2026-034 - Approving a residential tax abatement and economic development agreement with Kyle Thomas as a part of the 5 in 5 Housing Infill Redevelopment Program for LCAD #15451, City of Paris

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RESOLUTION NO.2026-034 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT AGREEMENT AND TAX ABATEMENT AGREEMENT WITH 848 4t" ST., LLC PURSUANT TO THE 5 IN 5 HOUSING INFILL DEVELOPMENT PROGRAM; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, on January 27, 2025, the City Council of the City of Paris, Texas passed Ordinance No. 2025-003 creating Reinvestment Zone 2025-1 and 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 Infill Development Program (hereinafter "the Program") including low cost land sales and residential tax abatements and adopting guidelines and criteria for the Program, which guidelines and criteria from time to time have been amended, and were readopted most recently on January 12, 2026 by Resolution No. 2026-001; and WHEREAS, City Council has also, concurrent with the readoption of the guidelines and criteria referenced above, re -declared its intention to participate in a residential tax abatement program as part of the Program; and WHEREAS, the City Council has, in said guidelines and criteria, designated an area within Reinvestment Zone 2025-1 as being eligible for the Program; and WHEREAS, the Program's and guidelines for participation therein include criteria and guidelines for eligibility for residential tax abatements; and WHEREAS, 848 4t" ST., LLC ("Owner") has submitted an application for a 5 In 5 Housing Infill Development project to construct one (1) single family home on the City Trustee property described in Exhibit A hereto; and WHEREAS, city staff has reviewed the application and the location of the above described residential Improvements and has determined that the properties are located within the boundaries of the defined geographic area and Reinvestment Zone 2025-1 and meet the requirements for Improvements set forth in the guidelines and criteria for the Program readopted on this same date. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: