2023-026 - Economic Development Agreement and Tax Abatement Agreement with Cultiv8Community 5 In 5 Housing Infill Development Program

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RESOLUTION NO. 2023-026 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT AGREEMENT AND TAX ABATEMENT AGREEMENT WITH CULTIV8COMMUNITY PURSUANT TO THE 5 IN 5 HOUSING INFILL DEVELOPMENT PROGRAM; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris, Texas has been presented a proposed agreement by and between the City and Cultiv8Community ("Owner") providing for an Economic Development Agreement and Tax Abatement Agreement (the "Agreement") under the 5 in 5 Housing Infill Development Program (the "Program") adopted by the City Council on January 10, 2022 and amended by Resolution 2022-055 on July 25, 2022, a copy of which Agreement is attached hereto as Exhibit A and incorporated herein by reference; and, WHEREAS, on February 10, 2020, the City Council passed Ordinance No. 2020-005 creating Reinvestment Zone 2020-1, designating certain areas inside the city limits eligible for the Residential Tax Abatement Program; and WHEREAS, the properties the subject of the Agreement and the improvements to be made thereon are situated within Reinvestment Zone 2020-1 and lie within the Program Area described in the guidelines and criteria for the Program; and WHEREAS, the contemplated use of the property, and the improvements to be installed thereon in the amounts set forth in the Agreement and the other terms therein are consistent with encouraging development of said reinvestment zone in accordance with the purposes for which it was created and are in compliance with the City's policy of tax abatement incentives adopted by the City adopted on July 25, 2022 and all applicable laws; WHEREAS, the City Council also wishes to offer the additional development incentives set forth in the Agreement pursuant to Chapter 380 of the Texas Local Government Code, and WHEREAS, the City Council finds that the incentives offered in the Agreement will encourage development in the Program Area described in Resolution 2022-003 through the provision of much needed housing stock for the growing labor force in the City; and WHEREAS, upon review and consideration of the Agreement, and all matters attendant and related thereto, the City Council finds that the terms and conditions therein meet the guidelines and criteria for tax abatement and other incentives set forth in the Program and should be approved, and that the Mayor should be authorized to execute it on behalf of the City of Paris, Texas.