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PL -INFO -0007 (rev 05/12/25)
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<br />The abatement will become effective on January 1st of the year following issuance of a Certificate of
<br />Completion following final construction inspection. As provided in the Act, a tax abatement may only be
<br />granted for the value of the Residential Improvements which exceed the base year value of the property
<br />and which are listed in an Agreement between the City of Paris and the applicant, subject to such
<br />limitations as the City of Paris may require. The base value will be set as of January 1st of the year in which
<br />the Agreement is executed. Upon completion of construction, the Applicant shall provide a copy of all
<br />material and: fixture purchase invoices to prove that those materials and: fixtures were purchased locally
<br />within the City of Paris when possible. The tax abatement is available only for improvements made after
<br />the execution of the Agreement. The Agreement may not be approved by the City Council until at least
<br />thirty (30) days after notice of the consideration and possible action on the Agreement has been posted.
<br />Reduced Fees for Building Plan Review and Permitting -The Applicant will be entitled to reduced rates for
<br />building plan review and permit fees as referenced in the Incentive Table.
<br />Reduced Fees for Water & Sewer Tap Labor - The Applicant will be entitled to reduced rates for water
<br />and sewertap laborfees, where required bythe Public Works Department, sas referenced in the Incentive
<br />Table for all new dwelling units under agreement with the City.
<br />Claw Back Provision - The Applicant who enters into an Agreement with the City of Paris shall construct
<br />new housing dwelling units on one (1) or more parcels within five (5) years from the effective date of the
<br />Agreement, or a within a shorter time if agreed to by the parties and reflected in the Agreement, or the
<br />City shall have the right to automatically take back any undeveloped parcel under the terms of the
<br />agreement and transfer of the property by all taxing entities. This shall be recorded with or as a part of
<br />the deed as a right of reversion for all uncompleted construction lots deeded underthis agreement against
<br />the property. The Applicant may request approval of an extension for such failure to construct a new
<br />residential dwelling unit(s), based upon reasonable circumstances, as may be approved by the City Council
<br />under a subsequent revised agreement. Parcels under the agreement cannot be sold or assigned to
<br />another individual except by prior approval and re -assignment of the parcel(s) and approval of a new
<br />agreement by the City Council. Failure to meet the requirements of constructing the agreed upon new
<br />dwelling -units within the required period will result in a reversion of all parcels upon which Residential
<br />Improvements have not been constructed and completed to the City and will result in the Applicant being
<br />ineligible to participate in this program in the future.
<br />As a further claw back provision, and in accordance with Texas Tax Code Sec. 312.205, the Agreement
<br />shall provide for recapturing property tax revenue lost as a result of the agreement if the owner of the
<br />property fails to make all the Residential Improvements as provided in the Agreement regardless of how
<br />many dwelling units applicant builds.
<br />Compliance with all other City Requirements - The Applicant shall be fully responsible for compliance
<br />with all zoning, subdivision platting, and building code requirements as may specifically pertain to the
<br />subject parcel(s) under the approved Agreement. The applicant shall be fully responsible for all such costs
<br />which may include, but not be limited to: Zoning Changes, Special Use Permits, Variances, Platting and
<br />Surveying Costs, Plan Preparation, and Building Permit Fees.
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