17 - 5 in 5 Tax Abatement Agreement with Sky-Mar Ventures

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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT AND TAX ABATEMENT AGREEMENT WITH SKY -MAR VENTURES, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris, Texas has been presented a proposed agreement by and between the City and Sky -Mar Ventures, LLC providing for an Economic Development Agreement and Tax Abatement Agreement (the "Agreement") under the 5 in 5 Housing In -fill Development Program (the "Program") adopted by the City Council on January 10, 2022 by Resolution No. 2022-003; and, WHEREAS, on February 10, 2020, the City Council of the City of Paris, Texas 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, Resolution 2022-003, City Council designated an area within Reinvestment Zone 2020-1 as being eligible for the Program; and WHEREAS, on April 12, 2021, the City Council approved resolution 2021-012 re- authorizing the City to become eligible to participate in residential tax abatements and approving guidelines and criteria for the residential tax abatement program; and WHEREAS, the Program has additional criteria and guidelines for participation in said Program, including criteria and guidelines for eligibility for residential tax abatements; and WHEREAS, Owner has submitted an application under the program to construct a new apartment building with ten (10) dwelling units on property owned by him in the 300 block of West Sherman St. in Paris, Texas (hereinafter "Improvements"); and WHEREAS, city staff has reviewed the application and the location of the above described residential apartment building (hereinafter "Improvements") and has determined that the property is located within the boundaries of the defined geographic area and meets the requirements for Improvements set forth in the Guidelines and Criteria for the 5 In 5 Housing In -Fill Development Program as set forth in City Resolution No. 2022-003. 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.