11 - Economic Development & Residential Tax Abatement Agreement with Invest Fannin, LLC - 5 In 5 ProgramM'emorandum
Item No. 11
TO: City Council
Grayson Path, City Manager
FROM: Stephanie H. Harris, City Attorney
SUBJECT: Economic Development and Residential Tax Abatement Agreement with Invest
Fannin, LLC
DATE: February 12, 2024
BACKGROUND: Invest Fannin, LLC (the Developer) has applied for an Economic Development
and Residential Tax Abatement Agreement under the 5 in 5 Housing Infill Development Program
(the Program) to build 5 duplexes, for a total of 10 dwelling units on the following properties that
the Developer currently owns:
• LCAD- 103422, Gibbons Braden Addition Block 16, Lot 5A, located on 17th St.
SE.
• LCAD- 103421, Gibbons Braden Addition Block 16, Lot 5A, located at the corner
of 17th St. SE and Jackson St.
• LCAD- 18409, Lovette Addition Block 281 Lot 6, located at 1610 15th NE St.
STATUS OF ISSUE: Staff has reviewed the application and determined that the properties are
within the Program Area, and that the proposed improvements meet the criteria for the Program.
The proposed agreement, attached hereto, provides incentives under Chapter 380 of the Texas
Local Government Code relating to tap fees, building plan review, and permitting as well as a
residential tax abatement under the authority of Texas Tax Code Chapter 312. There is no transfer
of city trustee properties. All incentives are provided in the Program guidelines and criteria. Notice
of the Council's consideration of the tax abatement was duly posted at least 30 days prior to this
meeting as required by law.
BUDGET: Discounts on the fees described above. The tax abatement will have negligible
budgetary impact as the abatement will apply only to the incremental value to taxable value
attributable to the required improvements on otherwise undeveloped property.
RECOMMENDATION: Staff recommends adopting a resolution approving the attached 5 in 5
agreement with Invest Fannin, LLC.
f
PROGRAM; MAKING OTHER FINDINGS AND PROVISIONS RELATED
THE SUBJECT; DECLARING AN
WHEREAS, after .; public hearing on January
TexasCity of Paris, passed
DevelopmentIn 5 Housing In -Fill Program.
cost land sales and residential tax abatements and adopting guidelines1' 1,'. d
WHEREAS, by Resolution 2022-003, City Council . '1 an area within
Reinvestment Zone 0" being eligible for the Program;and
WHEREAS,
guidelinesand
WHEREAS,RM1M#TXKFz9"T
+ 1'2024-
002 re -authorizing the City to become eligible to
participate in residential tax
abatements and 1 1 and criteria for residential
specificallyrelated to the Program;
WHEREAS,
" purchased
" 1" .1.rty to construct five . ,
duplexes/structurestotal +" the .
herein below in Paris, Texas (hereinafter ("Improvements"); and
WHEREAS, the properties are Reinvestment 2020-1 and
within the area set forth in the Program;
WHEREAS,rt' application1," a 5 In 5 Housing
applicationDevelopment Program project in accordance with the above; and
WHEREAS, city staff has reviewed the 1
describedabove proposed 1".,
definedand has determined that the properties are located within the boundaries of the
geographic quirements for Improvements
the Guidelines and Criteria for the Program as set forth in City Resolution No. 2022-
003;
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 are incorporated herein for all purposes.
Section 2. That the terms of the Economic Development Agreement and Tax
Abatement Agreement and the property the subject thereof meet the City's Guidelines
and Criteria for Tax Abatement adopted by the City of Paris by Resolution No. 2024-
002 and will lead to the economic development of the Program Area described in said
Resolution No. 2024-002.
Section 3. That the terms and conditions of the proposed Agreement attached
hereto as Exhibit A. 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 Agreement 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.
Section 5. That the planned use of the property the subject of the tax
abatement will not constitute a hazard to public safety, health, or morals.
Section 6. That this approval and execution of the agreement on behalf of
the City is not conditioned upon approval and execution of any other tax abatement
agreement by any other taxing entity.
PASSED AND APPROVED this 12th day of February, 2024.
Reginald B. Hughes, Mayor
ATTEST:
Janice Ellis, City Clerk
APPROVED AS TO FORM:
Stephanie H. Harris, City Attorney
Exhibit A
THE STATE OF TEXAS
COUNTY OF LAMAR
ECONOMIC DEVELOPMENT AND RESIDENTIAL TAX ABATEMENT
AGREEMENT
This Economic Development and Residential Tax Abatement Agreement (hereinafter the
"Agreement) is entered into by and between the CITY OF PARIS, TEXAS, a home rule
municipality situated in Lamar County, Texas, acting by and through its authorized officer
whose signature appears below (hereinafter called "City"), and INVEST FANNIN, LLC
(hereinafter referred to as "Owner").
WITNESSETH:
WHEREAS, on February 10, 2020, the City Council passed Ordinance No. 2020-005
creating Reinvestment Zone 2020-1, designating certain areas inside the city limits to be eligible
for the Residential Tax Abatement Program; and
WHEREAS, after a public hearing on January 10, 2022, the City Council of the City of
Paris, Texas passed Resolution No. 2022-003 stating its intent to establish a 5 In 5 Housing In -
Fill Development Program (hereinafter "the Program") including low cost land sales and
residential tax abatements and adopting guidelines and criteria for the Program; and
WHEREAS, by Resolution 2022-003, City Council designated an area within
Reinvestment Zone 2020-1 as being eligible for the Program; and
WHEREAS, on July 25, 2022, City Council, by Resolution 2022-055, revised the
guidelines and criteria for the Program;
WHEREAS, on April 10, 2023, the City Council approved resolution 2023-018 re-
authorizing the City to become eligible to participate in residential tax abatements and approving
guidelines and criteria for the residential tax abatement program; and
WHEREAS, on January 8, 2024, by Resolution 2024-002, City Council reauthorized the
guidelines and criteria for residential tax abatements related specifically to the Program; and
WHEREAS, Owner has submitted an application for a 5 In 5 Housing Infill
Development project to construct five (5) duplex structures for a total of ten (10) dwelling units
at the properties described herein below in Paris, Texas (hereinafter "Improvements"); and
WHEREAS, city staff has reviewed the application and the location of the above
described residential Improvements and has determined that the property is located within the
boundaries of the defined geographic area and meets the requirements for Improvements set
forth in the Guidelines and Criteria for the 5 In 5 Housing Infill Development Program as set
forth in City Resolution No. 2024-002.
