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

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Minimum Investment—To be eligible for residential tax abatement, an Applicant must construct a new structure or structures on the property parcel(s) identified in an Agreement between the applicant and the City. Incentives L_ow Cost Sale of Foreclosed Properties— As part of their agreement, an applicant may choose to purchase eligible properties that are in a state of tax foreclosure. These properties are strictly first come, first serve and the City makes no warranty on having available properties for this incentive. The City will work with the Lamar County, Paris Independent School District, and Paris Junior College to seek a low cost sale of the foreclosed property, but the City can only guarantee a low cost of its share. Tax Abatement - An Applicant who has satisfied all the criteria and guidelines for the low cost property sale and residential tax abatement as set out herein, will be eligible for a 100% five (5) year tax abatement on each parcel on which a dwelling unit or units are constructed and completed. The abatement will become effective on January 1 St of the year following issuance of a Certificate of Completion following final construction inspection. As provided in the Act, a tax abatement may only be granted for the value of the Residential Improvements which exceed the base year value of the property and which are listed in an Agreement between the City of Paris and the applicant, subject to such limitations as the City of Paris may require. The base value will be set as of January 1 S'of the year in which the Agreement is executed. Upon completion of construction, the Applicant shall provide a copy of all material and fixture purchase invoices to prove that those materials and fixtures were purchased locally within the City of Paris when possible. The tax abatement is available only for improvements made after the execution of the Agreement. The Agreement may not be approved by the City Council until at least thirty(30) days after notice of the consideration and possible action on the Agreement has been posted. Reduced Fees for Building Plan Review and Permitting—The Applicant will be entitled to reduced rates for building plan review and permit fees on a cumulative basis for all new dwelling units under agreement with the City according to the following schedule: Total Dwelling Units Plan Review Fee Discount Building Permit Fee Discount 5 —9 100% 50% 10— 19 100% 75% 20+ 100% 100% Reduced Fees for Water and Sewer Tap Labor — The Applicant will be entitled to reduced rates for water and sewer tap labor fees, where required by the Public Works Department, on a cumulative basis for all new dwelling units under agreement with the City according to the following schedule: Page 3 of 7