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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PL -INFO -0007 (rev 05/12/25) Residential Improvements - The construction of new residential structures and all the appurtenances thereto. This term includes single family, duplexes and multi -family structures. Value of Improvements - The appraised value of the Residential Improvements as determined by the Lamar County Appraisal District and as described in the Agreement. III. ELI '1131LITY AND GUIDELINES Real property is determined eligible under this policy as provided in the Definitions. If property is eligible, an Applicant may apply for an Agreement to receive incentives provided for in this policy. For tax foreclosed properties, all taxing jurisdictions shall be required to sign off on the low-cost land sale according to the provisions of State Law prior to transfer of the property to the applicant. Minimum Investment To be eligible for residential tax abatement, an Applicant must construct a new structure or structures on the property parcel(s) identified in an Agreement between the applicant and the City. Limitations: 1. Maximum of 10 dwelling units per agreement. 2. An Applicant with whom the city has entered into an Active Agreement pursuant to which the City has conveyed a low-cost residential lot or lots shall not be eligible to apply for an additional Agreement involving such a conveyance until at least 803'0 of all structures required under the Active Agreement have been constructed and the City has issued certificates of completion for same. This 80% completion requirement does not apply to Applicants with Active Agreements that do not provide for the City to convey land. If an Active Agreement applies to a mix of privately owned property and the conveyance of trustee parcels, the Applicant must have completed construction on at least 80% of the conveyed parcels to be eligible for a new agreement. 3. Pre -Approved building plans may be accepted. Examples of acceptable architectural styles may be found in Appendix A attached hereto. Applicants are advised to consult the photographs when completing their designs to determine whether a given style is consistent with the homes in the immediate area of any parcel upon which Applicant wishes to build. [Appendix A to be added at a later date.] The City may deny approval to any design, even if consistent with an example in Appendix A, if it is not consistent with structures in the surrounding neighborhood of the particular parcel. 4. No zoning change unless there is a substantial change in neighborhood or compatible with the future land use map. S. Neighborhood Uniformity—Applicants will submit proposed designs for each dwelling unit sought to be built as part of the Agreement, Such designs must bear Neighborhood Uniformity in mind and must conform in basic architectural style to the existing homes in the area in which the structures are to be built. A design for one neighborhood may not be appropriate for another neighborhood in which the Applicant seeks to build, so a tailoring of designs to individual neighborhoods is required. No flat or or shed -type roof lines will be permitted. Submitted designs are subject to the approval of the City, and once approved, the Applicant/developer/builder/may not deviate from those designs without prior written approval of the City. Page 3 of 7 1,121M MON �,/ , ✓ //o//i„ /i /i r, / , /// /i/ // / %/ /ii�//I/� ,