NOW, THEREFORE, in consideration of the terms and conditions referenced herein,
and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the City, and Owner, (collectively referred to as "Parties") hereby mutually agree
as follows:
I.
Recitals
1.1 The Recitals set forth hereinabove are incorporated into this Agreement for all
purposes.
II.
Component Parts
2.2 This Agreement comprises two component parts, including an economic
development agreement pursuant to Texas Government Code Chapter 380 and a residential tax
abatement agreement pursuant to Texas Tax Code Section 312.
III.
Terms Applicable to both the Economic Development Agreement and the Residential Tax
Abatement Agreement:
A. The Properties—Areas to be Improved
3.1 The Improvements defined in section III B below and made the subject of this
Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully
described in Exhibit 1 attached hereto and incorporated herein by reference, which Properties
are within Reinvestment Zone No. 2020-1 and within the area set forth in the Program:
• LCAD- 103422, Gibbons Braden Addition Block 16, Lot 5A, located on 17' St.
SE.
• LCAD- 103421, Gibbons Braden Addition Block 16, Lot 5A, located at the
corner of 17' St. SE and Jackson St.
• LCAD- 18409, Lovette Addition Block 281 Lot 6, located at 1610 15a' NE St.
B. Consideration --Improvements
3.2 The Improvements to be completed consist of constructing five (5) duplex
structures ("Structure" or "Structures") for a total of ten (10) dwelling units on the above
described Properties and as more fully described in the application for the Program attached
hereto and incorporated herein as Exhibit 1.
3.3 The total estimated value of the Improvements to be constructed on the above -
2
referenced parcels is ONE MILLION AND NO/100 DOLLARS ($1,000,000.00).
3.4 Owner shall obtain City approval for all necessary platting (if required) and plans,
building permits, green tags and a Certificate of Completion from the City of Paris.
3.5 Owner shall allow city inspectors access to the Properties and Improvements
throughout construction and completion of Improvements.
3.6 Owner agrees and covenants that it will diligently and faithfully construct each
Improvement/Structure referenced herein in a good and workmanlike manner within 12 months
of obtaining building permits from City for each structure. 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. Owner
shall complete all Improvements required herein by February 11, 2029.
3.7 Owner shall contact City Building Official for final inspection as Improvements
are completed and obtain a Certificate of Completion for the new residential dwellings as
completed.
3.8 Owner shall notify the Lamar County Appraisal District upon completion of
Improvements and request an updated appraisal of the Improvements.
3.9 Owner shall provide City with appraised value of Improvements upon receipt of
same from Lamar County Appraisal District.
3.10 Owner may not use the parcels described in Section 3.1 for any other purpose
other than to construct the Improvements set forth in this Article. Use of any parcel for any other
purpose shall constitute a separate act of default of the Agreement and will trigger the default
provisions and remedies set forth hereunder.
IV.
Terms Specific to the Economic Development Agreement—
Texas
greementTexas Local Government Code Chapter 380
A. Term
4.1 The term of this Economic Development Agreement shall commence on February
12, 2024 and shall continue for a period of five (5) years ending on February 11, 2029.
B. Reduced Fees for Building Plan Review and Permitting
4.5 In consideration for Owner's construction and completion of the above -referenced
Improvements, City agrees to reduce rates for building plan review by one hundred percent
(100%) and permit fees by seventy-five percent (70%) for each Structure constructed pursuant to
this Agreement.
3
C. Reduced Fees for Water and Sewer Tap Labor
4.6 In further consideration for Owner's construction and completion of the above -
referenced Improvements, City agrees to reduce rates for water and sewer tap labor fees by
seventy-five percent (75%) where required by the City's Public Works Department.
D. Local Purchasing
4.7 As further consideration for the incentives granted herein, where possible, Owner
shall purchase building materials and fixtures from vendors located within the City of Paris.
E. Default
4.8 It shall be an act of default of the Economic Development Agreement should
Owner fail to construct and compete all of the Improvements specified herein within the five (5)
year period set forth herein (by February 11, 2029).
V.
Terms Specific to the Residential Tax Abatement Agreement as to the Newly Acquired
Properties—Texas Tax Code Chapter 312
A. Term
5.1 The term of this Tax Abatement Agreement shall commence on February 12, 2024. It
is the intention of this Tax Abatement Agreement that Owner receive an abatement of taxes on
each Structure constructed as it is completed and issued a Certificate of Completion by City.
Consequently, each Structure constructed and completed shall have its own five (5) year
abatement period. The abatement period for each constructed and completed dwelling unit shall
commence on January 1 of the year following City's issuance of a Certificate of Completion on
said dwelling unit and end on the fifth (5a`) anniversary of the commencement of the abatement
period. This Tax Abatement Agreement shall terminate upon the expiration of the final
abatement period granted herein unless otherwise terminated by default or agreement of the
Parties.
