The city, after conducting such hearings and having heard such evidence and testimony, has made the following findings and determinations based on the testimony presented to it:
(A) That a public hearing on the 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;
(B) That the boundaries of the reinvestment zone should be the area as described in the enterprise zone description attached hereto as Appendix A;
(C) That the creation of the reinvestment zone for commercial-industrial tax abatement with boundaries as described in Appendix A will result in benefits to the city and to the land included in the zone and the improvements sought are feasible and practical;
(D) That the reinvestment zone, as defined in Appendix A meets the criteria for the creation of a reinvestment zone as set forth in the Tex. Tax Code, § 312.202 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.”
(`87 Code, § 22-92) (Am. Ord. 1995-8, passed 6-1-95)