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Memorandum TO: Mayor & City Council Rose Beverly, City Manager Agenda Item No. 10 FROM: Osei Amo-Mensah, Director, Planning & Community Development SUBJECT: Economic Development and Residential Tax Abatement Agreement with Palma Holdings, LLC. DATE: September 8, 2025 BACKGROUND: The applicant Palma Holdings, LLC has applied for an Economic Development and Residential Tax Abatement Agreement under the 5 in 5 Housing Infill Development Program (the Program) to build Single -Family Dwellings, up to a total of 10 separate units. The Name and Location of the Reinvestment Zone: 2025-1 encompassing the entirety of the corporate limits of the City of Paris, Texas. Properties to be included in the abatement are: • LCAD# 16775, City of Paris Block 174, Lot 14, 1016 Martin Luther King, Jr. Dr. • LCAD# 10184, Belmont Addition Block 6, Lot 9, 1609 Fairfax. • LCAD# 14306, City of Paris Block 57, Lot 4, 333 1st St. NE. • LCAD# 14327, City of Paris Block 59, Lot 9, 354 2nd St. NE. • LCAD# 14461, City of Paris Block 61, Lot 24, 445 6th St. NE. • LCAD# 22009, Pickard Addition, Block 4, Lot 1-A, Grove St. • LCAD# 19095, Pickard Addition, Block 2, Lots 4-A and 4-13, 769 Ash. • LCAD# 20488 Washington Heights Addition, Block 4, Lot 14, East Henderson. • LCAD# 15109, City of Paris Block 81, Lot 5, 513 4th St. NW. • LCAD# 15311. City of Paris Block 90A, Lot 3, 632 4th St. NW. STATUS OF ISSUE: Staff has reviewed the application and determined that the properties are within the Program Area, and that the proposed improvements meet the criteria for the Program. The proposed agreement, attached hereto, provides incentives under Chapter 380 of the Texas Local Government Code relating to labor fees on water/sewer taps, building plan review, and permitting as well as a residential tax abatement under the authority of Texas Tax Code Chapter 312. There are transfers of City of Paris trustee properties. All incentives are provided in the Program guidelines and criteria. Notice of the Council's consideration of the tax abatement was duly posted at least 30 days prior to this meeting as required by law.