2025-029 - Authorizing an Economic Development Agreement and Tax Abatement Agreement with the Magnolia Paris (Josh Bray) 5 in 5 Housing Infill Development Program

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Section 1. The findings set out in the preamble to this resolution are hereby in all things approved and are incorporated herein for all purposes. Section 2. That the terms of the Economic Development Agreement and Tax Abatement Agreement between the city and The Magnolia Paris, LLC and the property the subject thereof meet the City's Guidelines and Criteria for Tax Abatement adopted by the City of Paris by Resolution No. 2025-010 and will lead to the economic development of the Program Area described in said Resolution No. 2025-025. Section 3. That the terms and conditions of the proposed Agreement attached hereto as Exhibit A and incorporated herein by reference, having been reviewed by the City Council of the City of Paris and found to be acceptable and in the best interests of the City of Paris and its citizens, be, and the same are hereby, in all things approved. Section 4. That the Mayor is hereby authorized to execute the Agreement and all other documents in connection therewith on behalf of the City of Paris substantially according to the terms and conditions set forth in the Agreement attached hereto as Exhibit A. Section S. That the planned use of the property the subject of the tax abatement will not constitute a hazard to public safety, health, or morals. Section 6. That this approval and execution of the agreement on behalf of the City is not conditioned upon approval and execution of any other tax abatement agreement by any other taxing entity. PASSED AND APPROVED by the City Council of the City of Paris, Texas at its regular meeting on the 9th day of June, 2025. I" E C/T '%, p Y0 ATTEST: nice Ellis, City Clerk D AS TO FORM: Stcpie H. Hargis, City Attorney Mihir ankaj, Mayor