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24 - Amendment to Residential Tax Abatement Agreement - We're Going to ParisItem No. 24 L Ufflffr7mu"I' TO: City Council Grayson Path, City Manager FROM: Stephanie H. Harris, City Attorney SUBJECT: Amendment to Residential Tax Abatement Agreement with We're Going to Paris, LLC (Westgate property) DATE: December 11, 2023 BACKGROUND: On May 9, 2022, City Council approved a residential tax abatement agreement with We're Going to Paris, LLC ("Owner") relating to the renovation of the property commonly known as the Westgate Apartment Complex. Under the terms of that agreement, the Owner was to have completed the improvements within 12 months of the effective date of the agreement, or by May 8, 2023. STATUS OF ISSUE: Due to some issues related to financing and other concerns, the Owner has not commenced construction and has requested that the city extend the deadline to complete the improvements. City Council has indicated its willingness to do so on the condition that the Owner either commence construction or secure the property no later than February 12, 2024. The attached amendment extends the deadline for completion of the improvements to May 31, 2025, and adds the condition regarding commencement of construction or securing of the property. BUDGET: No budgetary impact other than that contained in the original tax abatement agreement. RECOMMENDATION: Motion to adopt a resolution approving an amendment to the residential tax abatement agreement between City of Paris and We're Going to Paris, LLC in substantial conformance with the attached and authorize the mayor to execute same on behalf of the city. RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN AMENDMENT OF THE RESIDENTIAL TAX ABATEMENT AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS AND WE'RE GOING TO PARIS, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, on May 9, 2022, the City Council of the City of Paris adopted Resolution No. 2022-033 approving a Residential Tax Abatement Agreement (the "Agreement") by and between the city and We're Going to Paris, LLC ("Owner") relating to the renovation and redevelopment of the property in Northwest Paris commonly referred to as the Westgate Apartment Complex comprising 20 separate buildings; and WHEREAS, said Agreement provides that the Owner was to have completed the project within 12 months of the effective date thereof, and WHEREAS, said 12 month deadline fell on May 8,2023; and WHEREAS, due to issues with financing and other considerations, Owner has not commenced the improvements required in the Agreement and has asked for an extension of the deadline to complete same until May 31,2025; and WHEREAS, the City Council continues to believe that the renovation of the property will provide much needed housing for residents of the city and will contribute to the economic redevelopment of the Northwest quadrant of the city; and WHEREAS, in consideration for the Amendment to Residential Tax Abatement Agreement (the "Amendment") attached hereto and incorporated herein by reference as Exhibit A, the city will require Owner to either commence construction of the improvements or secure the property by no later than February 12, 2024; 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 by reference. Section 2. That the terms of the Residential Tax Abatement Agreement as amended by the Amendment attached hereto as Exhibit A and the property the subject thereof meet the city's Guidelines and Criteria for residential tax abatements adopted by the City of Paris by Resolution No. 2021-012 (in effect at the time of the approval of the Agreement) and as readopted on April 10, 2023 by Resolution No. 2023-018, and will lead to the economic development of the city.. Section 3. That the terms and conditions of the proposed Amendment, having been reviewed by the City Council of the City of Paris and found to be acceptable and in the best interests of the City of Paris and its citizens be, and the same are hereby, in all things approved. Section 4. That the Mayor is hereby authorized to execute the Amendment and all other documents in connection therewith on behalf of the City of Paris substantially according to the terms and conditions set forth in the Agreement attached hereto as Exhibit A. PASSED AND APPROVED in a regularly scheduled meeting of the City Council of the City of Paris, Texas on this the 11th day of December, 2023. Reginald B. Hughes, Mayor ATTEST: Janice Ellis, City Clerk APPROVED AS TO FORM: Stephanie H. Harris, City Attorney Exhibit A AMENDMENT TO RESIDENTIAL TAX ABATEMENT AGREEMENT We're Going to Paris, LLC WHEREAS, the City of Paris, Texas ("City"), a Texas home rule municipal corporation, and We're Going to Paris, LLC, a Texas limited liability company ("Owner"), acting by and