B. Abatement
5.3 Subject to the terms and conditions of this Economic Development Agreement and
Tax Abatement Agreement, in further consideration for the construction and completion of the
Improvements required herein and subject to the rights and holders of any outstanding bonds of
the City, a portion of the maintenance and operations (M & O) ad valorem property taxes
assessed upon each Improvement 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 3.1 of this
Agreement, over the value in the year by which this agreement is executed (the "Base Value"), in
accordance with the terms of this Agreement and all applicable state and local regulations or
valid waivers thereof, provided that the Owner shall have the right to protest or contest any
assessment of the Properties and said abatement shall be applied to the amount of taxes finally
4
determined to be due as a result of any such protest or contest. For the purposes of this
Agreement, the Base Value of the existing real property shall be deemed to be the value as
shown on the tax rolls of the Lamar County Appraisal District as of January 1, 2023.
5.4 This abatement is granted in accordance with the City's Guidelines and Criteria
for the Program, a copy of which is attached hereto as Exhibit 2, provided, however, that in the
event of any conflict between this Agreement Exhibit 2, this Agreement shall control.
5.5 Upon receipt of the documentation set forth in Article III and in Section 6.6
herein as to each constructed and completed Structure, City will notify the Lamar County
Appraisal District to begin the tax abatement as to said Structure.
C. Default
5.6 If (a) the Improvements (all five residential Structures) for which an abatement
has been granted are not completed in accordance with this Agreement (within five (5) years of
the effective date hereof); 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 Economic
Development Agreement and Tax Abatement Agreement, including but not limited to the
Mandatory Anti -Discrimination Provisions set forth herein, 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.
5.7 As damages in the event of default, and in accordance with the requirements of
Section 312.205 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 and attorney's fees 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
within sixty (60) days of the expiration of the above-mentioned applicable cure period as the sole
remedy of the City, subject to any and all lawful offsets, settlements, deductions, or credits to
which Owner may be entitled.
VI.
Additional Terms applicable to both the Economic Development Agreement and
the Tax Abatement Agreement on the Newly Acquired Properties
A. No Conflict of Interest.
6.1 The Owner represents and warrants that neither the Properties nor the Improvements
include any real or personal property that is owned or leased by 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.
6.2 The terms and conditions of this Agreement are binding upon the parties hereto
and their successors and assigns.
6.3 It is understood and agreed between the parties that the Owner, in performing its
obligations hereunder, is acting independently, and the City assumes no responsibility or liability
in connection therewith to third parties; and Owner agrees to release, indemnify and hold the
City its elected officials, officers, employees and attorneys harmless from any claims,
lawsuits, damages, costs or attorney's fees related to this Agreement. It is further understood
and agreed among the parties that the City, in performing its obligations hereunder, is acting
independently, and the Owner assumes no responsibility or liability in connection therewith to
third parties.
C. Compliance Provisions
6.4 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 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
will provide the City with a detailed list of all Improvements, including a list of materials used
and cost thereof.
6.5 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.
6.6 The Owner further agrees that it will, within thirty (30) days of completion of each
dwelling unit as it issued 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 identification of plans and specifications of constructed
6
improvements and the location of the same for inspection by City's Building
Official;
(d) The actual cost of the specific capital Improvements; and,
(e) The date of substantial completion of the specific Improvements as defined in
paragraph 2.1 hereof; and
(f) Receipts showing that the purchase of building materials and fixtures for the
construction were made from vendors within the City of Paris, when possible.
6.7 Owner further agrees that it will provide City with an annual, sworn 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.
E. Authority to Contract.
6.8. This Agreement was authorized by resolution of the City Council at its regularly
scheduled meeting on the 12th day of February 2024, authorizing the Mayor to execute the
Agreement on behalf of the City.
6.9 This Agreement was entered into by Owner pursuant to the authority granted to the
authorized official whose signature appears below.
6.10. This Agreement shall constitute a valid and binding Agreement between the City
and Owner when executed in accordance herewith, regardless of whether any other taxing unit
executes a similar agreement for tax abatement.
F. Legal.
6.11 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.
6.12 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.
6.13 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:
7
OWNER:
Invest Fannin, LLC
P.O. Box 797111
Dallas, Texas 75379
CITY:
CITY OF PARIS, TEXAS
Attn: City Manager
P. O. Box 9037
Paris, TX 75461-9037
With a col to:
City Clerk, City of Paris, Texas
(Address same as above)
6.14 If any term or provision of this Agreement shall be declared unconstitutional or
void by any court of competent jurisdiction, the constitutionality and validity of the remainder of
said Agreement shall not be affected thereby, and to this end the terms and provisions of this
Agreement are declared to be severable.
6.15 This Agreement sets forth the entire understanding between the parties, and any
other understandings or agreements shall be canceled and superseded by this Agreement upon
the date of execution hereof. None of the terms of this Agreement shall be waived, discharged,
altered or modified in any respect, except by an Agreement in writing signed by both parties and
specifically referring to this Agreement. The captions in this Agreement are included for
convenience only and shall not be taken into consideration in any construction or interpretation
of this Agreement or any of its provisions. This Agreement is performable in Lamar County,
Texas, and shall be governed by, construed and enforced in accordance with the laws of the State
of Texas. The provisions of this Agreement shall apply to, bind and inure to the benefit of the
City, Owner, and their respective successors, and permitted assigns, if any.
6.16 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 the U.S. District Court for the
Eastern District of Texas for any federal court action.
