21 - Residential Tax Abatement with Habitat for Humanity - Gibbons Park Addition Block 2 Lot 22 and East 24 ft of Lot 23 - 743 East Polk

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Item No. 21 TO: Mayor, Mayor Pro Tem and City Council Grayson Path, City Manager FROM: Andrew Mack, AICP Director Planning & Community Development SUBJECT: Discuss and act on a Resolution approving a Residential Tax Abatement Agreement with Paris/Lamar County Habitat for Humanity for the property located at Gibbons Park Addition, Block 2, Lot 22 and East 24 ft. of Lot 23, 743 East Polk (LCAD Property ID 11781) DATE: May 23, 2022 BACKGROUND Habitat for Humanity is seeking approval of building permit to construct a new home at 743 East Polk Street. They have included this property the recently acquired this year on their application for 5 In 5 agreement application, but do not have control over the other 4 lots at this time. Accordingly, staff has worked with the organization to achieve 1 of the 4 incentives of the 5 In 5 program with a 5 year 100% tax abatement. This, similar to an approval 2 weeks ago for the former Westgate site, would modify the standard policy of de-escalating clause to a full 100% over 5 years as in the 5 In 5. Habitat may also wish to pursue the same approvals with Lamar County as well. Upon completion of the house construction, the tax abatement can be re -assigned to the new owner. There may also be an opportunity at that time to add this property into a full 5 In 5 Agreement so as to allow the other 3 incentives under the policy to apply for Habitat over the next five years. This has been the topic of discussion with the organization to this point in time and staff would fully support that recommended action should the additional 4 properties be secured by Habitat prior to completion of the house and any proposed re -assignment of the abatement. RECOMMENDATION Staff recommends approval of a 5 -Year 100% Residential Tax Abatement Agreement with Paris/Lamar County Habitat for Humanity for the property located at 743 East Polk Street.