2022-045 - Approving an Economic Developement and Tax Abatement Agreement With Sky-Mar Ventures, LLC

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RESOLUTION N0. 2022-003 A AESOLUTION OF THE C1TY COUNCIL OF THfi CITY OF PARIS, TEXAS ESTABLISHING THE 5 [N 5 HOUSING IN-FILL DEVELOPMENT PROGRAM; AUTHORIZING THE CITY TO BBCOME BLIGIBl.E TO PARTICIPATE IN RESIDENTI.4L HOUSING TAX ABATEMENTS AND APPROViNG GUIDBLINfiS,CRiTERIA AND AN APPLICATION FORM FOR THE PROGRAM;MAKING OTHER FINDINGS AND PROVISiONS RfiLATBD TO THE SUBjECT;AND DBCLARING AN fiFFECTIVB DATE. WHERSAS, Sec.312.002 of the Texas Tax Code requires local taxing endties to state their intent to participate in tax abatement agreements and to adopt guidelines and criteria for granting such tax ahatements;and WHEREAS,on October 14,2013 in Ordinance No.2013-036,the City Council designated Reinvestrnent Zone No.2013-1 for residentiaI tax abatements;and WHEREAS, concurrent with Ordinance No. 2013-036, the City Council also approved Resolutlon No. 2013-036 electing to be eligible to participate in a residential t�x abatement program and approving Guidelines and Criteria for Residentia] Tax Abatement Program as required by statute;and WHEREAS, on February 9, 2015, the City Council passed Ordinance Na. 2015-002 amending Reinvestment Zone 2013-1 for Residential Tax Abatements w expand it to include all Council Districts in the City and designated the new reinvesiment zone as Reinvestment Zone No. 2015-1;and � WHEItBAS, on January 9, 2017, the City Council approved Resolution 2017-001 re- authorizing the City to become eligible to partidpate in residential tax abatements and approving guidelines and criterial for the residential tax abatement program;and WHBREAS, on April 22, 2019, the City Council approved Resolution 2019-013 re- authorizing the City to become eligible to paracipate in residential tax abatements and approving guidelines and criterial for the residential tax abatement program;and WHEREAS,in 2020.City Council re•authorized Reinvestment zone 2015-01 and renamed it.Reinvestrnent Zone No.2020-1;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 criberial for the residential taac abatement program;and WHEREAS, pursuant to Texas Tax Code Sec. 312.002[c), guidelines and criteria for tax abatements are effective for two years from the date adopted;and WHERIIAS,the City Council desire to continue to participate in a residential tax abatement program in the City of Paris and has now been presented with a new program to be known as the "5 In 5 Housing In-Fill Development Program" {the "Program") with specific guidelines and criteria for residential t�abatements entered into pursuant to Program;and �h�� 3