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Paris council adopts downtown tax increment reinvestment zone
Summary
The Paris City Council on Nov. 11 approved an ordinance creating Tax Increment Reinvestment Zone No. 1 to support downtown redevelopment, establishing a 30‑year term at 50% of the city tax rate and directing the creation of a TIF board to oversee projects.
The Paris City Council on Nov. 11 voted to create Tax Increment Reinvestment Zone No. 1, a 30‑year TIF designed to support projects in downtown and four adjacent developable areas.
City staff presented a preliminary project and financing plan that proposes diverting 50% of the city tax increment into the TIF fund; the plan and map were included in the council packet. "We're proposing to create a tax increment reinvestment zone that would support projects in the…
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