through their respective authorized officers, have entered into a Residential Tax Abatement Agreement (the "Agreement") with an effective date of May 9, 2022 (the "Effective Date"), a copy of which is attached hereto as Exhibit 1 and incorporated herein by reference; and WHEREAS, said Agreement related to the rehabilitation of property in Northwest Paris commonly referred to as the Westgate Apartment Complex (the "Property"), provided that as consideration for said tax abatement, the Owner was to have completed the required improvements to the real property within twelve (12) months of the Effective Date; and WHEREAS, twelve months from the Effective Date was May 8, 2023; and WHEREAS, due to issues with financing and other considerations, the Owner has not begun construction on the improvements; and WHEREAS, the City continues to believe that the restoration of the Property will lead to additional economic development in the Northwest quadrant of the City and provide valuable housing opportunities for its residents, and thus desires to provide additional time to the Owner to complete the improvements; and WHEREAS, in consideration for this extension of the deadline for completion of the improvements, the City will require that either construction is commenced or the property is properly secured by February 12, 2024; WITNESSETH: Section 1. The recitals contained hereinabove are incorporated herein for all purposes. Section 2. The effective date of this Amendment shall be December 11, 2023. Section 3. Article I, Sec. A ("Term"), paragraph 1.1 (incorrectly labeled as 4.1 in the Agreement) is hereby amended to read as follows: 1.1 The Effective Date of this Agreement is May 9, 2022. The five (5) year abatement period set forth herein shall commence on January 1st, '� of the year following City's issuance of a Certificate of Completion and is contingent upon Owner's completion of all the Improvements required herein byMay 31„ 2025. Said tax abatement is also contingent ugion Owner's completing of one of the followipg_ conditions on or before Februar r 12 2024: 1 " Commencin ,, construction of the Im , rovements or 2 securin the entire Proert� by boardmg u�l the buildings thereon so as to prevent person or s from �ainin� enter thereto and continuing towwwsecurewwthe buildings up throual•i uersonw� _µwww comletion of the Improvements. mThis Agreement shall terminate upon the expiration of the abatement period enMa unless otherwise terminated by default or agreement of the Parties. Section 4. Article III, Section 3.5 is hereby amended to read as follows: 3.5 Owner agrees and covenants that it will diligently and faithfully cpm lete the Improvements referenced herein in a good and workmanlike manner no later than Mair 31, 2025 with—in 10 (12) men-Uhs of Rhe F—d-Cf-e-ewativea. Da e of this AgFeeffi-efic Owner further covenants and agrees that construction of the Improvements will be in accordance with all applicable state and local laws, codes, and regulations or Owner will procure a valid waiver or variance thereof. Section 5. Article IV, Section B ("Default"), paragraph 4.5 is hereby amended to read as follows: 4.5 If (a) the Improvements for which an abatement has been granted are not completed in accordance with this Agreement (...:*,ii twelve "" months of the e fP e4ive date e= no later than May 31 2025); or (b) Owner allows its taxes owed the City to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any such; or (c) Owner materially breaches any of the other terms, provisions or conditions of this Agreement, then Owner shall be considered in default of this Agreement. In the event Owner defaults in its performance of either (a), (b), or (c) above, then City shall give Owner written notice of such default and if Owner has not cured such default within sixty (60) days of said written notice, this Tax Abatement Agreement may be terminated by the City. Notice of default shall be given in accordance with Article V of this Agreement. CITY OF PARIS Reginald B. Hughes Mayor Date Signed: ATTEST: Janice Ellis City Clerk APPROVED AS TO FORM: Stephanie H. Harris City Attorney WE'RE GOING TO PARIS, LLC Seth Bame, Manager Date Signed: E BT1 ItiMMV01- This Residential Tax Abatement Agreement (hereinafter the "Agreement) is entered in's by and bemeen the CITY OF PARIS, TEXAS, a home rule municipality, situated in Lam". County, Texas, acting by and througli its authorized officer whose signature appears belol (hereinafter called "CITY"), and WE'RE GOING TO PARIS, LLC (hereinafter referred to, "Ownee'). WHEREAS, on February 10, 2020, the City Council passed Ordinance No.2020-' creating Reinvestment Zone 2020-1, designating certain areas inside the city limits to be eligibi for the Residential Tax Abatement Program; and WHEREAS, after a public hearing on April 12, 