6.17 MANDATORY ANTI -BOYCOTT AND OTHER PROVISIONS. Owner, by
executing this agreement, certifies the following:
i. Pursuant to Section 2271.002 of the Texas Government Code, Consultant
certifies that either (i) it meets an exemption criterion under Section 2271.002;
or (ii) it does not boycott Israel and will not boycott Israel during the term of
the Agreement. Consultant acknowledges this Agreement may be terminated
and payment withheld if this certification is inaccurate.
ii. Pursuant to SB 13, 87th Texas Legislature, Consultant certifies that either
(i) it meets an exemption criterion under SB 13, 87th Texas Legislature; or (ii)
it does not boycott energy companies, as defined in Section 1 of SB 13, 87th
Texas Legislature, and will not boycott energy companies during the term of
the Agreement. Consultant acknowledges this Agreement may be terminated
and payment withheld if this certification is inaccurate.
iii. Pursuant to SB 19, 87th Texas Legislature, Consultant certifies that either
(i) it meets an exemption criterion under SB 19, 87th Texas Legislature; or (ii)
it does not discriminate against a firearm entity or firearm trade association, as
defined in Section 1 of SB 19, 87th Texas Legislature, and will not
discriminate against a firearm entity or firearm trade association during the
term of the Agreement. Consultant acknowledges this Agreement may be
terminated and payment withheld if this certification is inaccurate.
iv, Pursuant to Subchapter F, Chapter 2252, Texas Government Code,
Consultant certifies Consultant (1) is not engaged in business with Iran,
Sudan, or a foreign terrorist organization. Consultant acknowledges this
Agreement may be terminated and payment withheld if this certification is
inaccurate.
Signature page to follow:
G�
WITNESS our hands this 12`h day of February, 2024.
ATTEST:
Janice Ellis, City Clerk
APPROVED AS TO FORM:
Stephanie H. Harris, City Attorney
THE CITY OF PARIS, TEXAS
Reginald B. Hughes, Mayor
INVEST FANNIN, LLC
By: _.............r.,��e.._.,
Name:
Title:
10
STATE OF TEXAS
COUNTY OF LAMAR
BEFORE ME, the undersigned authority, on this day personally appeared Reginald B.
Hughes, Mayor, known to me to be the person whose name is subscribed to the 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 12th day of February, 2024.
Notary Public, State of Texas
STATE OF TEXAS
COUNTY OF
BEFORE ME, the undersigned authority, on this day personally appeared
-'5 _ _ of Invest Fannin, LLC, known to me to be the person whose name
is subscribed to the 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 .................. day of February, 2024.
Notary Public, State of Texas
11
Exhibit A
CITY OF PARIS, TEXAS
APPLICATION FOR RESIDENTIAL TAX ABATEMENT -5 In 5 Infill Housing Program
Property Owner:
Name Current: Name Planned*: Invest Fannin, LLC.
(*Do you plan to re -assign to a buyer upon completion? No
Mailing Address: PO BOX 797111 Dallas, TX 75379
Telephone Number: 214-514-8684 email: Zach.Docsl@gmail.com
Builder or Contact (if different than current/planned owner):
Name: Same
Mailing Address: PO BOX 797111 Dallas, TX 75379
State GC License No:
Telephone Number: 214-514-8684
Property Parcel(s) Proposed For 5 In 5 Agreement:
(Please submit an attached list of addresses and/or LCAD #'s on Excel Spreadsheet, if possible)
See attached
Full Legal Description: Include as an attachment a full legal description with metes and bounds
or a copy of the deed, if available.
See attached
Improvements:
Type improvements for new Construction: SF_ 2F x_3F_Quad MF x
Total Number of Dwelling Units: 10
Estimated Value of Improvements by type: $1,000,000
Estimated Start Date of Construction: Upon settlement of any and all legal conditions,
infrastructure improvements where necessary.
Estimated Date of Completion of Project(s) within standard completion timing. Approx 8
months per project if in tandem.
Description of Project (attach site plan, floor plan etc.:) 2 bed 2 bath dwellings
Applicant and Owner's Signature: Date: 1-3-2024
Page 8 of 9
203313-2023 D
06/27/2023 03:04 PM Total Pages: 3
Ruth Sisson, County Clerk - Lamar County, TX
BY:CONCIERGE TITLE OF TEXAS, LLC
After recording return to: PREPARED IN "M LAW O�?+ICE OF
Invest Fannin, LLC 7LI MY i�. DAVIS
17430 Preston Road 201 MAIN ST., 5# 1400
Dallas, TX 75252 FORTW9 R, -TX 76102
OF # 2023-29666 ('\/
\V�
Notice of confidentiality rights: If you are a natural person, you r a11 y-rempvaY s$rike any
or an of the following information from any instrument that Lralm yrs an fn 6rest in real
property before it is filed for record in the public. records: your S(al Secw , iy number or
your driver's license number.
C
General Warranty DeU->
THE STATE OF TEXAS
j�KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LAMAR \�\
Date:........... 2023
�
r,
Grantor: Texas Land Direct, LLC, aTexbljlability Company
Grantor's Mailing Address:
Grantee: Invest Fannin, LLC�4,Tamk�, i' rxAd Liability Company
Grantee's Mailing Addrg6p: 176ston Road, Dallas, TX 75252
Consideration: , (O ($10.00) and other good and valuable consideration, the receipt
and sufficiency o 1�,ich"r eby acknowledged.
Property {iaclbnitgity "improvements): Being 1.769 acres of land situated within the corporate
limits of the.,.City ot"� s in Lamar County, Texas; part of the Redding Russell Survey, Abst.
No. 786j4d-B&n cs 1 e land conveyed to Texas Land Direct, LLC in a Deed of record in
Clerk's trihout
trument 191691-2022, Lamar County Official Public Records, commonly known
as 1(10 , z, Paris, TX 75460.
Reserat;upfry'"in Conveyance: none
tions"totonveyance and Warranty: This conveyance, however, is made and accepted
;v(p any and all validly existing encumbrances, conditions, restrictions and reservations,
o the herein above described property as now reflected by the records of the County
of LAMAR County, Texas.
