PL -INFO -0007 (rev 05/12/25)
<br />be built upon within five (5) years to satisfy the terms of the Agreement. Failure to achieve this goal will
<br />result in certain claw backs as provided in the Agreement. All applications shall be considered on a first
<br />come, first serve basis, and the City will not maintain a wait list. There will be no income guidelines under
<br />this program for occupants of the dwelling units, whether owner or renter occupied. In the event the
<br />applicant constructs a new dwelling unit and sells said unit, the tax abatement shall lapse and be
<br />terminated as to that parcel unless the City Council approves an assignment of the tax abatement
<br />agreement to the new owner.
<br />In order to further encourage local development, employment, and enhancement of our economy, to be
<br />eligible for incentives in this policy, building materials and fixtures used in the construction of new
<br />dwelling units, where possible, must be purchased locally within the City of Paris.
<br />II. DEFINITION OF TERMS
<br />Act - The Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. 312.001 et. seq., as
<br />amended from time to time.
<br />Agreement - A contractual agreement between an applicant and the City of Paris for the purposes of a 5
<br />In 5 Housing Infill Development Program to include an economic development agreement pursuant to
<br />Chapter 380 of the Texas Local Government Code and a residential tax abatement agreement pursuant to
<br />the Act. An Active Agreement is an Agreement under which the Applicant has not yet completed all the
<br />improvements required therein.
<br />Applicant - An owner, proposed owner, builder or authorized agent of the owner of eligible property
<br />seeking an agreement under this policy.
<br />Base Year Value -The assessed value of eligible property on January 1, preceding the date of execution.
<br />Eligible Property - Property located in the defined Program Area and immediately Adjacent thereto,
<br />whether foreclosed on due to taxes or not. Also, property located outside the Program Area if foreclosed
<br />on due to taxes.
<br />Immediately Adjacent Property — Property which lies immediately next to the boundary of the Program
<br />Area, including property across a street or intersection or located diagonally therefrom.
<br />New Structure - Residential improvements made to a property previously undeveloped or a vacant parcel
<br />which is placed into use by means other than by expansion or modernization without full demolition of
<br />an existing substandard or condemned structure.
<br />Neighborhood Uniformity — Consistency or similarity in the characteristics of homes, properties, and
<br />overall design within a specific neighborhood, primarily concerned with maintaining consistency and
<br />cohesion in architectural styles within a given street, block or larger area.
<br />Program Area - An area depicted in "Exhibit B" of the approved resolution for the 5 In 5 Housing Infill
<br />Development Program, which area is wholly within the boundaries of Reinvestment Zone 2020-1 for the
<br />purpose of residential tax abatements.
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