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2022-029 - Approving an Economic Development Agreement and Tax Abatement Agreement with Jeffery S. Brown
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2022-029 - Approving an Economic Development Agreement and Tax Abatement Agreement with Jeffery S. Brown
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4/12/2022 12:00:15 PM
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4/12/2022 11:29:01 AM
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RESOLUTION NO. 2022-029 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, <br />TEXAS APPROVING AND AUTHORIZING AN ECONOMIC <br />DEVELOPMENT AGREEMENT AND TAX ABATEMENT AGREEMENT <br />WITH JEFFERY S. BROWN; MAKING OTHER FINDINGS AND <br />PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN <br />EFFECTIVE DATE. <br />WHEREAS, the City Council of the City of Paris, Texas has been presented a proposed <br />agreement by and between the City and Jeffery S. Brown providing for a an Economic <br />Development Agreement and Tax Abatement Agreement (the "Agreement") under the 5 in 5 <br />Housing Infill Development Program (the "Program") adopted by the City Council on January <br />10, 2022, a copy of which Agreement is attached hereto as Exhi it A and incorporated herein <br />by reference; and, <br />WHEREAS, on February 10, 2020, the City Council passed Ordinance No. 2020-005 <br />creating Reinvestment Zone 2020-1, designating certain areas inside the city limits eligible <br />for the Residential Tax Abatement Program; and <br />WHEREAS, the property defined in the Agreement and improvements to be made <br />under the Agreement is situated within Reinvestment Zone 2020-1 and within the Program <br />Area described in the Program; and <br />WHEREAS, the contemplated use of the property, and the improvements to be <br />installed thereon in the amounts set forth in the Agreement and the other terms therein are <br />consistent with encouraging development of said reinvestment zone in accordance with the <br />purposes for which it was created and are in compliance with the City's policy of tax <br />abatement incentives adopted by the City adopted on January 10, 2022 and all applicable <br />laws; <br />WHEREAS, the City Council also wishes to offer the additional development <br />incentives set forth in the Agreement pursuant to Chapter 380 of the Texas Local <br />Government Code, and <br />WHEREAS, the City Council finds that the incentives offered in the Agreement will <br />encourage development in the Program Area described in Resolution 2022-003 through the <br />provision of much needed housing stock for the growing labor force in the City; and <br />WHEREAS, upon review and consideration of the Agreement, and all matters <br />attendant and related thereto, the City Council is of the opinion that the terms and conditions <br />therein meet the Guidelines and Criteria for Tax Abatement set forth in the Program and <br />should be approved, and that the City Manager should be authorized to execute it on behalf <br />of the City of Paris, Texas. <br />
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