202 1, the City Council of the City Paris, Texas pai%ed Resolution No. 2021-012 reauthorizing the city to become eligible participate in residential tax abatements and approving guidelines and criteria for the progri, and 0 WHEREAS, Owner has submitted an application for a residential tax abatement relate-� to its purchase and rehabilitation (the "Improvements") of the property located at 635 St,, commonly referred to as the Westgate Apartments (the "Property"); and WHEREAS, city staff has reviewed the application and the location of the abo%M described improvements (hereinafter "Improvements") and has determined that the property located within the boundaries of Reinvestment Zone 2020-1 and meets the requirements Improvements set forth in guidelines and criteria as set forth in Resolution No. 2021-012; and WHEREAS, the Property has long been an a dilapidated condition and thi I-ifQrovewt-n-, )2,To MOT" WHEREAS, furthermore, the restoration of the Property will help to alleviate a housing shortage within the city; NOW, THEREFORF,, in consideration of the terms and conditions referenced here!1 and other good and - valuable consideration, the receipt and sufficiency of which is herela fei7ed to as "R?.vies-) Yerel* W 4.1 The Effective Datc of this Agreement is May 9, 2022. The five (5) year :«. p° .d baperiod set forth herein shall commence on January 1, 2024, the year following City's issuance of a Certificate of Completion. This Agreement shall terminate upon the expiration of the abatement period on May 8, 2029 unless otherwise terminated by default or agreement of the Parties. I Martin St. Addition Block A, Lots 1-20, located at 635 NW 71h St., Paris, Texas, LC H12932, as more fully set forth in Exhibit I I heret, which is incorporated by if fully set forth herein. o Ill. Consideration --Improvements 3.1 The Improvements to be completed consist of the rehabilitation of the dilapid , Ltj .ipartment complex located on the Property comprising twenty (20) separate structures, sa Improvements to include: Remodel of existing apartment project with new kitchens, flooring, drywall, mechanical, plumbing, electrical, and roof 3.2 The total minimum investment in the Improvements shall be ONE MILLION EIGHT HUNDRED THOUSAND NO1100 DOLLARS ($1,800,000.00). 33 Owner shall obtain City approval for all necessary platting (if required) and plans, buiiding permits, green tags, and a Certificate of Completion from the City of PaTis. 3.4 Owner shall allow city inspectors access to the Property and Improvemcnis throughout construction and completion of Improvements. 3.5 Owner agrees and covenants that it hill gently and faithfully construct the Improvements referenced herein in a good and workmanlike manner within twelve (12) months of the Effective Date of this Agreement. Owner further covenants and agrees that construction of the Improvements Ail] be in accordance with all applicable state and local laws, codes, and 2 6344 WWWK010 I I u all I) minjium I 3.7 Owner may not use the parcels described in Section 2.1 and conveyed to Owner pursuant to the terms of this Agreement for any other purpose other than to construct the Improvements set forth in this Article. Use of any parcel for any other purpose than residential dwelling units shall constitute a separate act of default of the Agreement and will trigger the default provisions and remedies set forth hereunder. MR) - I M A. The Abatement and holders of any outstanding bonds of the City, a portion of the ad valorem property taxes assessed upon the Improvements and otherwise owed to the City shall be abated for a period of five (5) years in an amount equal to 100% per year of the taxes assessed upon the increased value of the Improvements made by Owner to the Properties described in Section 2.1 of this LI I 141M 11 V) I a Wils"01,10 (0316RIJ a 11# 001W, 111# N I WN191 to It I) r. I I.T41 0 Uvi WNW-Ma"m Em I rrug, Iu PTWV—H!I ......... hereto as Exhibit 2 this Agreement shall control. 4.5 If (a) the Improvements for which an abatement has been granted ate not completed in accordance with this Agreement (within twelve (12) months of the effective date � XWO-1166411AM"I'M considered in default of this Agreement. In the event Owner defaults in its performance of either (a), (b), or (c) above, then City shall give Owner written notice of such default and if Owner has not cured such default within sixty (60) days of said written notice, this Tax Abatement Agreement may be terminated by the City, Notice of default shall be given in accordance with F, MIM MIALIM =� 4,6 As damages in the event of default, and in accordance with the requirements of Section 312.205(a)(4) of the Tax Code of the State of Texas, all taxes which otherwise would have been paid to the City without the benefit of abatement, including taxes on those dwelling units constructed and completed according to the terms of this Agreement, together with interest to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of Texas, with all penalties permitted by the Property Redevelopment and Tax Abatement Act and the Tax Code of the State of Texas, shall be recaptured and will become a debt to the City and shall be due.. owing, and paid to the City oxn&fy 1-601roqmyj� wi, ?Yakkofi! which Owner may be entitled. V. Additional Terms Conflict of Interest. 