2024-020 - Approving an economic development agreement and tax abatement agreement with PW Investments – 5 in 5 housing infill development program.

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RESOLUTION NO. 2024-020 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT AGREEMENT AND TAX ABATEMENT AGREEMENT WITH PW INVESTMENTS, LLC, 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, on February 10, 2020, the City Council passed Ordinance No. 2020-005 creating Reinvestment Zone 2020-1, designating certain areas inside the city limits to be eligible for the Residential Tax Abatement Program; and WHEREAS, after a public hearing on January 10, 2022, the City Council of the City of Paris, Texas passed Resolution No. 2022-003 stating its intent to establish a 5 In 5 Housing In -Fill Development Program (hereinafter "the Program") including low cost land sales and residential tax abatements and adopting guidelines and criteria for the Program; and WHEREAS, by Resolution 2022-003, City Council designated an area within Reinvestment Zone 2020-1 as being eligible for the Program; and WHEREAS, on July 25, 2022, City Council, by Resolution 2022-055, revised the guidelines and criteria for the Program; and WHEREAS, on April 10, 2023, the City Council approved resolution 2023-018 authorizing the City to become eligible to participate in residential tax abatements and approving guidelines and criteria for a residential tax abatement program; and WHEREAS, on January 8, 2024, the City Council approved resolution 2024- 002 re -authorizing the City to become eligible to participate in residential tax abatements and approving guidelines and criteria for residential tax abatements specifically related to the Program; and WHEREAS, PW Investments, LLC, owner of property located at City of Paris Block 199, Lot S of S, LCAD 17210,1610 Bonham Street, has submitted an application for a 5 in 5 Housing Infill Development Program agreement; and WHEREAS, the properties are within Reinvestment Zone No. 2020-1 and within the area set forth in the Program; and WHEREAS, Owner's proposed project comprises construction of one (1) multifamily structure comprising seven (7) dwelling units at the property described herein above in Paris, Texas (hereinafter "Improvements"); and WHEREAS, city staff has reviewed the application and the locations of the above described proposed residential improvements (hereinafter "Improvements") and has determined that the properties are located within the boundaries of the defined geographic area and meet the requirements for Improvements set forth in