2022-004 - Approving and Authorizing an Economic Development Agreement and Tax Abatement Agreement with Essential Housing Corporation, LLC

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D. Initial and Annual Reporting. 5.6 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 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 from for the construction were made from vendors within the City of Paris, when possible. 5.7 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. 5.8. This Agreement was authorized by resolution of the City Council at its regularly scheduled meeting on the 10th day of January 2022, authorizing the City Manager to execute the Agreement on behalf of the City. 5.9 This Agreement was entered into by Owner pursuant to the authority granted to the authorized official whose signature appears below. 5.10. 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. 5.11 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. 7