18 - Economic Development & Residential Tax Abatement - PW Investments

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-M I , Item No. 18 TO: City Council Grayson Path, City Manager FROM: Stephanie H. Harris, City Attorney SUBJECT: Economic Development and Residential Tax Abatement Agreement with PW Investments, LLC DATE: March 25, 2024 BACKGROUND: PW Investments, LLC (the Developer) has applied for an Economic Development and Residential Tax Abatement Agreement under the 5 in 5 Housing Infill Development Program (the Program) to build a multifamily structure comprising 7 dwelling units on the following property the Developer currently owns: • LCAD- 17210, City of Paris Block 199, Lot S of 2, located on 1610 Bonham St STATUS OF ISSUE: Staff has reviewed the application and determined that the property is within the Program Area, and that the proposed improvements meet the Program criteria. The proposed agreement, attached hereto, provides incentives under Chapter 380 of the Texas Local Government Code relating to tap fees, building plan review, and permitting as well as a residential tax abatement under the authority of Texas Tax Code Chapter 312. There is no transfer of city trustee properties. All incentives are provided in the Program guidelines and criteria. Notice of the Council's consideration of the tax abatement was duly posted at least 30 days prior to this meeting as required by law. BUDGET: Discounts on the fees described above. The tax abatement will have negligible budgetary impact as the abatement will apply only to the incremental value to taxable value attributable to the required improvements on otherwise undeveloped property. RECOMMENDATION: Staff recommends adopting a resolution approving the attached 5 in 5 agreement with Invest Fannin, LLC.