2025-021 - Approving an Economic Development Agreement with Todd Stephens pursuant to the 5 in 5 Housing Infill Development Program

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RESOLUTION NO. 2025 - 021 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT AGREEMENT AND TAX ABATEMENT AGREEMENT WITH TODD STEPHENS (HEREIN AFTER REFERRED TO AS OWNER), 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 of the City of Paris, Texas passed Ordinance No. 2025-003 creating Reinvestment Zone 2025-1 and 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, which guidelines and criteria from time to time have been amended, most recently on January 13, 2025 by Resolution No. 2025-003; and WHEREAS, the City Council has, in said guidelines and criteria, designated an area within Reinvestment Zone 2025-1 as being eligible for the Program; and WHEREAS, on February 24, 2023, the City Council approved resolution 2025- 010 re -authorizing the City to become eligible to participate in residential tax abatements and approving guidelines and criteria for the residential tax abatement program; and WHEREAS, the Program has additional criteria and guidelines for participation therein, including criteria and guidelines for eligibility for residential tax abatements; and WHEREAS, Owner has submitted an application for a 5 In 5 Housing Infill Development project to construct five (5) single family homes on the properties described herein below in Paris, Texas (hereinafter "Improvements"); and WHEREAS, city staff has reviewed the application and the location of the above described residential Improvements and has determined that the properties are located within the boundaries of the defined geographic area and Reinvestment Zone 2025-1 and meet the requirements for Improvements set forth in the guidelines and criteria for the 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: