§ 24-101. Created.

(a)

The city, after conducting such hearing and having heard such evidence and testimony has made the following findings and determinations based on the evidence and testimony presented to it:

(1)

That the public hearing on adoption of the reinvestment zone has been properly called, held and conducted and that notices of such hearings have been published as required by law and mailed to all taxing units overlapping the territory inside the proposed reinvestment zone; and

(2)

That the boundaries of the reinvestment zone should be the area as described in the metes and bounds description attached hereto as "Exhibit A" and depicted on the plat attached as "Exhibit B"; and

(3)

That creation of the proposed zone with boundaries as described in "Exhibit A" and "Exhibit B" will result in benefits to the city and to land included in the zone and that the improvements sought are feasible and practical; and

(4)

That the reinvestment zone as defined in "Exhibit A" and "Exhibit B" meets the criteria for the creation of a reinvestment zone as set forth in the Property Redevelopment and Tax Abatement Act as amended in that it is "reasonably likely as a result of the designation to contribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property and that would contribute to the economic development of the city"; and

(5)

That the reinvestment zone as described in "Exhibit A" and depicted in the plat attached as "Exhibit B" meets the city's policy on guidelines and criteria for the creation of a reinvestment zone.

(b)

Pursuant to the Property Redevelopment and Tax Abatement Act as amended, the city hereby creates a reinvestment zone for commercial/industrial tax abatement encompassing only the area described by the meets and bounds in "Exhibit B" and such reinvestment zone is hereby designated and shall hereafter be referred to as Reinvestment Zone No. 25 of the City of Waxahachie, Texas.

(c)

The zone shall take effect on November 3, 2003, and shall remain designated as a commercial/industrial reinvestment zone for a period of five (5) years from such date of designation. Prior to or upon such date of expiration the city council may renew such designation for additional successional period(s) not exceeding five (5) years.

(d)

To be considered for execution of an agreement for tax abatement the commercial/industrial project shall:

(1)

Be located entirely within the designated zone;

(2)

Create approximately thirty (30) jobs;

(3)

Have an approximate expenditure of three million two hundred thousand dollars ($3,200,000.00) for the proposed improvements or repair;

(4)

Not include property that is owned or leased by a member of the City Council of the City of Waxahachie, nor by a member of the planning and zoning commission; and

(5)

Conform to all the requirements of the city's zoning ordinance.

(e)

Written agreements with the property owner(s) located within the zone shall provide for the following:

(1)

Terms regarding the amount and duration of the tax exemption;

(2)

A listing of the kind, number, location and costs of all proposed improvements of the property;

(3)

That access to the project is provided to allow for the inspection by city inspectors and officials in order to ensure that the improvements or repairs are made according to the specification and conditions of the agreement;

(4)

That property tax revenue lost as a result of the tax abatement agreement will be recaptured by the city if the owner of the property fails to make the improvements as provided by the agreement.

(Ord. No. 2210, §§ 2—6, 11-3-03)