05-F Homestead Program Res 1 - Laserfiche WebLink

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description, or otherwise, which now or subsequent to the date of this Agreement: 1)Is located within the corporate or city limits of the city of Paris, Texas, as those limits currently exist or shall hereafter be amended; and, 2)Is vacant and if a structure is located thereon, the structure is or has been unoccupied and abandoned, as the terms vacant and abandoned are defined under the Texas Tax Code; and, 3)Is located in an area zoned for single family residential use only, pursuant to the zoning ordinance of the City of Paris; and, 4)Has been lawfully foreclosed by representatives of the Taxing Entities for delinquent ad valorem taxes pursuant to the Texas Tax Code; and, 5)Has been or is eligible to be struck off to a trustee following a Sheriff's Sale in accordance with the Texas Tax Code, and the property has not sold pursuant to Section 34.001 of the Texas Tax Code; and, 6)One (1) calendar year or the maximum period of time for redemption of said property according to the Texas Tax Code, whichever period of time is greater, has passed since the date of the Sheriff's sale. 2. Taxing Entities shall mean the City of Paris, County of Lamar, Paris Independent School District, North Lamar Independent School District, and Paris Junior College, individually and collectively. II. From and after the date of this Agreement, the Taxing Entities covenant and agree the City of Paris shall be the Trustee on behalf of itself, and the other Taxing Entities, for all Lots as the same are defined herein. To the extent that another trustee is currently designated as trustee for a Lot or Lots, that trustee shall cooperate with the CITY in filing necessary and appropriate documents to transfer said Lots to the CITY as Trustee. III. For and in return for the consideration of the other Taxing Entities transferring said Lots to the CITY as Trustee, the CITY agrees to create a program for placing said Lots into a pool for use by designated non-profit entities for the construction of new single family residential houses, or for use by the CITY in a program to afford qualified low and moderate income individuals the opportunity to obtain said Lots, participate in other grant and loan programs, and construct new houses thereon, with a goal of alleviating blight and eliminating real property from public maintenance Page 3 of 9