2025-027 - Reducing the boundaries of the City of Paris, Texas Tax Increment Refinancing District No. 1 by removing Subzone 4

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ORDINANCE NO. 2025-027 AN ORDINANCE OF THE CITY OF PARIS, TEXAS AMENDING ORDINANCE NO. 2019-045 AND ORDINANCE NO. 2023-014 TO REMOVE SUBZONE 4 FROM THE BOUNDARY OF TAX INCREMENT REINVESTMENT ZONE NUMBER ONE; MAKING CERTAIN FINDINGS; AND OTHER MATTERS RELATED THERETO. WHEREAS, on November 11, 2019, pursuant to the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, the City Council of the City of Paris, Texas passed Ordinance No. 2019-045 (the "Establishing Ordinance") designating Tax Increment Reinvestment Zone No. One (the "Zone") and establishing a board of directors for the zone; and WHEREAS, on March 27, 2023, City Council enacted Ordinance No. 2023-014 to correct certain errors in the property description of the Zone attached to the Establishing Ordinance, which corrections neither expanded nor reduced the area within the Zone; and WHEREAS, the Establishing Ordinance designated five (5) subzones within the overall TIRZ Zone, including Subzone 4, located in the southwest part of the City and which includes the Gene Stallings Industrial Park; and WHEREAS, since the Creation of the TIRZ in 2019, very little, if any, development has occurred in Subzone 4; and WHEREAS, members of the Board of Directors of Tax Increment Refinancing Zone No. 1 (the "Board") have discussed and found that it is in the best interest of the City to remove Subzone 4 from the boundaries of the TIRZ to increase the number of development tools available to develop the Gene Stallings Industrial Park, and that doing so will not substantially affect the viability of the TIRZ; and WHEREAS, on October 9, 2025, the Board of Directors of Tax Increment Refinancing Zone No. 1 formally recommended that City adopt this ordinance removing Subzone 4 from the TIRZ boundary; and WHEREAS, on December 8, 2025, after notice and publication as required by law, City Council held a public hearing at which City Council invited any interested person or his or her attorney to appear and speak for or against the proposed removal of Subzone 4 as depicted in the map attached hereto as Exhibit A from the TIRZ boundary; WHEREAS, the City Council, took all testimony at said public hearing, both for and against the removal of Subzone 4 from the TIRZ boundary;