Grantor, for the Consideration and subject to the Reservations from Conveyance and the
205313-2023 06/27/2023 03:04"27 PM Page 2 of 3
205313-2023 IPage 2 of 3
Exceptions to Conveyance and WwTanty, grani[s, sclls, and conveys to Grantee the Propakf,
together -with all and singular t.he riots and appurtenaaces the :in any way bel-nnging,'IP,have
and to hold it Grantee znd OTantee's heits, niecessors, mid assigusborever. Oran --bi
Orantar and &=tor's bei rs and siuccessors to warmt and forever defend all and span U9
Property to Orantee and cgs heirs, successors, and asgigns wgainst ev ly'VSKI
whomsoevet lawfully claiming or to claim the same or any pail. thereof, 0 sto e
Reservations from Conveywace and & Exceptions tD Conveyance and r ntYl,/
'When the context requires, Wlngul2t nOlMs 8nd PTOWIMS inclu, 10131 "04
%Texas Land Direct, Udj�, Texas i)iited Ligbility
Company
'B y. ........... .........
TEM STATE OF TEXAS
COUNWOp. COCA,0i
Tim instrment was
Limited LiabUity
A ACKNO�VJ�4DGX&�
0 Ma on -die oaf _ .... 2023 by
on b"f of "FoxasLand Direct, LW, a Texas
P
........ . . .... ...... . . .......... ..... ublic, State afTexas
a Totftry
205313-2023 06/27/2023 M04:27 I13M Page 3 of 3
2053,13.2023 IPS ge 3 of 3
a
Property DeRcription
Being 1369 acau. Of Wd shusted within the wrponde limits of the City of 11,aris in Lamar CotmLy,'Texm; part of Russell
'Umvey, Abst. No. 786 mad being the saw, land convqy . LLC in a Deed of record inC1!,rk'sJ&hMrn8nt No,
a ed to"raxas'Land Direc�
191691-2022, Lamar Gotmty Offioialftblio'Rccoxftbeing more tally rtes "bei an the Exldbit "N' atw& Diri&-wb'dl
wia Part
herW for all nemssmy puWes"
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andlor identification pur•poses and does not override Itrm 2 ofSchedule:IR- hereof
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204603-2023 WD
0513012023 03:65 PM Total Pages: 3
Ruth Sisson, County Clerk - Lamar County, TX
NQDCE OF CONFIDENTIALITY ,RAMP IF VAEAMPEW1i1i,I., PERSON,
YOU MAY REMOVE OR STRIKEANY OF THE FOLLOWING INFORMATION Fk)M THIS
INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC .RECORi : YOUR
SOCIAL SECURITY NUMBER OR YOURDRIVER'S LICENSE
IS
WARRANTY DASD
THE STATE OF TEXAS ) i
KNOW ALL MEN BY THESE,
COUNTY OF LAMAR
THAT TM&D, LLC, A Texas Limited Liability Company Thor in.caKed "grantor"), of the
County of Lamar, State of Texas, by and through its duly autli rized M aging Member, Nathan
James Bell IV, for and in consideration of the sum of Ten ($10.001 and-rfore Dollars cash to it in hand
paid by INVEST FANNIN, LLC, A Texas Limlt4l Liability Cqmpany, receipt of which in full is
hereby acknowledged;
has Granted, Sold and Conveyed d by dse presents does Grant, Sell and Convey unto
INVEST FANNIN, LLC, A Texa ' Cted 1 zty Company (herein called "grantee"), of the
County of Dallas, State of Texas w tirp its rnail�ng address is PO Box 797111, Dallas, TX 75379, all
that certain tract or parcel o 'di a ar°County, Texas described as follows:
Situated in Lamar,�oqn +, Texas, a part of the Larkin Rattan Survey, Abst, No. 778, within the
corporate limits of the 0j„„try d'P a't and being Lots Four (4), five (5) and Six (6) in Block Sixteen (16) ofthe
Gibbons -Braden A ;Id tion, . to plat of such Addition of record in Envelope 5-C, LCPR; more fully
described in Exhibl"'i," A,' t shed hereto and made a part hereof for all necessary purposes.
The ednveyance�e,loced by this deed is made subjeet to the following, to the extent each affects the
within desc ed property or any part thereof:
1,, All eas4ents, rights of way, set backs and other matters shown on Plat of Gibbons -Braden
1 within the corporate limits of the City of Paris, of record in Envelope 5-C, Lamar,
��ottztfy Plat Records_
�y and Anchorage consent to T.P.& L, dated April 20,1937, of record in Volume 248, Page
_...3 9, Lamar County Deed Records.
Basement to Lone Star Gas, dated August 23, 1929, of record in Volume 229, Page 122,
Lamar County Deed Records.
Overhead power lines, power pole, l0' drainage easement and all other matters as appear on
survey by Stephen B. Young, RPLS 4712, dated April 30, 2023.
TO HAVE AND TO HOLD the within described premises, together with all and singular the
rights and appurtenances thereto in anywise belonging unto INVEST FANNIN, LLC, A Texas
204603-2023 05/30/2023 03:55:36 PM Page 2 of 3
204603-2023 Page 2 of 3
Limited Liability Company, its successors or assigns forever, and grantor hereby binds itself, its
successors and assigns, to Warrant and Forever Defend, all and singular the said premises un�p1 VEST
FANNIN, LLC, A Texas Limited Liability Company, its successors and assignssaga Inst eve son
whomsoever lawfully claiming or to claim the same, or any part thereof.
WITNESS this 3Q day of May, 2023.
TBE STATE OF TEXAS
COUNTY OF LAMAR
THIS instrument was
JAMES BELL IV, in the cal
ORY31 0M
r."
"SER RECORDING_RETURN TOS
Invest Fannin, 'LLC
PO Box 797111
Dallas, TX 75379
-�-�� 111.1
TM&D, L�
f�mited iabila
'ty Company
BY:,
'414,._...........