5.1 The Owner represents and warrants that neither the Properties nor the Irngovernents include ano real or orC oLcertgi that is owned or leased bp a member of the Paris City Council or the Planning and Zoning Commission or any member thereof having responsibility for approval of this Agreement, B. Conditions. 5.2 The terms and conditions of this Agreement are binding upon the parties herei znd their successors and assigns. 5.3 It is understood and agreed between the parties that the Owner, in performir, its oblistations hereunder, is acting independently, and the City assumes no responsibility liability in connection therewith to third parties; and Owner agrees to release, indernni and hold the City its elected officials, officers, employees and attorneys harmless froill li. any claims, lawsuits, damages, costs or attorney's fees related to this Agreement. It further understood and agreed among the parties that the City, in performing its obligatio hereunder, is acting independently, and the Owner assumes no responsibility or liability a, indemnify and hold harmless the Owner therefrom. C. Compliance Provisions 5.4 The Owner agrees that the City, its agents and employees, shall have reasonable right of access to any and all records concerning Owner's investment in the Improvements for the purpose of conducting an audit of the residential Improvements. Any such audit shall be made only after giving the Owner notice at least fourteen (14) days in advance and will be conducted in such a manner as to not unreasonably interfere with Owner's property. Upon request, the Owner %ill provide the City with a detailed list of all Improvements, including a 4 55 The Owner further agrees that the City, its agents and employees, shall have reasonable right of access to the Property to inspect the Improvements in order to insure that the construction of the Improvements are in accordance with this Agreement and all applicable state and local laws and regulations or valid waiver thereof After completion of the Improvements, the City shall have the right to enter the Property and conduct an inspection of the completed Improvements. D. Initial and Annual Reporting. 5.6 The Owner further agrees that it N,,U, within thirty (30) days of completion of the Improvements and issuance of a Certificate of Completion by the City, provide the CITY with a sworn report, written on Owner's letterhead and signed by a designated representative of Owner, which contains the following information: (a) A copy of the printout from the Lamar County Appraisal District showing the market value of the Property prior to the construction of the Improvements; (b) Detailed description of the Improvements; (c) A copy of or identcation of plans and specifications of constructv; improvements and the location of the same for inspection by City's Buildin2, Offici-fl: (e) The date of substantial completion of the specific Improvements as defin in paragraph 2.1 hereof; and (f) Receipts showing that the purchase of building materials and fixtures fix] for the construction were made from vendors within the City of Paris, wh possible. 5.7 Owner further agrees that it will provide City with an annual, swom report which shall certify, in writing, that it is in compliance with each applicable term of this Agreement. Such annual report shall be furnished on the forms provided by the City and shall be due on each yearly anniversary of the Initial Report required by Section 5.6. 5.8 Owner recognizes that these reporting requirements are material conditions of this Agreement, and a failure to submit such reports when due will constitute a breach hereof. E. Authority to Contract. 5.9. This Agreement was authorized by resolution of the City Council at its regularly scheduled meeting on the 91h day of May 2022, which further authorized the City Manager to execute the Agreement on 4ehalf of the City6 5.10 This Agreement was entered into by Owner pursuant to the authority granted to the authorized official whose signature appears below. 5.11. This Agreement shall constitute a valid and binding Agreement between the unit executes a similar agreement for tax abatement. F. Legal. 5.12 No officer, official or agent of the City has the power to amend, modify or alter this Agreement or waive any of its conditions or to bind the City by making any promise or representation not contained herein. 