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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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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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2/28/2024 10:54:09 AM
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1/9/2024 12:08:05 PM
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In order to further encourage local development, employment, and enhancement of our economy, <br />to be eligible for incentives in this policy, building materials and fixtures used in the construction <br />of new dwelling units, where possible, must be purchased locally within the City of Paris. <br />II. DEFINITION OF TERMS <br />Act - The Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. 312.001 et. <br />seq., as amended from time to time. <br />Agreement - A contractual agreement between an applicant and the City of Paris for the purposes <br />of a 5 In 5 Housing Infill Development Program to include an economic development agreement <br />pursuant to Chapter 380 of the Texas Local Government Code and a residential tax abatement <br />agreement pursuant to the Act. <br />Applicant - An owner, proposed owner, builder or authorized agent of the owner of eligible <br />property seeking an agreement under this policy. <br />Base Year Value — The assessed value of eligible property on January 1, preceding the date of <br />execution. <br />Eligible Property - Property located in the defined Program Area and Immediately Adjacent <br />thereto, whether foreclosed on due to taxes or not. Also, property located outside the Program <br />Area if foreclosed on due to taxes. <br />Immediately Adjacent property — Property which lies immediately next to the boundary of the <br />Program Area, including property across a street or intersection or located diagonally therefrom. <br />New Structure - Residential improvements made to a property previously undeveloped or a vacant <br />parcel which is placed into use by means other than by expansion or modernization without full <br />demolition of an existing substandard or condemned structure. <br />Program Area - An area depicted in "Exhibit B" of the approved resolution for the 5 In 5 Housing <br />Infill Development Program, which area is wholly within the boundaries of Reinvestment Zone <br />2020-1 for the purpose of residential tax abatements. <br />Residential Improvements - The construction of new residential structures and all the <br />appurtenances thereto. This term includes single family, duplexes and multi -family structures. <br />Value of Improvements — The appraised value of the Residential Improvements as determined <br />by the Lamar County Appraisal District and as described in the Agreement. <br />III. ELIGIBILITY AND GUIDELINES <br />Real property is determined eligible under this policy as provided in the Definitions. If property <br />is eligible, an Applicant may apply for an Agreement to receive incentives provided for in this <br />Page 2 of 7 <br />
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