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Item No. 13 TO: Mayor, Mayor Pro -Tem and City Council Rose Beverley, City Manager FROM: Osei Amo-Mensah, AICP Director Planning & Community Development SUBJECT: Economic Development and Residential Tax Abatement Agreement with Invest Lamar, LLC. MTG. DATE: February 10, 2025 BACKGROUND Invest Fannin, 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 seven (7) single family homes on the following properties that the Developer currently owns: a. LCAD# 10186, NE 10th St., East Park Addition, Block B, Lots 3 and 4 b. LCAD# 18397, 1400 Block of NE Johnson, City of Paris Block 270, Lot 3 c. LCAD# 12820, 1300 Block of NE 14th St., Lane Place Addition Block 1, Lot 13 d. LCAD# 10964, 18 21 NE. 10th St., East Park Addition Block A, Lot 10 e. LCAD# 101212, 1400 NW 12th St., East Park Addition Block N, Lot 8 f. LCAD# 13758, 600 Block of E. Price St., City of Paris Bock 29, Lot 4 STATUS OF ISSUE: Staff recommends adopting a resolution approving the attached 5 in 5 agreement with Invest Lamarq, LLC. Staff has reviewed the application and determined that the properties are within the Program Area, and that the proposed improvements meet the criteria for the Program. The proposed agreement, attached hereto, provides incentives under Chapter 380 of the Local Government Code relating to tap fees, building plan review, and permitting as well as a residential tax abatement under the authority of the Texas Tax code Chapter 312. 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 attributable to the required improvements on otherwise underdeveloped property. RECOMMENDATION Staff recommends adopting a resolution approving the attached 5 in 5 agreement with Invest Lamar, LLC.