2020-007 - TIRZ Final Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number One

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utility, and streetscape improvements anticipated during the life of the TIRZ are as outlined in both the 2018 Downtown Plan and the Toole Design Group Downtown Visioning Plan and include the following streets: Lamar, Clarksville, Bonham, Grand, The Plaza (all sides), Main Street, West 1St, West 2"d, West 3`d, East 11, East 2"d, East 3rd, Houston, Price, Kaufman, Austin, Sherman. b) Environmental Remediation, Interior/Exterior Demolition, Historic Fa;ade Restoration Improvements/Easements and Fire Safety Improvements/Grants: The City of Paris Downtown has a number of buildings that contribute to the historic fabric of the community, however some of these buildings are sometimes financially unfeasible to properly redevelop because of the cost of environmental remediation of asbestos, lead-based paint, contaminants, demolition costs, fagade improvement costs, and fire safety issues. Interior and exterior demolition expenses are a large part of a remediation project for a historic structure, and often prevent a private project from moving forward. These costs are TIRZ-eligible expenditures. Remediation of the environmentally hazardous materials and associated improvements, using TIRZ funds, greatly improves the marketability of these buildings. This budget category is necessary for attracting mixed-use and adaptive reuse projects to downtown such as new retail, office and residential uses. New construction and fagade improvements that are eligible under this program and within the historic district will be reviewed for compliance with the adopted design standards to ensure compatibility with other structures and investments in the area. Acquisition and restoration of historic sites Several key historic buildings in the Downtown area are vacant or substantially underutilized. These buildings are in a serious state of disrepair that has resulted in the deterioration of exterior architectural features and structural elements, producing a detrimental effect upon the character of the area as a whole. Acquisition and restoration of historic buildings by public entities will be supported as a TIRZ-eligible project cost to enable the redevelopment of these structures. Only buildings that are designated as a local or State historic landmark; that are listed on the National Register of Historic Places; or that are designated by the City's Historic Preservation Commission will be eligible for assistance under this program. The intent of this program is to support and preserve these recognized historic structures within the Downtown Historic District. Acquisition of a conservation or beautification easement may preserve the architectural effects of these buildings by enhancing the fagade of new or redeveloped structures in the Historic District. The City of Paris, using TIRZ funds, can acquire such an interest in these architecturally or aesthetically significant structures in the TIRZ, leaving long-term maintenance to the property owner. Fagade easements may include funding for projects which, first, preserve and/or rehabilitate existing facades and, secondly, aid in the restoration of facades that have been significantly altered.