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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PL -INFO -.0007 (rev 05/12/25) be built upon within five (.5) years to satisfy the terms of the Agreement. Failure to achieve this goal will result in certain claw backs as provided in the Agreement. All applications shall be considered on a first come, first serve basis, and the City will not maintain a wait list. There will be no Income guidelines sander this program for occupants of the dwelling units, whether owner or renter occupied. In the event the applicant constructs a neer dwelling unit and sells .said unit, the tax abatement shall lapse and be terminated as to that parcel unless the City Council approves an assignment of the tax abatement agreement to the neve owner. In order to further encourage local development, employment, and enhancement of our economy, to be eligible for incentives in this policy, building materials and fixtures used in the construction of new dwelling units, where possible, must be purchased locally within the City of Paris. lIu DEFINITION TERMS Act - The Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. 312.0011 et. seq., as amended from time to time. Agreement - A contractual agreement between an applicant and the City of Paris for the purposes of a 5 In 5 Housing Infill Development Program to include an economic development agreement pursuant to Chapter 380 of the Texas Local Government Code and a residential tax abatement agreement pursuant to the .Act. An Active Agreement is an Agreement under which the Applicant has not yet completed all the improvements required therein. Applicant - An owner, proposed owner, builder or authorized agent of the owner of eligible property seeking an agreement under this policy, Base year Valise -The assessed value of eligible property can January 1, preceding the date of execution. Eligible Property - Property located in the defined Program Area and immediately Adjacent thereto, whether foreclosed on due to taxes or not. Also, property located outside the Program Area if foreclosed on due to taxes. immediately Adjacent Property — Property which lies Immediately next to the boundary of the Program Area, including property across a street or intersection or located diagonally therefrom. New Structure - Residential improvements made to a property previously undeveloped or a vacant parcel which is placed into use by means other than by expansion or modernization without full demolition of an existing substandard or condemned structure. Neighborhood Uniformity — Consistency or similarity in the characteristics of homes, properties, and overall design within a specific neighborhood, primarily concerned with maintaining consistency and cohesion in architectural styles within a given street, block or larger area. Program Area - An area depicted in "Exhibit l3" of the approved resolution for the 5 In 5 Housing Infill Development Program, which area is wholly within the boundaries of Reinvestment Zone 20201-1 for the purpose of residential tax abatements. r0/,,,L/1r,alii//iiriii ce,, ; -, ,, ; , i�'k1I"r�iC,f,.,Sl:,,�,,'7'1