2022-033 - Approving a Residential Tax Abatement Agreement between the City of Paris and We’re Going to Paris, LLC

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RESOLUTION NO. 2022 - 033 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING A RESIDENTIAL TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF PARIS, TEXAS, ("CITY") AND WE'RE GOING TO PARIS, LLC, ("OWNER'); MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT AND DECLARING AN EFFECTIVE DATE. WHEREAS, on February 10, 2020, the City Council passed Ordinance No. 2020-005 creating Reinvestment Zone 2020-1, designating certain areas inside the city limits to be eligible for the Residential Tax Abatement Program; and WHEREAS, after a public hearing on April 12, 2 02 1, the City Council of the City of Paris, Texas passed Resolution No. 2021-012 reauthorizing the city to become eligible to participate in residential tax abatements and approving guidelines and criteria for the program; and WHEREAS, Owner has submitted an application for a residential tax abatement agreement related to its purchase and rehabilitation (the "Improvements") of the property located at 635 N.W. 7th St., commonly referred to as the Westgate Apartments (the "Property"); and WHEREAS, city staff has reviewed the application and the location of the above described improvements (hereinafter "Improvements") and has determined that the property is located within the boundaries of Reinvestment Zone 2020-1 and meets the requirements for Improvements set forth in guidelines and criteria as set forth in Resolution No. 2021-012; and WHEREAS, the Property has long been an a dilapidated condition and the Improvements proposed thereto will have a significant impact on the surrounding neighborhood and on West Paris in general thus justifying an upward deviation from the guidelines and criteria; and WHEREAS, furthermore, the restoration of the Property will help to alleviate a housing shortage within the city, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the terms of the Residential Tax Abatement Agreement and the property the subject thereof meet the City's Guidelines and Criteria for Residential Tax Abatement adopted by the City of Paris by Resolution No. 2021-12 save and except the following: the City Council finds that the project justifies an increase in the percentage of abatement granted to one hundred percent (100%) for five years because: