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

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THE STATE OF TEXAS COUNTY OF LAMAR RESIDENTIAL TAX ABATEMENT AGREEMENT This Residential Tax Abatement Agreement (hereinafter the "Agreement) is entered into by and between the CITY OF PARIS, TEXAS, a home rule municipality, situated in Lamar County, Texas, acting by and through its authorized officer whose signature appears below (hereinafter called "CITY"), and WE'RE GOING TO PARIS, LLC (hereinafter referred to as "Owner"). WITNESSETH: 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, 2021, 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 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, in consideration of the terms and conditions referenced herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City, and Owner (collectively referred to as "Parties") hereby mutually agree as follows: