2022-020 - Waive Principal and Interest on Dangerous Strucutre & Nuisance Abatement Liens on Block 98 Lot 1-A - 5 in 5 Housing infill Development

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RESOLUTION NO. 2022-020 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, TO WAIVE PRINCIPAL AND INTEREST ON A DANGEROUS STRUCTURE AND NUISANCE ABATEMENT LIENS ON PROPERTY DESCRIBED AS CITY OF PARIS BLOCK 98, LOT 1-A TO FACILITATE DEVELOPMENT OF SAID PROPERTY UNDER THE CITY'S 5 IN 5 HOUSING INFILL DEVELOPMENT PROGRAM; MAKING OTHER FINDINGS AND PROVISIONS; AND DECLARING AN EFFECTIVE DATE. WHEREAS, Enns Ventures, LLC (the "Developer") is acquiring certain real property (the "Property") described as City of Paris Block 98, Lot 1-A (LCAD# 15470) for the purposes of constructing five (5) duplexes for a total of (10) dwelling units (the "Project") pursuant to the city's 5 in 5 Housing Infill Development Program (the "Program"); and WHEREAS, said Property is subject to a Dangerous Structure Abatement Lien dated December 8, 2009 (the "Structure Lien") in the principal amount of $76,942.00, which principal has accumulated interest in the approximate amount of $164,534.96 (See Exhibit A attached hereto and incorporated herein by reference); and WHEREAS, the Property is also subject to a Nuisance Abatement Lien dated December 17, 2008 (the "Nuisance Lien") in the principal amount of $360.00, which principal has accumulated interest in the approximate amount of $882.82 (See Exhibit B, attached hereto and incorporated herein by reference); and WHEREAS, the Developer has requested that the City waive said Structure and Nuisance Liens to facilitate its purchase of the Property and development of the Project; and WHEREAS, in consideration for said waiver, Developer has agreed to enter into an Economic Development and Tax Abatement Agreement pursuant to the Program to construct the Project; and WHEREAS, in further consideration for said waiver, Developer has agreed to post Thirty Thousand and No/100 Dollars ($30,000.00) into escrow with the City as security to ensure its performance of the requirements set forth herein and in the Development Agreement; and WHEREAS, the City Council believes that it would be in the best interest of the city and its residents to waive the repayment of principal and interest related to the Structure and Nuisance Liens so as to facilitate the development of the Project and to further the objectives of the Program;