preservation Commission will be eligible for assistance under this program. The intent of this program is to support and preserve these recognized historic structures within the Downtown Historic District. Acquisition of a conservation or beautification easement may preserve the architectural effects of these buildings by enhancing the fagade of new or redeveloped structures in the Historic District. The City of Paris, using TIRZ funds, can acquire such an interest in these architecturally or aesthetically significant structures in the TIRZ, leaving long-term maintenance to the property owner. Fagade easements may include funding for projects which, first, preserve and/or rehabilitate existing facades and, secondly, aid in the restoration of facades that have been significantly altered. As part of a proposed catalyst project, TIRZ funds may be used by public entities to purchase a vacant/underutilized property or building and costs related to purchasing the property/building and developing a redevelopment plan for the property/building, consistent with the economic development concepts and objectives of the TIRZ. Administration and Implementation Administrative costs associated with implementation of projects within the TIRZ, including reasonable charges for the time spent by City of Paris employees or consultants will be eligible for reimbursement as project costs, upon approval by the TIRZ Board of Directors and in connection with the Implementation of the TIRZ Project Plan and Financing Plan. Other related administrative expenses including legal fees and consulting fees of the City, including planning, engineering and design fees, management expenses, meeting expenditures and equipment are included in this category. Summary of Project Costs The following summarizes the anticipated project costs for the TIRZ ..0 .. ....... ...................m Estimated Cost Catalyst Projects $22,000,000 Plaza Expansion j 1,000,000 Parking Facilities ... �. 500,000 Downtown Police Station/Substation 500,000 Downtown Mixed Use Development or Redevelopment 5,000,000 Trans 1 Traffic Modifications, t Street Improvements, t Elements 5,000,000 Farmers Market Redevelopment and Expansion 510001000 Vacant/Underutilized Sites and Buildings $3,000,000 Administration and Implementation $500,000 TOTAL PROJECT COST $25,500,000