08-26-2024 Agenda Packet - Laserfiche WebLink

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PL -INFO -0007 (rev 08/24) Low -Cost Sale of Foreclosed Properties _As part of their agreement, an applicant may choose to purchase eligible properties that are in a state of tax foreclosure. These properties are strictly first come, first serve and the City makes no warranty on having available properties for this incentive. The City will work with the Lamar County, Paris Independent School District, and Paris Junior College to seek a low-cost sale of the foreclosed property, but the City can only guarantee a low cost of its share. Tax Abatement _An Applicant who has satisfied all the criteria and guidelines for the low-cost property sale and residential tax abatement as set out herein, will be eligible for a' 00% five (5) y a+tax abatement on each parcel on which a dwelling unit or units are constructed and completed. The abatement will become effective on January 1st of the year following issuance of a Certificate of Completion following final construction inspection. As provided in the Act, a tax abatement may only be granted for the value of the Residential Improvements which exceed the base year value of the property and which are listed in an Agreement between the City of Paris and the applicant, subject to such limitations as the City of Paris may require. The base value will be set as of January 1ST he year in which the Agreement is executed. Upon completion of construction, the Applicant shall provide a copy of all material and: fixture purchase invoices to prove that those materials and: fixtures were purchased locally within the City of Paris when possible. The tax abatement is available only for improvements made after the execution of the Agreement. The Agreement may not be approved by the City Council until at least thirty (30) days after notice of the consideration and possible action on the Agreement has been posted. Reduced Fees for Building Plan Review and Permitting -The Applicant will be entitled to reduced rates for building plan review and permit fees as referenced in the Incentive Table ^R a „....'..t.••^ h..,:.. for all new ... dwelling units under agreement with the City aee FdhRgt„ the fell.... ing sehedule: Reduced Fees for Water & Sewer Tap LabOF The Applicant will be entitled to reduced rates for water and sewer tap labOF fees, where required by the Public Works Department, en a ^umulative hasis as referenced in the Incentive Table for all new dwelling units under agreement with the City aGC:eFdiag W Claw Back Provision - The Applicant who enters into an Agreement with the City of Paris shall construct at least five (5) 9F FA,,.e new housing dwelling units on one (1) or more parcels within five (5) years from the effective date of the Agreement, or the City shall have the right to automatically take back any undeveloped parcel under the terms of the agreement and transfer of the property by all taxing entities. This shall be recorded with or as a part of the deed as a right of reversion for all uncompleted construction lots deeded under this agreement against the property. The Applicant may request approval of an extension for such failure to construct a new residential dwelling unit(s), based upon reasonable circumstances, as may be approved bythe City Council under a subsequent revised agreement. Parcels under the agreement cannot be sold or assigned to another individual except by prior approval and re -assignment of the parcel(s) and approval of a new agreement by the City Council. Failure to meet the requirements of constructing a FAin:..,um of five "' the a reed u on new dwelling units within the five (5) year period will result in a reversion of all parcels upon which Residential Improvements have not been constructed and completed to the City and will result in the Applicant being ineligible to participate in this program in the future. Page 4 of 6