2025-028 - Creating Tax Increment Financing Zone No. 2 for the purpose of financing a major thoroughfare “Forestbrook Boulevard” running from Southeast Loop 286 west southwest through the For

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ORDINANCE NO. 2025-028 AN ORDINANCE DESIGNATING A CERTAIN AREA AS CITY OF PARIS TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER TWO, ESTABLISHING A BOARD OF DIRECTORS FOR SUCH REINVESTMENT ZONE, MAKING CERTAIN FINDINGS, AND OTHER MATTERS RELATED THERETO. WHEREAS, the City Council of the City of Paris, Texas, (the "City"), desires to promote the development of a certain contiguous geographic area within its jurisdiction by the creation of a reinvestment zone, as authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, Vernon's Texas Codes Annotated (the "Act"); and WHEREAS, the purpose and intention of the reinvestment zone is to enable the financing of an arterial street connecting Southeast Loop 286 to South Collegiate Drive, which street will run through the Forestbrook Estates housing development; and WHEREAS, in compliance with the Act, the City has called a public hearing to hear public comments on the creation of the proposed reinvestment zone and its benefits to the City and the property in the proposed reinvestment zone; and WHEREAS, in compliance with the Act, notice of such public hearing was published on November 30, 2025, in The Paris News, a paper of general circulation in the City, such publication date being not later than seven (7) days prior to the date of the public hearing; and WHEREAS, such hearing was convened at the time and place mentioned in the published notice, to wit, on the 8th day of December, 2025 at 5:30 p.m. in the City Hall of the City of Paris, Texas; and WHEREAS, the City, at such hearing, invited any interested person, or his attorney, to appear and speak for or against the creation of the reinvestment zone, the boundaries of the proposed reinvestment zone, whether all or part of the territory which is described and attached hereto as Exhibit "A" and depicted on the map attached hereto as Exhibit "B" should be included in such proposed reinvestment zone, the concept of tax increment financing and the appointment of a board of directors of the proposed reinvestment zone; and WHEREAS, all owners_ of property located within the proposed reinvestment zone and all other taxing units and other interested persons were given a reasonable opportunity at such public hearing to protest the creation of the proposed reinvestment zone and/or the inclusion of their property in such reinvestment zone; and WHEREAS, the proponents of the reinvestment zone offered evidence, both oral and documentary, in favor of all of the foregoing matters relating to the creation of the