Participation in Residential Tax Abatements and Guideines and Criteria

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RESIDENTIAL TAX ABATEMENT PROGRAM GUIDELINES AND CRITERIA CITY OF PARIS, TEXAS APRIL 10, 2023 I. GENERAL PURPOSE AND OBJECTIVES The City of Paris will offer residential tax abatement as a stimulus for economic development in designated reinvestment zones located within the corporate city limits of the City of Paris, Texas. The policy of the City is to grant residential tax abatement for new residential structures and modernization, rehabilitation or expansion of existing residential structures that meet minimum investment threshold and comply with these Guidelines and Criteria. All applicants shall be considered on a case-by-case basis. II. DEFINITION OF TERMS Act -means the Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. 312.001 et. seq., as amended from time to time. Agreement -means a contractual agreement between an applicant and the City of Paris for the purposes of tax abatement. Applicant -means an owner of real property or his authorized agent located in a reinvestment zone or proposed reinvestment zone who requests tax abatement in accordance with these guidelines. Base Year Value — means the assessed value of eligible property on January 1, preceding the date of execution. Eligible Property - means new structure or residential improvements located in a designated Reinvestment Zone. Modernization — means the replacement, expansion and/or upgrading of single-family residential improvements for the purpose of reconditioning, refurbishing or expanding a single-family residence. New Structure - means residential improvements made to a property previously undeveloped which is placed into use by means other than or in conjunction with expansion or modernization. Reinvestment Zone - means an area designated in accordance with the Act by the City of Paris. Only property in a Reinvestment Zone may be eligible for tax abatement. Residential Improvements - means the construction of new single-family residential structures and all the appurtenances thereto, and includes modernization of existing structures. This term does not include duplexes or multi -family structures. Total Facility - means all improvements constructed. Page 1 of 5