5.13 This Agreement, except by operation of law, shall not be assigned or transferred by Builder, without the prior written consent of City, which consent shall be at the sole discretion of the City. 5.14 Any written notice required or permitted under the terms of this Agreement shall be given and be deemed to have been duly served if either (1) delivered in person, or (2) deposited certified mail, return receipt requested, postage prepaid in the United States mail, addressed to the designated representative of the respective parties which are designated as follows: BUILDER, We're Going to Paris, LLC Attn: Seth Barrie Dallas, Texas 75206 L ager 71 an rAttn: City Manager ' C -Z 903 P. 0. Box 9037 Paris, TX 75461-9037 With a copy -to: City Clerk, City of Paris, Texas (Address same as above) 5.15 If any term or provision of this Agreement shall be declared unconstitutional voidb anp court of corn etent �urisdiction, the constitutionali%�j and validito of the rernai *f said Ano greement shall t be affected thereby, and to this end the terms and provisions this Agreement are declared to be severable. I 5.16 This Agreement sets forth the entire understanding between the parties, and any other underst"dings or agreements shall be canceled and superseded by this Agreement upon 6 5.17 Venue for any actions arising under this Agreement shall lie exclusively in the courts of Lamar County, Texas, for any State Court action, and in theDistrict Court for the Eastern District of Texas for any federal court action. %I WITNESS our hands thiskl — day of 1— 2022. AST FORM: ."ted Ca e T - - T p, kHE CITY R ',TEXAS A By: Grayson PaRR, —c""ity anager OVED We're of to Paris, LLC By: Setl;�� e MA"j �oa&e- (Title) 61' foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this Q111 day of May, 2022. . . . . . ........ A. . . .. . NotAr% Public, State Texas BEFORE ME, the undersigned authority, on this day personally appeared Seth Bame, A,4x%"g�: of We're Going to Paris, LLC, known to me to be the person whose name is the purposes and consideration therein expressed and in the capacity therein stated. I In LAMAR TEXAS LEGAL DESCRIPTION: TRACTBEING AN 7.936 ACRE LAND SITUATED IN THE ASA JARMAN SURVEY, ABSTRACT 479, , I LAMAR COUNTY, TEXAS, AND , BEING ALL OF MARTIN BLOCK ADDITION, BLOCK LOTS AS RECORDED IN ENVELOPE 439-B, OFFICIAL PUBLIC D 7.936 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING AT A 1/2" IRON '!i 1 1 • 2861328.28) f FOR THE WEST -MOST NORTHWEST CORNER + ACRE TRACT. FOUNDTHENCE N 34039'02" E, A DISTANCE OF 88.79 FEET TO A 112" IRON ROD FOUND FOR THE NORTH -MOST NORTHWEST CORNER OF SAID 7.936 ACRE TRACT FROM WHICH A FOUND PIK NAIL BEARS N 34055'32" E. A DISTANCE OF 12.48 THENCE N 88048'18" E, A DISTANCE OF 559.18 FEET TO A I" IRON ROD FOUND FOR THE NORTHEAST CORNER OF SAID 7.936 ACRE TRACT FROM WHICH A "X" IN CONCRETE BEARS DISTANCEOF THENCE S 02*4110" E, A DISTANCE OF 564,56 FEET TO A 1/2" CAPPED IRON OD "POGUE ENG&DEV'FOUNDFOR 1r SAID ;� ACRE ! TRACT FROM ! `eT F. ROD Mr I # 40-36-32" ` DISTANCE ,, THENCE S 68"45'12" ' DISTANCE OF 619.08FCAPPED t " f ROD STAMPED "TRANSGLOBAL SERVICE"SET FOR THE SOUTHWEST CORNER OF SAID 7.936 ACRE TRACT FROM WHICH A FOUND 1 " IRON ROD BEARS N 02012'01" DISTANCE OF THENCE N 01 059'00"` DISTANCE OF 493.00 FEET TO THE POINT OF CONTAINING ACRES * 345.707!u OF LAND,`' i i i / cr9' 9 'i,/ /%ir / t / llr %�.'" '� �� i� � rprr 911 �ffl r Ga ✓'// �i r g /% rv((l��i!✓ri rr/�,; ,/,voa r, �F ;k `� r i ///� ''e" id" P 9i fill /�y �� aha iY �r uw.,a .,� / t /;JuAmtiwrrte� rlrrnmr„u '�% ,i,� / i �% <'!' �1 % i ' / ' r0//,/i '%f is/y// %'� '�/ ///' r/�i', ✓ 1 r2 4/1 p�' �/�y YI%,/l �%' s '' /r r/ Ir J /r/� ��O 1 V �/ a ''/ PSH, air i� f�1r / t 4 �llfll /III U % �� ,,,� , fill, v 161 � pp re *911ki 1 k 1 t 1 I Lol I nullt tl r:r r' `s � r;• r r r, r. .r, •r r. � :rr,r r�, r - K �r i rr� i i t r # ! � rr^ •,r r r? .r r rrrr r• � r ''� r� r r_ �� r .. n. r •r ` ! r r: -r t,"r - M 1 ill,. r k r r� •� r• r '; s r r �;. r r ♦ r� n �.r • r. r rw ♦� +� .rF K ■ rr � r• r r �• r. � r. a r' r. r . r+• it �- ri r ,' r r� I- f • -` 1 F hereto and incorporated herein as Exhibit ,�a(,,Ace Ellis, Steph,�,We H. Harris, City Attorney Steve&j. Clifford, l -,.D., Mayor GUIDELNES AND CRITER OIA MY F PARIS, TEXAS APRIL 12,2021 0"O.1V 21141it AIL� -VIMIUIP1 07 D'Do�s URM 0 �10 0 �0219 '4'7=10_411 Mi I WITIT W-70777MM-W =777t investment threshold and comply with these Guidelines and Criteria. All applicants shall be considered on a cm -by -case basis. Act -meanslietroperty AedeveFo—pm—eff 'anif'I'aX AbatementTexu I ­axUdde Ann. 31241f) et, seq., as amended from time to time. A4:11i,l-n--Mili.,E-&221-121 of tax abatement. kpplicaut -means an owner of real property or his authorized agent