2026-001 - Authorizing City to participate in 5 in 5

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RESOLUTION NO. 2026 _'OOl A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS RE- AUTHORIZING THE CITY TO BECOME ELIGIBLE TO PARTICIPATE IN RESIDENTIAL TAX ABATEMENTS WITHIN THE 5 IN 5 HOUSING INFILL REDEVELOPMENT PROGRAM AND APPROVING GUIDELINES AND CRITERIA FOR 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, after a public hearing on January 10, 2022, the City Council passed Resolution No. 2022-003 stating its intent to establish the 5 in 5 Housing Infill Development Program (hereinafter "the Program"), including such incentives as low cost land sales and residential tax abatements, and adopting guidelines and criteria ("Guidelines") for the Program; and WHEREAS, in Resolution No. 2022-003, City Council designated an area within Reinvestment Zone 2020-1 (the "Program Area") as being eligible for the Program; and WHEREAS, on January 27, 2025, the City Council reauthorized existing Reinvestment Zone 2020-1 and renamed it Reinvestment Zone 2025-1; and WHEREAS, City Council has revised and readopted the Guidelines for the Program several times, the most recently on May 12, 2025 via Resolution No. 2025-025; 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 conducted a public hearing at its regular meeting on January 12, 2026 as required by law wherein the public was invited to comment on renewing the the City's intent to reauthorize the residential tax abatement program within the Program and to readopt the current Guidelines; and WHEREAS, having considered testimony provided at said public hearing, the City Council continues to desire to participate in the Program Area subject to the Guidelines; 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 in the Program Area subject to the the Guidelines and Criteria for the 5 in 5 Housing Infill Redevelopment Program for Residential Tax Abatement Program attached hereto and incorporated herein as Exhibit "A" and readopted hereby.