12 - We're Going to Paris - fromer Westgate Apartments - Residential Tax Abatement

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Item No. 12 TO: Mayor, Mayor Pro Tem and City Council Grayson Path, City Manager FROM: Andrew Mack, AICP Director Planning & Community Development SUBJECT: Residential Tax Abatement — We're Going to Paris, LLC Former Westgate Apartments DATE: May 9, 2022 BACKGROUND & DISCUSSION Attached please find a draft Residential Tax Abatement Agreement for consideration of approval between the City of Paris and Seth Bame representing We're Going to Paris, LLC. The project involves the renovation construction of the entire former Westgate Apartment Complex. There are approximately 110 apartment units that will consist of 1, 2 and 3 bedrooms at market rate rents. This project was identified by the City as a very high priority redevelopment/renovation project need. The former Westgate CDBG housing project has remained abandoned for nearly the past 20 years in West Paris. The City has undergone a series of actions involving the tax forfeiture and public sale of the property to a private redeveloper. The property has since changed hands to an experienced redeveloper from the Dallas/Fort Worth Area. This company has extensive experience undertaking historic low/moderate income residential property renovations as part of their company portfolio. Mr. Bame plans to attend the Council meeting and present the Council with information about their company background and plans for the renovation of the Westgate property over the next year. Complete plans have been submitted to our Building Department and have been reviewed and are pending approval and issuance of permits. Permit issuance is pending final approval of the requested five-year 100% property tax abatement agreement by the City, as required by State Law. The developer is also meeting on the morning of May 91h with the Lamar County Board to discuss a similar agreement. Building permit issuance also needs to be held off on prior to County approval of a property abatement agreement, should they agree to approve the redeveloper's request.