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 05/12125) IS -,"T'EXAS Where Texans Reach Higher IV. Incentives—The incentives set forth above are available as follows: Low -Cost Sale of Foreclosed Properties -As part of their agreement, an Applicant may choose to purchase eligible properties that are in a state of tax foreclosure. These properties are available on a strictly first come, first serve basis and the City makes no warranty on having available properties for this incentive, nor will it maintain any type of waiting list for available properties. The City will work with the Lamar County, Paris Independent School District, and Paris Junior College to seek a low-cost sale of the foreclosed property, but the City can only guarantee a low cost of its share. As noted herein, the City will only convey such properties for the construction of single-family homes. Tax Abatement - An Applicant who has satisfied all the criteria and guidelines for the low-cost property sale and residential tax abatement as set out herein, will be eligible for a tax abatement on each parcel on which a dwelling unit or units are constructed and completed in accordance with the foregoing table. Page 4 of 7 Incentive __ .._......... ...��... _...... Table Incentives _ Single -Family u lex Multi -Family Low -Cost Residential Lots "ax Abatement N/5 -year ear at 100% 3- ear a.-....�,,. .�_... -... �. �.. �..-...,,�._. y t 100%%000' 00% 3 -Year Decreasing Year 1: 100% ear 2: 75% -�....._ ear 3: 50% .,�.w.....__._ ._ .. Reduced Building �.. 100% 100% for sprinkled Plan Review building -OR- 50% 0% non -sprinkled uilding Reduced Permit 100%100% for s_�-�.. prinkled 25% Fees building -OR- R-0% 0% non -sprinkled building Red...._.- uced rates on 25% 25% X25 .. __ ...... _. % Water/Sewer tap fees Low -Cost Sale of Foreclosed Properties -As part of their agreement, an Applicant may choose to purchase eligible properties that are in a state of tax foreclosure. These properties are available on a strictly first come, first serve basis and the City makes no warranty on having available properties for this incentive, nor will it maintain any type of waiting list for available properties. The City will work with the Lamar County, Paris Independent School District, and Paris Junior College to seek a low-cost sale of the foreclosed property, but the City can only guarantee a low cost of its share. As noted herein, the City will only convey such properties for the construction of single-family homes. Tax Abatement - An Applicant who has satisfied all the criteria and guidelines for the low-cost property sale and residential tax abatement as set out herein, will be eligible for a tax abatement on each parcel on which a dwelling unit or units are constructed and completed in accordance with the foregoing table. Page 4 of 7