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

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2.5 Owner agrees and covenants that it will diligently and faithfully construct the Improvements 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. 2.6 Owner shall contact City Building Official for final inspection once Improvements are completed and obtain a Certificate of Completion for the new residential dwellings as completed. 2.7 Owner shall notify the Lamar County Appraisal District upon completion of Improvements and request an updated appraisal of the Improvements. 2.8 Owner shall provide City with appraised value of Improvements upon receipt of same from Lamar County Appraisal District. 2.9 Owner may not use the parcels described in Section 1.1 and conveyed to Owner pursuant to the terms of this Agreement 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. III. Terms Specific to the Economic Development Agreement— Texas greementTexas Local Government Code Chapter 380 A. Term 3.1 The term of this Economic Development Agreement shall commence on . 2022 and shall continue for a period of five (5) years ending on ..........M , 2027. B. Land Conveyance 3.2 In consideration for Owner's construction and completion of the above -referenced Improvements, City agrees, subject to the approval of Lamar County, Paris Independent School District, and Paris Junior College, to convey the above -referenced parcels to Owner in exchange for payment in the amount of City's proportionate share of $1.00 per parcel. The ultimate cost of the parcels to Owner will depend on the approval of the aforementioned taxing entities. 3.3 The conveyance of the property by the City to the Builder shall be tax sale deed without warranty with right of reversion. 3.4 City hereby transfers property in an "as is" condition and does not warrant or provide clear title with respect to the aforementioned Tax Foreclosure City Trustee status of the property. Owner assumes full responsibility for title insurance for the property and all new residential improvements thereto by Owner under the terms of this Agreement. 3