NATHAN J,,v')11t,9-BELL IV
Maiaging Member, Duly Authorized
777
CKNOWLEDGMENT
;ed b � )re me on the 50 day of May, 2023, by NATHAN
Notary Public, State of Texas
PREPARED JIN I THE LAW OFFICE OF:
Casey Gain, Attorney (ar)
c/o The Moore Law Firm, L.L.P.•
100 N. Main, Paris, TX 754604222
204603-2023 05/30/2023 03:55:36 PM Page 3 of 3
204603-2023 Page 3 of 3
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Exhibit B
RESOLUTION N0. 2024-002
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS
REAUTORIZING THE CITY TO BECOME ELIGIBLE TO PARTICIPATE IN
RESIDENTIAL TAX ABATEMENTS RELATED TO THE 5 IN 5 HOUSING
INFILL REDEVELOPMENT PROGRAM AND READOPTING THE
GUIDELINES AND CRITERIA RELATED TO SAME; MAKING OTHER
FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND
DECLARING AN EFFECTIVE DATE.
WHEREAS, Sec. 312.002 of the Texas Tax Code requires local taxing entities to state their
intent to participate in abatement agreements and to adopt guidelines and criteria for granting tax
abatements; and
WHEREAS, on October 14, 2013 in Ordinance No. 2013-036, the City Council designated
Reinvestment Zone No. 2013-1 for residential tax abatements; and
WHEREAS, on February 9, 2015, the City Council passed Ordinance No. 2015-002 amending
Reinvestment Zone 2013-1 for Residential Tax Abatements to expand it to include all Council
Districts in the City and designated the new reinvestment zone as Reinvestment Zone No. 2015-1;
and
WHEREAS, in 2021, City Council re -authorized Reinvestment zone 2015-01 and renamed it
Reinvestment Zone No. 2020-1; and
WHEREAS, by Resolution No. 2022-003, on January 10, 2022, City Council adopted the 5 in
5 Housing Infill Redevelopment Program (the "Program"), including guidelines and criteria for
residential tax abatements within the designated Program area, which area falls within
Reinvestment Zone 2020-1; and
WHEREAS, City Council revised said guidelines and criteria on July 25, 2022 in Resolution
2022-055; and
WHEREAS, pursuant to Texas Tax Code Sec. 312.002(c), guidelines and criteria for tax
abatements are effective for two years from the date adopted; and
WHEREAS, the City Council continues to desire to participate in a residential tax abatement
program related to the Program; and
WHEREAS, on January 6, 2024, the City Council held a public hearing on the reauthorization
of the Program and readoption of the guidelines and criteria therefor as required by law, and after
considering any testimony offered therein, wishes to reauthorize participation in the Program and
to reauthorize the guidelines and criteria therefor;
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 are incorporated herein for all purposes.
Section 2. The City hereby elects to be eligible to participate in a residential tax abatement
program related to the Program and hereby readopts the 5 In 5 Housing In -Fill Development
Program attached hereto and incorporated herein as Exhibit "A".
Section 3. The City Council hereby redesignates the defined geographic area for properties
to be eligible to participate and enter into an agreement for the 5 In 5 Affordable Housing In -Fill
Program represented in the map attached hereto and incorporated herein as Exhibit "B".
Section 4. This resolution shall become effective from and after the date of passage.
PASSED AND APPROVED this 8th day of January, 2024.
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ATTEST: = ti_i2 10
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TEX
J 1, ce Ellis, City Clerk11
W
Id B. Hughes, Mayor
Exhibit
5 IN 5 HOUSING INFILL DEVELOPMENT PROGRAM
GUIDELINES, CRITERIA & APPLICATION FORM
CITY OF PARIS, TEXAS
Readopted January 8, 2024
I. GENERAL PURPOSE AND OBJECTIVES
The City of Paris, working with our local government partners, is seeking to provide a series of
builder incentives designed to encourage new home construction for the purpose of neighborhood
revitalization and the provision of work force housing. New home construction within the existing
interior of the community can have a positive effect towards reinvestment in our neighborhoods
by providing stability and enhanced character, as well as a means to expand our community's local
labor force. Focusing on the existing interior of the City allows the builder to utilize existing
infrastructure rather than the extension of costly streets and utilities in undeveloped lands at or
beyond the urban fringe.
To achieve this purpose, the City will offer a series of incentives:
1. Where applicable, the City will provide low cost residential lots in the Program Area in tax
foreclosure city receivership. If a builder obtains properties through other traditional means
within the Program Area, other incentives within this policy may apply.
2. The City will offer a five (5) year 100% residential tax abatement of City property taxes.
3. The City will offer reduced rates on building plan review and permit fees.
4. The City will offer reduced rates on labor charges on water and sewer tap fees.
The city staff will work with interested builders to identify parcels from a pool of tax sale lots in
trustee status to develop a list of properties that., will be suitable for the construction of new
dwelling units. This may consist of single-family, two-family, medium density, or high density
residences. Prior to any construction occurring from which the builder is seeking incentives, the
builder will enter into an Agreement to be approved by the City Council for the construction of a
minimum of five (5) or more dwelling units on one (1) or more parcels. Each of the dwelling units
subject to the Agreement must be constructed under the terms of the agreement within five (5)
years from the date of the Agreement, unless such deadline is extended by subsequent approval of
the City Council. All parcels under the Agreement must be built upon within five (5) years to
satisfy the terms of the Agreement. Failure to achieve this goal will result in certain claw backs as
provided in the Agreement. All applications shall be considered on a first come, first serve basis.