locatedreinvestment zone or proposed reinvestment zone who requests tax abatement in accordance with these guidelines, But Year Value – means the: assessed value of eligible property on January 1, preceding the date of execution. Eligible Property - moms new sfteture or residential improvements located in a designated Reinvestment Zone, Modernization – means the replacement expansion and/or upgrading of single-family residential improvements for the purpose of reconditioning, refurbishing or expanding a single-family residence. placed into use by means other than or in conjunction with expansion or modernization. property in a Reinvestment Zone may be eligible for tax abatement. RevidentW Improvements - means the construction of now single-family residential structures and all the appurtenances thereto, and includes modernization of existing structures. This term does not include duplexes or multi -family structures. Tatall Facility - means all improvements constructed. 07MUM L the Lamar County Appraisal District and as described in the tax abatement agreement. WMAOCOWIM i '10 10M 9"pill U41rwigm Od 'AMMM TIM 971 1.0 1.31 j Applications for residential tax abatement shall be reviewed for completeness, City staff shall determine whether the application satisfies guidelines and criteria and 9taff may request additional information or documents from Applicant. City Staff will make final recommendations on each application to City Council. Any person, partnership, organization, corporation or other entity desiring a residential tax abatement to encourage development witbin a designated Reinvestment Zone shall comply with the following procedural guidelines. All tax abatement applications shall be evaluated on their own meritx� within the parameters of these Guidelines and Criteria. Preliminary Application Steps A Applicant or applicant's agent shall submit an "Application for Residential TM Abatement" contemporaneously with the application for a building permit, If the building permit is for new single family residential construction or expansion or i U101 vWner of the real esute and does not make application for residential tax abatement on behalf of i4 the city staff shall notify the owner (according to Lamar County v a440 -C. �7- abatement must be filed with the City wn ten (10) business days of receipt of the notice. P. If applicant chooses not to apply for residential tax abatement at the time that the building permit is issued, or if the owner fails to respond to the written notice of availabty for residentiai tax abatement, the opportunity for residential tax abatement is waived. City staff shall make a record to reflect owner's election not to participate in the program or to M ocument that owner did not respond to City's notice of opportunity to participate in the residential tax abatement program. The refusal or waiver to participate in residential tax abatement by f or applicant shall be binding on subsequent owners of the real property, D. Applicant shall complete all forms and infDruiation. detailed above and submit all forms to the City of Paris Building Official. k, All information in the application package detailed above will be reviewed for completeness awt accuracy. Additional information may be requested as needed. If necessary, applicant will meet with City staff to discuss details of the application and to prepare presentation of the application to the City Council. 3. The application shall designate whether the structure is new or an existing structure and provide an esfimate of the value of improvements. 4, If Application for residential tax abatement is approved by staff, Applicant must enter into a tax abatement agreement with the City of Paris and as prepared by the City Attorney. 51 If the Applicant's property is not located within a designated reinvestment zone the application will be rejected and returned to Applicant. The City Council reserves the right to amend A{ of a reinvestment zone or to designate new reinvestment zones. The City Attorney uill be responsible for drafiing thic Residential Tax Abatement Agreement in accordance with state law and these Guidelines and Criteria. 1. Estimated value of new structure or residential improvements to be constructed. 2, Percent of value to be abated eseb year. 31 Effective date and the termination date of abatement. 4. DescriptiGn of the Improvements, schedule of Completion, property description and/or site plan, 5. Applicant agrees to make the new structure or residential improvements available for inspection M y City of Pafis, or its authorized representatives, and Lamar County Appraisal District during construction and upon completion of the project. 6. Contractual obligations in the event of default violation of terms or conditions, delinquent taxes, recapture and administration.