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TO: Mayor & City Council <br />Rose Beverly, City Manager <br />Agenda Item No. 19 <br />FROM: Osei Amo-Mensah, Director, Planning & Community Development <br />SUBJECT: Economic Development and Residential Tax Abatement Agreement with R4U <br />Ventures, LLC. <br />DATE: June 09, 2024 <br />BACKGROUND: R4U Ventures, LLC (the Owner) has applied for an Economic Development <br />and Residential Tax Abatement Agreement under the 5 in 5 Housing Infill Development Program <br />(the Program) to build 10 single-family homes on the following properties known as City of Paris <br />Trustee Properties: <br />• LCAD# 15383, City of Paris Lot PT 5, Block 93-13, 6th St. NE <br />• LCAD# 10984, East Park Addition Lot 30, Block A, 1685 10th St. NE <br />• LCAD# 10990, East Park Addition Lot 36, Block A, 10th St. NE <br />• LCAD# 19114, Pickard Addition Lot 1-B, Block 4, 944 7th St. NE <br />• LCAD# 19115, Pickard Addition Lot 2-C, Block 4, 1004 7th St. NE <br />• LCAD# 20484, Washington Heights Addition Lots 9-10, Block 4, 412 Henderson <br />• LCAD# 12368, Hull Addition Lot 4, Block 30,1150 5th St. NE <br />• LCAD# 17073, City of Paris Lot 2, Block 190, 1347 W. Houston St. <br />• LCAD# 17074, City of Paris Lot 3, Block 190, 1337 W. Houston St. <br />STATUS OF ISSUE: Staff has reviewed the application and determined that the properties are <br />within the Program Area, and that the proposed improvements meet the criteria for the Program. <br />The proposed agreement, attached hereto, provides incentives under Chapter 380 of the Texas <br />Local Government Code relating to tap fees, building plan review, and permitting as well as a <br />residential tax abatement under the authority of Texas Tax Code Chapter 312. There are transfers <br />of City of Paris trustee properties. All incentives are provided in the Program guidelines and <br />criteria. Notice of the Council's consideration of the tax abatement was duly posted at least 30 <br />days prior to this meeting as required by law. <br />BUDGET: The estimated cost of the improvements is $2,220,000.00. Discounts on the fees <br />described above. The tax abatement will have negligible budgetary impact as the abatement will <br />