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Item No. 8 <br />jVlemorandum <br />TO: Mayor, Mayor Pro Tem and City Council <br />Grayson Path, City Manager <br />FROM: Andrew Mack, AICP Director Planning & Community Development <br />SUBJECT: Discuss and Act Upon a 5 In 5 Tax Abatement Agreement with P -Town Property Holdings <br />DATE: June 12, 2023 <br />BACKGROUND & DISCUSSION <br />Attached please find the draft resolution and agreement between the City and P -Town Property Holdings <br />for the construction of 3 new Tri-Plex and 2 new Duplex homes. These are all on private parcels which <br />were not part of a prior tax sale, however they are still eligible for a City property tax abatement through <br />the program. The properties are in the process of being replatted and received a front yard setback variance <br />by the Board of Adjustment on 6/5/23. This agreement will be through the 5 In 5 Infill Housing Program <br />Area for the following parcels: <br />Parcel No. LCAD # Address <br />l 18257 500 Block of 20th NE <br />------------ <br />218256 410 NE 20th St <br />All of the homes are planned for construction this year, but could be phased. Attached are site plans, floor <br />plans and elevation drawings of the new residential dwellings proposed to be constructed on all the <br />properties. Richardson Custom Homes of Paris, Texas is planned to be the General Contractor for the <br />projects. The agreement spells out all the requirements under the 5 In 5 Infill Development Program <br />Guidelines. Mr. Tim Risinger plans to attend the meeting on Monday night to present their building plans <br />under the agreement to the City Council. <br />Recommendation <br />Approval of the 5 In 5 Infill Development Agreement with P -Town Property Holdings for the construction <br />of 3 new Tri -flex and 2 new Duplex homes in the 5 In 5 Area is recommended. <br />