2026-003 - approving economic development agreement and tax abatement agreement wiith Voland Hill - 5 in 5 Housing

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THE STATE OF TEXAS ) COUNTY OF LAMAR ) ECONOMIC DEVELOPMENT AND RESIDENTIAL TAX ABATEMENT AGREEMENT This Economic Development and Residential Tax Abatement Agreement (hereinafter the Agreement) is entered into by and between the CITY OF PARIS, TEXAS, a home rule municipality situated in Lamar County, Texas, acting by and through its authorized officer whose signature appears below (hereinafter called City), and VOLANDA R. HILL (hereinafter referred to as Owner). WITNESSETH: WHEREAS, on January 27, 2025, the City Council passed Ordinance No. 2025-003 creating Reinvestment Zone 2025-1, designating certain areas inside the city limits to be eligible for the Residential Tax Abatement Program; and WHEREAS, after a public hearing on January 10, 2022, the City Council of the City of Paris, Texas passed Resolution No. 2022-003 stating its intent to establish a 5 In 5 Housing In -Fill Development Program (hereinafter the Program) including low cost land sales and residential tax abatements and adopting guidelines and criteria for the Program; and WHEREAS, by Resolution 2022-003, City Council designated an area within Reinvestment Zone 2025-1 (then known as Reinvestment Zone 2020-1) as being eligible for the Program (the Program Area); and WHEREAS, City Council has, from time to time, revised the guidelines and criteria for the Program and for tax abatement agreements granted thereunder, which guidelines re readopted on January 12, 2026; and WHEREAS, Owner has submitted an application for a 5 In 5 Housing Infill Development project to construct one (1) single family home (hereinafter the Improvements) at the property described herein below in Paris, Texas (the Property); and WHEREAS, city staff has reviewed the application and the location of the above described residential Improvements and has determined that the Property is located within the boundaries of Reinvestment Zone 2025-1 and are within the defined geographic area of the Program Area, and the application meets the requirements for Improvements set forth in the Guidelines and Criteria for the 5 In 5 Housing Infill Development Program as set forth in City Resolution No. 2025-025 (readopted prior to the execution of this Agreement on January 12, 2026). NOW, THEREFORE, in consideration of the terms and conditions referenced herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby