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r3ff Mrs 0=0 0 A I mum result in certain claw backs as provided in the Agreement. All applications shall be considered on a first oroxyr.*ir-,werve basis. and the CitW will not maintain a wait list. There will be no income guidelines under this program for occupants of the dwelling units, whether owner or renter occupied. In the event the applicant constructs a new 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 in orciet -to iTMTTT—F—M77F J. ble for incentives in this policy, building materials and fixtures used in the construction of new iwelling units, where possible, must be purchased locally within the City of Paris. Act - The Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. 312.001 et. seq., as amended from time to time. Paris for the Wryoses of a 5 In 5 Housing Infill Development Program to include an economic development agreement pursuant to I the Act. An Active Agreement is an Agree fTUL-nT_M*_C U 11 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 Value -The assessed value of eligible property on 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 an 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. Me vv�Strj~-_— N' 2u-c&ALPLop�ed �or a v, 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, anc overall design within a specific neighborhood, primarily concerned with maintaining consistency anL� cohesion in architectural styles within a given street, block or larger area. Program Area - An area depicted in "Exhibit B" of the approved resolution for the 5 In 5 Housing Infill Lk, wmro Tyr=Wjw.Vrw. m which area is wholl�j within the boundaries of Reinvestment Zone 2020-1 for the purpose of residential tax abatements. 5 lie W", LSU 1XIM jy gg % ,gy 7a SRI p ",ugH p PON "'P, Hnt 1`1111, , ", 'E/ /, , " / " -05 W), WAN