2023-019 - Economic Development Agreement and Tax Abatement Agreement with Paris Lamar County Habitat for 5 In 5 Housing Infill Development Program

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In order to further encourage local development, employment, and enhancement of our economy, to be eligible for incentives in this policy, building materials and fixtures used in the construction of new dwelling units, where possible, must be purchased locally within the City of Paris. II. DEFINITION OF TERMS Act - The Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. 312.001 et. seg., as amended from time to time. Agreement - A contractual agreement between an applicant and the City of Paris for the purposes of a 5 In 5 Housing Infill Development Program to include an economic development agreement pursuant to Chapter 380 of the Texas Local Government Code and a residential tax abatement agreement pursuant to the Act. Applicant - An owner, proposed owner, builder or authorized agent of the owner of eligible property seeking an agreement under this policy. Base Year Value — The assessed value of eligible property on January 1, preceding the date of execution. Eligible Property - Property located in the defined Program Area_ and_lmmediatel� Adjacent thereto, whether foreclosed on due to taxes or not. Also, property located outside the Program Area if foreclosed on due to taxes. �a..._ Immediately.ce... t�.i mrpl er.. M... Prpi�ett� w 'eh .lies i...._m_.. ediatel� .next..to t e boundat of the > ro, cstn l�rga includin ; propert across a street or intersection or located dia,ons, therf �Qm. New Structure - Residential improvements made to a property previously undeveloped or a vacant parcel which is placed into use by means other than by expansion or modernization without full demolition of an existing substandard or condemned structure. Program Area - An area depicted in "Exhibit B" of the approved resolution for the 5 In 5 Housing Infill Development Program, which area is wholly within the boundaries of Reinvestment Zone 2020-1 for the purpose of residential tax abatements. Residential Improvements - The construction of new residential structures and all the appurtenances thereto. This term includes single family, duplexes and multi -family structures. Value of Improvements — The appraised value of the Residential Improvements as determined by the Lamar County Appraisal District and as described in the Agreement. III. ELIGIBILITY AND GUIDELINES Real. property is determined eligible under this policy as provided in the Definitions. If property is eligible, an Applicant may apply for an Agreement to receive incentives provided for in this Page 2 of 7