There will be no income guidelines under this program for occupants of the dwelling units, whether
owner or renter occupied. In the event the applicant constructs a new dwelling unit and sells said
unit, the tax abatement shall lapse and be terminated as to that parcel unless the City Council
approves an assignment of the tax abatement agreement to the new owner.
Page 1 of 7
In order to further encourage local development, employment, and enhancement of our economy,
to be eligible for incentives in this policy, building materials and fixtures used in the construction
of new dwelling units, where possible, must be purchased locally within the City of Paris.
II. DEFINITION OF TERMS
Act - The Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. 312.001 et.
seq., as amended from time to time.
Agreement - A contractual agreement between an applicant and the City of Paris for the purposes
of a 5 In 5 Housing Infill Development Program to include an economic development agreement
pursuant to Chapter 380 of the Texas Local Government Code and a residential tax abatement
agreement pursuant to the Act.
Applicant - An owner, proposed owner, builder or authorized agent of the owner of eligible
property seeking an agreement under this policy.
Base Year Value — The assessed value of eligible property on January 1, preceding the date of
execution.
Eligible Property - Property located in the defined Program Area and Immediately Adjacent
thereto, whether foreclosed on due to taxes or not. Also, property located outside the Program
Area if foreclosed on due to taxes.
Immediately Adjacent property — Property which lies immediately next to the boundary of the
Program Area, including property across a street or intersection or located diagonally therefrom.
New Structure - Residential improvements made to a property previously undeveloped or a vacant
parcel which is placed into use by means other than by expansion or modernization without full
demolition of an existing substandard or condemned structure.
Program Area - An area depicted in "Exhibit B" of the approved resolution for the 5 In 5 Housing
Infill Development Program, which area is wholly within the boundaries of Reinvestment Zone
2020-1 for the purpose of residential tax abatements.
Residential Improvements - The construction of new residential structures and all the
appurtenances thereto. This term includes single family, duplexes and multi -family structures.
Value of Improvements — The appraised value of the Residential Improvements as determined
by the Lamar County Appraisal District and as described in the Agreement.
III. ELIGIBILITY AND GUIDELINES
Real property is determined eligible under this policy as provided in the Definitions. If property
is eligible, an Applicant may apply for an Agreement to receive incentives provided for in this
Page 2 of 7
policy. For tax foreclosed properties, all taxing jurisdictions shall be required to sign off on the
low cost land sale according to the provisions of State Law prior to transfer of the property to the
applicant.
Minimum Investment
— To be eligible for residential tax abatement, an Applicant must construct
a new structure or structures on the property parcel(s) identified in an Agreement between the
applicant and the City.
Incentives
Low Cost Sale of Foreclosed Properties — As part of their agreement, an applicant may choose to
purchase eligible properties that are in a state of tax foreclosure. These properties are strictly first
come, first serve and the City makes no warranty on having available properties for this incentive.
The City will work with the Lamar County, Paris Independent School District, and Paris Junior
College to seek a low cost We of the foreclosed property, but the City can only guarantee a low
cost of its share.
Tax Abatement - An Applicant who has satisfied all the criteria and guidelines for the low cost
property We and residential tax abatement as set out herein, will be eligible for a 100% five (5)
year tax abatement on each parcel on which a dwelling unit or units are constructed and completed.
The abatement will become effective on January I' of the year following issuance of a Certificate
of Completion following final construction inspection. As provided in the Act, a tax abatement
may only be granted for the value of the Residential Improvements which exceed the base year
value of the property and which are listed in an Agreement between the City of Paris and the
applicant, subject to such limitations as the City of Paris may require. The base value will be set
as of January 11 of the year in which the Agreement is executed. Upon completion of construction,
the Applicant shall provide a copy of all material and fixture purchase invoices to prove that those
materials and fixtures were purchased locally within the City of Paris when possible. The tax
abatement is available only for improvements made after the execution of the Agreement.
The Agreement may not be approved by the City Council until at least thirty (30) days after
notice of the consideration and possible action on the Agreement has been posted.
Reduced Fees for Buildna; Plan Review and Permitting — The Applicant will be entitled to reduced
rates for building plan review and permit fees on a cumulative basis for all new dwelling units
under agreement with the City according to the following schedule:
Total Dwelling Units Plan Review Fee Discount Building Permit Fee Discount
5-9 100% 50%
10-19 100% 75%
20+ 100% 100%
Reduced Fees, for, Water & Sw_Ta.) Labor — The Applicant will be entitled to reduced rates for
water and sewer tap labor fees, where required by the Public Works Department, on a cumulative
basis for all new dwelling units under agreement with the City according to the following schedule:
Page 3 of 7
no
Total Dwelling Units Water Tap Labor Sewer Tap Labor
Fee Discount Fee Discount
5-9 50% 50%
10-19 75% 75%
20+ 100% 100%
Claw Back Provision — The Applicant who enters into an Agreement with the City of Paris shall
construct at least five (5) or more new housing dwelling units on one (1) or more parcels within
five (5) years from the effective date of the Agreement, or the City shall have the right to
automatically take back any undeveloped parcel under the terms of the agreement and transfer of
the property by all taxing entities. This shall be recorded with or as a part of the deed as a right of
reversion for all uncompleted construction lots deeded under this agreement against the property.
The Applicant may request approval of an extension for such failure to construct a new residential
dwelling unit(s), based upon reasonable circumstances, as may be approved by the City Council
under a subsequent revised agreement. Parcels under the agreement cannot be sold or assigned to
another individual except by prior approval and re -assignment of the parcel(s) and approval of a
new agreement by the City Council. Failure to meet the requirements of constructing a minimum
of five (5) dwellings within the five (5) year period will result in a reversion of all parcels upon
which Residential Improvements have not been constructed and completed to the City and will
result in the Applicant being ineligible to participate in this program in the future.
