11 - Enns Ventures 5 In 5 Infill Development Agreement

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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. In no event shall Owner fail to complete all Improvements required herein by May 8, 2027. 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 May 9, 2022 and shall continue for a period of five (5) years ending on May 8, 2027. B. Reduced Fees for Building Plan Review and Permitting 3.2 In further consideration for Owner's construction and completion of the above - referenced Improvements, City agrees to reduce rates for building plan review by one hundred percent (100%) and permit fees by fifty percent (50%) for each dwelling unit constructed pursuant to this Agreement. C. Reduced Fees for Water and Sewer Tap Labor 3.3 In further consideration for Owner's construction and completion of the above - referenced Improvements, City agrees to reduce rates for water and sewer tap labor fees by fifty percent (50%) where required by the City's Public Works Department. 3