Laserfiche WebLink
In order to further encourage local development, employment, and enhancement of our economy, <br />to be eligible for incentives in this policy, building materials and fixtures used in the construction <br />of new dwelling units, where possible, must be purchased locally within the City of Paris. <br />11. DEFINITION OF TERMS <br />Act - The Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. 312.001 et. <br />seq., as amended from time to time. <br />Agreement - A contractual agreement between an applicant and the City of Paris for the purposes <br />of a 5 In 5 Housing Infill Development Program to include an economic development agreement <br />pursuant to Chapter 380 of the Texas Local Government Code and a residential tax abatement <br />agreement pursuant to the Act. <br />Applicant - An owner, proposed owner, builder or authorized agent of the owner of eligible <br />property seeking an agreement under this policy. <br />Base Year Value — The assessed value of eligible property on January 1, preceding the date of <br />execution. <br />Eligible Property - Property located in the defined Program Area ari ' d I ' nij ' ' ii ' (,(ii a ' t ' q - ��OjLj, �pqjj, <br />LtLL,q'e" to ', whether foreclosed on due to taxes or not. Also, property located outside the Program <br />Area if foreclosed on due to taxes. <br />hj_un edial,Oy AAj�- L )�Lljq_n(-a[q <br />­,,�!�,,j)gly NAThich 1jes jnu.�dj1y,,Lij !2 fl) boundary offlic <br />o'lary) Arc,.i, including, prqpgly <br />across, p SfICCL (,,W intersection or kicated dia olially fl!prqft: p,, <br />New Structure - Residential improvements made to a property previously undeveloped or a vacant <br />parcel which is placed into use by means other than by expansion or modernization without fall <br />demolition of an existing substandard or condemned structure. <br />Program Area - An area depicted in "Exhibit 13" of the approved resolution for the 5 In 5 Housing <br />Infill Development Program, which area is wholly within the boundaries of Reinvestment Zone <br />2020-1 for the purpose of residential tax abatements. <br />Residential Improvements - The construction of new residential structures and all the <br />appurtenances thereto. This term includes single family, duplexes and multi -family structures. <br />Value of Improvements — The appraised value of the Residential Improvements as determined <br />by the Lamar County Appraisal District and as described in the Agreement. <br />111. ELIGIBILITY AND GUIDELINES <br />Real property is determined eligible under this policy as provided in the Definitions. If property <br />is eligible, an Applicant may apply for an Agreement to receive incentives provided for in this <br />Page 2 of 7 <br />