27 - Economic Development Residentail Tax Abatement Agreement - Michael Davidson -Distinguished Property & Investments - 5 in 5 Housing Infill Development Program

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THE STATE OF TEXAS ) COUNTY OF LAMAR ) ECONOMIC DEVELOPMENT AND RESIDENTIAL TAX ABATEMENT AGREEMENT This Economic Development and Residential Tax Abatement Agreement (hereinafter the "Agreement") is entered into by and between the CITY OF PARIS, TEXAS, a home rule municipality situated in Lamar County, Texas, acting by and through its authorized officer whose signature appears below (hereinafter called "CITY"), and DISTINGUISHED PROPERTY & INVESTMENTS, LLC (hereinafter referred to as "Owner"). WITNESSETH: 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, after a public hearing on January 10, 2022, the City Council passed Resolution No. 2022-003 stating its intent to establish the 5 In 5 Housing In -Fill Development Program (hereinafter "the Program") including a low cost land sale and residential tax abatements and adopting guidelines and criteria for the 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, the Program Guidelines require that for a property to be eligible to participate in the Program, the property must be within a defined Program Area, with an exception for property transferred via a tax foreclosure process; and WHEREAS, on July 25, 2022, by Resolution No. 2022-_--, the City Council amended the guidelines and criteria of the Program to make properties immediately adjacent to the Program Area eligible to participate in the Program; and WHEREAS, Owner has submitted an application for a 5 In 5 Housing In -Fill Development project to construct three (3) new duplexes with six (6) total dwelling units on property owned by it located at 891 Clement Road in Paris, Texas (hereinafter "Improvements"); and 1