2022-019 - Approve an Escrow Agreement with Enns Ventures relating to Development associated with the City's 5 in 5 Housing Infill Development Program

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RESOLUTION NO. 2022 - 019 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, TO APPROVE AN ESCROW AGREEMENT BETWEEN THE CITY AND ENNS VENTURES, LLC, RELATING TO DEVELOPMENT ASSOCIATED WITH THE CITY'S 5 IN 5 HOUSING INFILL DEVELOPMENT PROGRAM; AUTHORIZING THE MAYOR TO SIGN ALL DOCUMENTS RELATED TO THE AGREEMENT; MAKING OTHER FINDINGS AND PROVISIONS; AND DECLARING AN EFFECTIVE DATE. WHEREAS, Enns Ventures, LLC (the "Developer") is acquiring certain real property (the "Property") described as City of Paris Block 98, Lot 1-A (LCAD#15470) for the purposes of constructing five (5) duplexes for a total of (10) dwelling units (the "Project") pursuant to the city's 5 in 5 Housing Infill Development Program (the "Program"); and WHEREAS, said Property is subject to a Dangerous Structure Abatement Lien dated December 8, 2009 (the "Lien) in the principal amount of $76,942.00, which principal has accumulated interest in the approximate amount of $164,534.96; and WHEREAS, the Developer has requested that the City waive said Lien to facilitate its purchase of the Property and development of the Project; and WHEREAS, in consideration for said waiver, Developer has agreed to enter into an Economic Development and Tax Abatement Agreement (the "Development Agreement) pursuant to the Program for construction of the Project, and WHEREAS, in further consideration for said waiver, Developer has agreed to post Thirty Thousand and No/100 Dollars ($30,000.00) into escrow with the City as security to ensure its performance of the requirements set forth herein and in the Development Agreement; and WHEREAS, the City Council has agreed to waive payment of the principal and interest due and owning as a result of said Lien in exchange for the execution of the Development Agreement and the deposit of the above -referenced escrow funds; and WHEREAS, the City Council wishes to authorize the Mayor to execute an Escrow Agreement and all other documents in connection therewith on behalf of the City of Paris substantially according to the terms and conditions set forth in Exhibit A, which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS THAT: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved.