2025-026 - Authorizing an Economic Development Agreement and Tax Abatement Agreement with EXL Capital Group (Jakir Malek) – 5 in 5 Housing Infill Development Program

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RESOLUTION NO. 2025-025 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS AMENDING THE GUIDELINES AND CRITERIA OF THE 5 IN 5 HOUSING INFILL DEVELOPMENT PROGRAM; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. 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, said ordinance re -designating and renaming Reinvestment Zone 2020-1; and WHEREAS, after a public hearing on January 10, 2022, the City Council passed Resolution No. 2022-003 stating its intent to establish the 5 in 5 Housing Infill Development Program (hereinafter "the Program"), including such incentives as low cost land sales and residential tax abatements, and adopting guidelines and criteria ("Guidelines") for the Program; and WHEREAS, in Resolution No. 2022-003, City Council designated an area within Reinvestment Zone 2020-1, now named Reinvestment Zone 2025-1, (the "Program Area") as being eligible for the Program; and WHEREAS, the City Council has, from time to time amended the Guidelines so as to better align the Program with desired outcomes; and WHEREAS, the City Council finds it in the best interest of the city and the Program Area to provide that new construction under the Program be in accordance with the general design of homes within individual neighborhoods so as to provide neighborhood uniformity within the Program Area; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved for all purposes. Section 2. The City hereby amends the guidelines and criteria of the 5 in 5 Residential Infill Development Program in conformance with ExhibitA attached hereto and incorporated herein by reference. Section 3. This resolution shall become effective from and after the date of passage.