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RESOLUTION NO. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, <br />TEXAS APPROVING AN ECONOMIC DEVELOPMENT AND <br />RESIDENTIAL TAX ABATEMENT AGREEMENT BETWEEN THE CITY <br />OF PARIS, TEXAS, ("CITY") AND DISTINGUISHED PROPERTY & <br />INVESTMENTS, LLC, ("OWNER"); MAKING OTHER FINDINGS AND <br />PROVISIONS RELATED TO THE SUBJECT AND DECLARING AN <br />EFFECTIVE DATE. <br />WHEREAS, on February 10, 2020, the City Council of the City of Paris, Texas <br />passed Ordinance No. 2020-005 creating Reinvestment Zone 2020-1, designating <br />certain areas inside the city limits to be eligible for the Residential Tax Abatement <br />Program; and <br />WHEREAS, after a public hearing on January 10, 2022, the City Council passed <br />Resolution No. 2022-003 stating its intent to establish the 5 In 5 Housing Infill <br />Development Program (hereinafter "the Program") including a low cost land sale and <br />residential tax abatements and adopting guidelines and criteria for the Program; and <br />WHEREAS, Resolution 2022-003, City Council designated an area within <br />Reinvestment Zone 2020-1 as being eligible for the Program; and <br />WHEREAS, on April 12, 2021, the City Council approved resolution 2021-012 <br />re -authorizing the City to become eligible to participate in residential tax abatements <br />and approving guidelines and criteria for the residential tax abatement program; and <br />WHEREAS, the Program has additional criteria and guidelines for <br />participation in said Program, including criteria and guidelines for eligibility for <br />residential tax abatements; and <br />WHEREAS, the Program Guidelines require that for a property to be eligible <br />to participate in the Program, the property must be within a defined Program Area, <br />with an exception for property transferred via a tax foreclosure process; and <br />WHEREAS, on July 25, 2022, by Resolution No. 2022-_, the City Council <br />amended the guidelines and criteria of the Program to make properties immediately <br />adjacent to the Program Area eligible to participate in the Program; and <br />WHEREAS, Owner has submitted an application for a 5 In 5 Housing In -Fill <br />Development project to construct three (3) new duplexes with six (6) total dwelling <br />units on property owned by it located at 891 Clement Road in Paris, Texas <br />(hereinafter "Improvements"); and <br />WHEREAS, city staff has reviewed the application and the location of the <br />above described residential duplex improvements (hereinafter "Improvements") and <br />has determined that the property at 891 Clement Road (the "Property") is located <br />immediately adjacent to the Program Area and meets the requirements for <br />Improvements set forth in the Guidelines and Criteria for the 5 In 5 Housing Infill <br />