As a further claw back provision, and in accordance with Texas Tax Code Sec. 312.205, the
Agreement shall provide for recapturing property tax revenue lost as a result of the agreement if
the owner of the property fails to make all the Residential Improvements as provided in the
Agreement regardless of how many dwelling units applicant builds.
Com hence with all other Cit ° Rei uirements
— The Applicant shall be fully responsible for
compliance with all zoning, subdivision platting, and building code requirements as may
specifically pertain to the subject parcel(s) under the approved Agreement. The applicant shall be
fully responsible for all such costs which may include, but not be limited to: Zoning Changes,
Special Use Permits, Variances, Platting and Surveying Costs, Plan Preparation, and Building
Permit Fees.
V. APPLICATION PROCEDURES
Applications for an Agreement with the City shall be reviewed for completeness. City Staff shall
determine whether the application satisfies guidelines and criteria and Staff may request additional
information or documents from Applicant. City Staff will make final recommendations on each
application to the City Council. Any Applicant desiring approval of an Agreement shall comply
with the following procedural guidelines. All applications shall be evaluated on their own merits
within the parameters of these Guidelines and Criteria.
1. Preliminary Application Steps
Page 4 of 7
A. Applicant shall work with City Staff to identify eligible tax foreclosure City Trustee
or other parcels within the defined geographic area. City Staff will provide a list
and corresponding map from which tax foreclosure City receivership parcels may
be reviewed. The Applicant may submit an application for this program at the same
time with an application for a building permit(s). If the
Applicant for the building permit is not the owner of the real estate and does not
make application for an agreement on behalf of the owner, the City Staff shall notify
the owner (according to the most current records of the Lamar County Appraisal
District records) by certified mail, return receipt requested, that the application must
be signed and filed with the City within ten (10) business days of receipt of the
affidavit of ownership notice.
B. A pre -approval letter must be attached to the application from Applicant's financial
institution stating that the Applicant will have financial capital available to
complete all new dwelling unit construction under the five (5) year Agreement with
the City. Verification of such financial capability may be reviewed over the course
of the Agreement.
C. If the building permit applicant does not to apply for an Agreement prior to the time
that the building permit is issued, or if the owner fails to respond to the written
notice of availability for the agreement, this policy shall be considered waived by
the applicant and/or owner. City staff shall make a record to reflect owner's election
not to participate in the program or to document that owner did not respond to City's
notice of opportunity to participate in the program. The refusal or waiver to
participate in the program by the building permit applicant or owner shall be
binding on subsequent owners of the real property.
D. A complete legal description shall be provided with a copy of the current deed of
the land, unless the parcel(s) are being transferred by deed without warranty by the
City of Paris.
E. Applicant shall complete all forms and information detailed above and submit all
forms to the City of Paris Director of Planning and Community Development.
2. All information in the application package detailed above will be reviewed for
completeness and 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 dwelling(s) to be constructed are to be retained
for ownership, or sold to another owner upon completion of construction. The applicant
shall also provide an estimate of the value of improvements as required for building permit
application.
4. If an application for the 5 In 5 Housing Infill Development Agreement is to be
Page 5 of 7
recommended for approval by staff, then an Agreement as defined herein with the City of
Paris will be prepared by the City Attorney for approval by the City Council.
S. If the Applicant's property is not found to be eligible, the application will be rejected and
returned to Applicant.
6. The City Council reserves the right to amend these policies and guidelines as needed.
VI. LEGAL DOCUMENTATION PREPARATION
The Director of Planning and Community Development and the City Attorney will be responsible
for drafting the required Agreement in accordance with state law and this Policy.
The legal document will include the following:
1. Estimated value of new structure or residential improvements to be constructed.
2. Total amount of value to be abated over five (5) years.
3. Effective date and the termination date of abatement.
4. Description of the Residential Improvements, schedule of completion, property
description, all required City approval requirements and a platted lot site plan or sketch of
the parcel(s) to be platted and developed.
Applicant agrees to make the new structure or residential improvements available for
inspection by City of Paris, or its authorized representatives, and Lamar County Appraisal
District (LOAD) during constriction and upon completion of the project.
6. Contractual obligations in the event of default, violation of terms or conditions, delinquent
taxes, recapture and administration.
7. A signed and notarized statement as an attachment to the application agreeing to construct
five (5) dwelling units on one (1) or more parcels within five (5) years from the date of
City Council approval of an Agreement, unless extended by the City Council, or consenting
to allow the City to automatically take back the parcel(s) under the initial terms of an
approved agreement.
Page 6 of 7
CITY OF PARIS, TEXAS
APPLICATION FOR RESIDENTIAL TAX ABATEMENT (5 in 5)
Property Owner:
Name Current: Name Planned*
Mailing Address: (*Do you plan to re -assign to a buyer upon completion?—Yes N
o
Telephone Number: email:
n cu
Builder or Contact if different than current/planned owner):
...............
( rr
Name:
Mailing Address:
State GC License No:
Telephone Number: 'email
Property Parcel(s) Proposed For 5 In 5 Agreement: mm..
(Please submit an attached list of addresses and/or LCAD #'s on Excel Spreadsheet, if possible)
No. LCAD Address Lot Blk. Addition
1.
2.
3.
4.
5.
Add additional sheets if necessary. Full Legal Description: Include as an attachment a full legal
description with metes and bounds or a copy of the deed, if available.
Improvements:
Type improvements for new Construction: SF_ 2F_3F_Quad_MF_
Total Number of Dwelling Units:._
Estimated Value of Improvements by type: w..
Estimated Start Date of Construction:
Estimated Date of Completion of Project(s)
Description of Project (attach site plan, floor plan, etc.:
Owner's Signature. .,,., Date:
Applicant(s) Signature: Date:
Page 7 of 7
Exhibit B