2022-029 - Approving an Economic Development Agreement and Tax Abatement Agreement with Jeffery S. Brown

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5 IN 5 TIOUSINGIN-FILL DEVELOPMENT PROGRAM GLADE11NES, CRUERIA A.-NDAPPLICA"FION FORM CITY OF PARIS, "FEXAS January 10, 2022 1. GENERAL.PURP'OSE AND OBJECTIVES The City of Paris, working with our local. government partners, is seeking to provide as series of builder incentives designed to encourage new home construction the purpose ofeight orhood revitalization and the provision of'work fi)rce housing. New home eonstrtwitio.ii.,i witlidn the existing interior of tlie COITIMU111ity cati have an positive effect towards reinve-stiriient in our neighborhoods by providing stability and erffianced character, as well. as as means to expand otir coiyumlnity'S 10Cal labor forct,-. Focusing on the existing interior of tlie City allows thebuilder to utilize existing infiastrUcture ratl'ier than the extension of clostly streets and utilities in undeveloped lands at or beyond the urban ffinge. To achieve tbis purpose, th.e City will offer a. series of incentives w I . Whereapplicable,apse City will provide low cost residential lots in the Prograrn.Area in. tax foreclosi,ze city receivership. If a builder obtains properties throug)'i. other tradition.al rn.eari.s within the Prograrin Area, other incentives within, I ' his policy may apply. 1 The City will. offer a five (5) year 100% residential tax abaternent of City property taxes. 1 1 The City will. of&r reduced. rates on building plain. review and j,-.)eni.'n.t fees. 4° The City will. offer reduced rates ori. labor charges on water arld sewer tap fees. Tlie (,,ity staff will work with. interested builders to identify parcels frorn as pool, of tax sale lots in trustee staftli.s to develop a list of properties that, will. be suitable f6r the constmetion. of new dwelling units. This may consist of single family, two-farnily, inediurn. dernsity, or higa density resideii.,ices. Prior to any construction occurring fi~om which flae builder is seeking ii-ii,centives, the bijilder will enter i.nto aurin Agreerneint to be approved by the t..-,ity Cotmcil f6r the construction of a. mininwri.n. of five (5) or more dwelling units on one (1) or more parcels. Ea ch. oft dwelling units sub ect to the Agreement must be (,onstructed uii.,ider the ten'ns of the agreement within. five (5), years from tbe date of the A.l,Yreement, unless suclr deadline is extended. by subseque.nt al.')proval of (lie City Council. All. 1paarclls under th.e.Agireernent must be built upon. within. five (5) yf.:Iars to satisfy the terms of the Agreernent. Faiklire to achieve this Lgoal will result in certdT11. claw backs as provided in tlw.Agreernent. All applications shall be considered on as fivirst come, first serve basis. There will be no -income guidelines uunncfferthis program for occupants of tbe dwelling units, whether owner or ren.ter occtlpied- In the event the applicairat corastracts a new dwellirii.g Unit arid sells said urrit, the tax abatement shall lapse and be te-rininated. as to that parcel. unless tile City Council. approves an assignment of the tax abatement agreemetit to, the new own.ff.