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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT AGREEMENT AND TAX ABATEMENT AGREEMENT WITH INVEST LAMAR, 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 January 27, 2025, the City Council passed Ordinance No. 2025- 003 creating Reinvestment Zone 2025-1, 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 2025-1 (at the time known Reinvestment Zone 2020-1) as being eligible for the Program; and WHEREAS, City Council has revised the guidelines and criteria for the Program and for tax abatement agreements granted thereunder three times, the most recent revisions adopted by Resolution 2025-003 on January 13, 2025; and WHEREAS, Invest Lamar, LLC has submitted an application for a 5 In 5 Housing Infill Development project to construct seven (7) single family homes (hereinafter the Improvements) at the properties described herein below in Paris, Texas (the Properties); and WHEREAS, city staff has reviewed the application and the location of the above described residential Improvements and has determined that the property is located within the boundaries of the defined geographic area and meets the requirements for Improvements set forth in the Guidelines and Criteria for the 5 In 5 Housing Infill Development Program as set forth in City Resolution No. 2025-003. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved and are incorporated herein for all purposes. Section 2. That the terms of the Economic Development Agreement and Tax Abatement Agreement between the city and Invest Lamar, LLC the property the subject thereof meet the City's Guidelines and Criteria for Tax Abatement adopted by