2024-002 - Reauthorizing the City to become eligible to participate in Residential Tax Abatements related to the 5-in-5 Housing Infill Redevelopment Program

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RESOLUTION N0. 2024-002 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS REAUTORIZING THE CITY TO BECOME ELIGIBLE TO PARTICIPATE IN RESIDENTIAL TAX ABATEMENTS RELATED TO THE 5 IN 5 HOUSING INFILL REDEVELOPMENT PROGRAM AND READOPTING THE GUIDELINES AND CRITERIA RELATED TO SAME; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, Sec. 312.002 of the Texas Tax Code requires local taxing entities to state their intent to participate in abatement agreements and to adopt guidelines and criteria for granting tax abatements; and WHEREAS, on October 14, 2013 in Ordinance No. 2013-036, the City Council designated Reinvestment Zone No. 2013-1 for residential tax abatements; and WHEREAS, on February 9, 2015, the City Council passed Ordinance No. 2015-002 amending Reinvestment Zone 2013-1 for Residential Tax Abatements to expand it to include all Council Districts in the City and designated the new reinvestment zone as Reinvestment Zone No. 2015-1; and WHEREAS, in 2021, City Council re -authorized Reinvestment zone 2015-01 and renamed it Reinvestment Zone No. 2020-1; and WHEREAS, by Resolution No. 2022-003, on January 10, 2022, City Council adopted the 5 in 5 Housing Infill Redevelopment Program (the "Program"), including guidelines and criteria for residential tax abatements within the designated Program area, which area falls within Reinvestment Zone 2020-1; and WHEREAS, City Council revised said guidelines and criteria on July 25, 2022 in Resolution 2022-055; and WHEREAS, pursuant to Texas Tax Code Sec. 312.002(c), guidelines and criteria for tax abatements are effective for two years from the date adopted; and WHEREAS, the City Council continues to desire to participate in a residential tax abatement program related to the Program; and WHEREAS, on January 8, 2024, the City Council held a public hearing on the reauthorization of the Program and readoption of the guidelines and criteria therefor as required by law, and after considering any testimony offered therein, wishes to reauthorize participation in the Program and to reauthorize the guidelines and criteria therefor; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved and are incorporated herein for all purposes.