2026-028 - Approve a Development Agreement with Lone Star Planned Developments, LLC relating to the City of Paris Tax Increment Reinvestment Zone No. 2 (Forestbrook Boulevard)

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RESOLUTION NO. 2026-028 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING A DEVELOPMENT FINANCING AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS AND LONE STAR PLANNED DEVELOPMENTS, LLC RELATING TO CITY OF PARIS TAX INCREMENT REINVESTMENT ZONE NO. 2; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, on December 8, 2025, the City Council of the City of Paris, Texas passed Ordinance No. 2025-028 creating City of Paris Tax Increment Financing Reinvestment Zone No. 2 ("TIRZ No. 2") on property surrounding the Forestbrook Estates residential subdivision for the purpose of constructing a major thoroughfare to be named "Forestbrook Boulevard;" and WHEREAS, to that end, the City has agreed to the terms of a Development Financing Agreement By and Between the City of Paris, Texas and Lone Star Planned Developments, LLC (the "Agreement) regarding the constructing the thoroughfare; and WHEREAS, the developer, Lone Star Planned Developments, LLC ("Developer") has agreed to the terms of the Agreement attached hereto as Exhibit A, pursuant to which Developer will privately finance and construct Forestbrook Boulevard in exchange for the right to receive TIRZ revenues to offset construction and financing costs; and WHEREAS, there is a public purpose and benefit to the City and the residents thereof in entering into said Agreement in that the proposed throughfare is projected to drive both residential and commercial development in the TIRZ zone and in the underdeveloped southeastern quadrant of the City, thus increasing the property tax base as well as future sales tax revenues; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved and incorporated herein for all purposes. Section 2. The City Council hereby approves the Development Financing Agreement By and Between the City of Paris, Texas and Lone Star Planned Developments, LLC (attached hereto as Exhibit A attached hereto and incorporated herein by reference and authorizes the City Manager to execute same.