2007-095-RES-Accepting and approving the Paris Economic Development Corporation Budget for the Fiscal year October 1, 2007; to September 30, 2008

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Lamar County — Paris Economic Development Plan In some areas, the cost of worker housing is so high companies are forced to pay wages which exceed market thresholds for their industry. As a result, the business must move from the area, outsource production, or go out of business. In many rural communities, there has never been a market demand for high quality executive housing. As a result, few are available. Executives resist when asked to consider locating to these communities, as the quality of the home in the rural area will be much lower than what they are accustomed to. Additionally, the executive is reluctant to build an "executive" home fearing a loss upon resale. From an examination of the Paris housing market, there appears to be a sufficient selection of housing for all income levels at a very reasonable price. To the surprise of the Researcher, there is a large supply of modern executive homes (2,500 to 4,000 square feet). This is unusual for a rural community and should be considered an advantage for Paris. Strategies to Meet Future Housing Challenges To meet housing challenges, a variety of housing strategies should be pursued. Those applicable to implementation efforts include: • Sponsoring and promoting urban density housing. New examples of successful, high- quality housing and mixed -use development must be created to demonstrate economic feasibility and encourage acceptability among the public. • Assembling and inventorying housing sites. Public /private land assembly agreements can facilitate the assembly of land suitable for new housing to support employment districts. The public sector would enter into agreements with real estate brokers for the purpose of attaining listings, or option agreements for the sale and purchase of the parcels. Following the assembly, plans and bids could be solicited from homebuilders, based on specifications provided by sponsoring governments. • Maintaining quality neighborhoods. The study recommends a comprehensive property maintenance and code enforcement program. • Anchoring employment districts with public investment. Attractive, viable employment districts are critical to the county's economic future. A well developed strategy for planning and public investment for these districts is essential. • Facilitating neighborhood renewal near employment districts. Regulatory mechanisms that can promote and facilitate neighborhood renewal proximate to employment districts include flexible zoning as a redevelopment incentive; federal, state, and local financial incentive programs; and a more expansive use of community redevelopment area plans and tax increment financing. Paris Economic Development Corporation Page 20