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RESIDENTIAL TAX ABATENBUgT PROGRAM <br />GUIDELINES AND CRITERIA <br />CITY OF PARIS* TEXAS <br />APRIL 1i2, 2021 <br />I. GENERAL PURPOSEAND tDBJECTIVES <br />JU City of Paris will offer residential tax abatement as a stimulus for economic development in <br />designated reinvestment zones located within the corporate city limits of the City of Paris, Texas. <br />The policy of the City is to grant residential tax abatement for new residential structures and <br />modernization, rehabilitation or expansion of existing residential structures that meet minimum <br />investment threshold and comply with these Guidelines and Criteria All applicants shall be <br />considered on a case-by-case basis. <br />IL IDEFMTION OF TERMS <br />Act -means the Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann, 312001 et, seq., <br />as amended from time to time. <br />Agreement means a contractual agreement between an applicant and the City of Paris for the purposes <br />oftax abatement. <br />Applicant -means an owner of real property or his authorized agent located in a reinvestment zone or <br />proposed reinvestment zone who requests tax abatement in accordance with these guidelines, <br />Base Year Value — means the assessed value of eligible property on January 1, preceding tate date of <br />execution. <br />Eligible Property - means new shuett" or residential improvements located in a designated <br />Reinvestment zone. <br />Motlermlrationi — means the replacement, expansion and/or upgrading of single-family residential <br />improvements for the purpose of moond1 ioning, refurbishing or expanding a single-family residence. <br />New Stmaure - means residential improvements made to a property previously undeveloped which is <br />placed into use by means other than or in conjundien with expansion or modornizetion. <br />Relnvestmerat Zone - means an area designated in accordance with the .Act by the City of Paris. Only <br />property in a Reinvestment Zone may be eligible for tax abatement. <br />Residential hitprove ments - means the construction ofnew single-flimily residential structuras and all <br />the appurtenances thereto, and includes modernization of existing structures. Thl$ term does not incleuie <br />duplexes or multi -family stnrctures. <br />Totnl Facility - means all improvements constructed. <br />Page 1 of 5 <br />