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

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acknowledged, the City, and Owner, (collectively referred to as "Parties") hereby mutually agree as follows: Component Parts 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. Terms Applicable to both the Economic Development Agreement and the Residential Tax Abatement Agreement: I. The Properties—Areas to be Improved 1.1 The Improvements defined in paragraph III 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 Property is within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: • Unknown No. NE 10a' St., Block P, Lot 19, East Park Addition, LCAD #11176 • 1360 NE 10t` St., Block P, Lot 23, East Park Addition, LCAD #11180 • 1420 Fitzhugh, Block Q, Lot 17, East Park Addition, LCAD #11198 • 1421 NE 10th St., Block Q, Lot 18, East Park Addition, LCAD #11199 • 1410 Fitzhugh, Block Q, Lot 19, East Park Addition, LCAD #11200 • 1399 NE 10th St., Block Q, Lot 22, East Park Addition, LCAD #11203 • Unknown No. Fitzhugh, Block Q, Lot 23, East Park Addition, LCAD #11204 II. Consideration --Improvements 2.1 The Improvements to be completed consist of constructing seven (7) new single- family residential structures upon the above described parcels and as more fully described in the application for the Program attached hereto and incorporated herein as Exhibit 1 and incorporated herein by reference. Said Improvements must be completed within the term of the Economic Development Agreement, set herein to expire on m m m� ..........., 2027. 2.2 The total estimated value of the Improvements to be constructed on the above - referenced parcels is NINE HUNDRED AND ONE THOUSAND, SEVEN HUNDRED AND THIRTY-NINE DOLLARS AND NO/100 ($901,739.00). 2.3 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. 2.4 Owner shall allow city inspectors' access to the Property and Improvements throughout construction and completion of Improvements. OA