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PL -INFO -0007 (rev 05/12/25) <br />i rf r <br />I -� r <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. <br />Page 2 of 7 <br />% fl r d// / , r/ v/ / r „i r / /,/ e / r , / //% / // , ,, ,%% r- ///%% r „r / /r „ /- <br />//i % l//, / it /, //MAI, �v r / / // I io <br />