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

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Total Dwelling Units Water Tap Labor Fees Discount Sewer Tap Labor Fees Discount 5 —9 50% 50% 10— 19 75% 75% 20+ 100% 100% Claw Back Provision—The Applicant who enters into an Agreement with the City of Paris shall construct at least five (5) or more new housing dwelling units on one (1) or more parcels within five (5) years from the effective date of the Agreement, or the City shall have the right to �, automatically take back any undeveloped parcel under the terms of the agreement and transfer of 'I the property by all taxing entities. This shall be recorded with or as a part of the deed as a right of reversion for all uncompleted construction lots deeded under this agreement against the property. The Applicant may request approval of an extension for such failure to construct a new residential dwelling unit(s), based upon reasonable circumstances, as may be approved by the City Council under a subsequent revised agreement. Parcels under the agreement cannot be sold or assigned to another individual except by prior approval and re-assignment of the parcel(s) and approval of a new agreement by the City Council. Failure to meet the requirements of construction the minimum of five (5) dwellings within the five (5) year period will result in a reversion of the all parcels upon which Residential Improvements have not been constructed and completed to the City and will result in the Applicant's being ineligible to participate in this program in the future. As a further claw back provision, and in accordance with Texas Tax Code Sec. 312.205, the Agreement shall provide for recapturing property tax revenue lost as a result of the agreement if the owner of the property fails to make all the Residential Improvements as provided in the Agreement regardless of how many dwelling units applicant builds. Compliance with all other City Requirements — The Applicant shall be fully responsible for compliance with all zoning, subdivision platting, and building code requirements as may specifically pertain to the subject parcel(s) under the approved Agreement. The applicant shall be fully responsible for all such costs which may include, but not be limited to: Zoning Changes, Special Use Permits, Variances, Platting and Surveying Costs, Plan Preparation, and Building Permit Fees. IV. APPLICATION PROCEDURES Applications for an Agreement with the City shall be reviewed for completeness. City Staff shall determine whether the application satisfies guidelines and criteria and Staff may request additional information or documents from Applicant. City Staff will make final recommendations on each application to the City Council. Any Applicant desiring approval of an Ageement shall comply with the following procedural guidelines. All applications shall be evaluated on their own merits within the parameters of these Guidelines and Criteria. 1. Preliminary Application Steps A. Applicant shall work with City Staff to identify eligible tax foreclosure City Trustee Page 4 of 7