2026-001 - Authorizing City to participate in 5 in 5

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PL -INFO -0007 (rev 05/12/25) i's "-" S .-_ ........rth above wwwas follows: IV. Incentroes�The_rncentives set forth areavailable w_ ww_ Incentive Table Incentives ingIe .Family ..........._..... ........... Duplex..-.._... .. ..�........_.....__ IMulti Family _......_.... ..._. ......n -_w........ Low -Cost ..__ Residential Lots _ .. .................. .... Tax Abatement ............... V5 -year at 100% y y....__, 3- ear at 100% 3 -Year Decreasing Year 1: 100% Year 2: 75% ....le Year 3: 50% ...._.w Building Reduc.il .............._..100% `,/ .............._._.....wwwwww rinkled 100% for sprinkled x ReviewPlan building OR - R-50% 50% non -sprinkled building Reduced Permit 100/ 100% forsprinkled "/25% Fees building -OR- 50% non -sprinkled building _.. _....._........................ Reduced rates on _ ............... _..... x/25% _ .... 25% _ . . N/25% ater/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