Agenda Packet - Laserfiche WebLink

Home Browse Search

Memorandum Agenda Item No. 18 TO: Mayor & City Council Rose Beverly, City Manager FROM: Osei Amo-Mensah, Director, Planning & Community Development SUBJECT: Economic Development and Residential Tax Abatement Agreement with Invest Lamar, LLC DATE: June 09, 2024 BACKGROUND: Invest Lamar, 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 10 single-family homes on the following properties known as City of Paris and Lamar County Trustee Properties: • LCAD# 12820, Lane Place Addition Block 1, Lot 13, 1300 Block of N.E. Campbell St. • LCAD# 12998, Maxey Addition Block 5, Lot 4 W. Campbell St. • LCAD# 12987, Maxey Addition Block 4, Lot 1, 1560 W. Campbell St. • LCAD# 18397, City of Paris Block 278, Lot 4A, Johnson St. and 15th NE St. • LCAD# 13758, City of Paris Block 29, Lot 4, E. Price St. • LCAD# 10186, Belmont Addition Block 6, Lot 11-12, 1633 Fairfax. • LCAD# 19930, Subdivision of Block 170-13, Block B, Lot 1 I-12, 115 W, Neagle St. • LCAD# 10964, East Park Addition, Block A, Lot 10, 1821 NE 10th St. • LCAD# 13975, City of Paris Block 37, Lot 10, 229 NE 5th St. • LCAD# 18596, City of Paris Block 300, Lot 6,2514 Graham St. STATUS OF ISSUE: 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 Texas Local Government Code relating to tap fees, building plan review, and permitting as well as a residential tax abatement under the authority of Texas Tax Code Chapter 312. There are transfers of City of Paris and Lamar County trustee properties. 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..