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

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THE STATE OF TEXAS COUNTY OF LAMAR ECONOMIC DEVELOPMENT AND RESIDENTIAL TAX ABATEMENT AGREEMENT This Economic Development and Residential Tax Abatement Agreement (hereinafter the "Agreement") is entered into by and between the CITY OF PARIS, TEXAS, a home rule municipality situated in Lamar County, Texas, acting by and through its authorized officer whose signature appears below (hereinafter called "City"), and TODD STEPHENS (hereinafter referred to as "Owner"). WITNESSETH: WHEREAS, on January 27, 2025, the City Council of the City of Paris, Texas 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, which guidelines and criteria have from time to time 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 No. 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.