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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ESCROW AGREEMENT This Escrow Agreement ("Escrow Agreement") is made and entered into this 14th day of March, 2022, by and between the CITY OF PARIS, TEXAS, a Texas municipal corporation (the "City") and ENNS VENTURES, LLC, a Texas limited liability corporation (the "Developer"), in connection with the development of five (5) duplexes, for ten (10) dwelling units pursuant to the City of Paris 5 in 5 Housing Infill Development Program (the "Project"); RECITALS WHEREAS, the Developer is acquiring certain real property (the "Property") described as City of Paris Block 98, Lot 1-A (LOAD#15470) for the purposes of the Project; 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, the City has agreed to waive payment of the principal and interest due and owning as a result of said Lien; 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 City's 5 in 5 Housing Infill Development Program (the "Program") to construct 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 NOW, THEREFORE, in consideration of the promises and the mutual obligations of the Parties contained herein, each does hereby covenant and agree with the others as follows: 1. Incorporation of Recitals and Documents. The recitals set forth above are acknowledged by the Parties to be true and correct and are hereby incorporated herein by reference. Upon execution of the Development Agreement required herein, a copy of said agreement will be attached hereto as Exhibit A and incorporated herein by reference. 2. Escrow Account/Funds Amount. To guarantee compliance with the terms of the Development Agreement, the Developer will deliver to the City funds in the amount of Thirty Thousand and No/100 Dollars ($30,000.00) (the "Escrow Account Funds"), payable to the City of Paris. City will deposit said funds into the City's General Fund but segregate the funds into a separate account for accounting purposes (the "Escrow Account"), and