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THE STATE OF TEXAS ) <br />COUNTY OF LAMAR ) <br />ECONOMIC DEVELOPMENT AND RESIDENTIAL TAX ABATEMENT <br />AGREEMENT <br />This Economic Development and Residential Tax Abatement Agreement (hereinafter the <br />"Agreement) is entered into by and between the CITY OF PARIS, TEXAS, a home rule <br />municipality situated in Lamar County, Texas, acting by and through its authorized officer <br />whose signature appears below (hereinafter called "City"), and ENNS VENTURES, LLC <br />(hereinafter referred to as "Owner"). <br />WITNESSETH: <br />WHEREAS, on February 10, 2020, the City Council passed Ordinance No. 2020-005 <br />creating Reinvestment Zone 2020-1, designating certain areas inside the city limits to be eligible <br />for the Residential Tax Abatement Program; and <br />WHEREAS, after a public hearing on January 10, 2022, the City Council of the City of <br />Paris, Texas passed Resolution No. 2022-003 stating its intent to establish 5 In 5 Housing In -Fill <br />Development Program (hereinafter "the Program') including a low cost land sale and residential <br />tax abatements and adopting guidelines and criteria for the Program; and <br />WHEREAS, Resolution 2022-003, City Council designated an area within Reinvestment <br />Zone 2020-1 as being eligible for the Program; and <br />WHEREAS, on April 12, 2021, the City Council approved resolution 2021-012 re- <br />authorizing the City to become eligible to participate in residential tax abatements and approving <br />guidelines and criteria for the residential tax abatement program; and <br />WHEREAS, the Program has additional criteria and guidelines for participation in said <br />Program, including criteria and guidelines for eligibility for residential tax abatements; and <br />WHEREAS, Owner has submitted an application for a 5 In 5 Housing Infill <br />Development project to construct seven (7) new duplex structures for a total of fourteen (14) <br />dwelling units at the above described properties in Paris, Texas (hereinafter "Improvements"); <br />and <br />WHEREAS, city staff has reviewed the application and the location of the above <br />described residential duplex improvements (hereinafter "Improvements") and has determined <br />that the property is located within the boundaries of the defined geographic area and meets the <br />requirements for Improvements set forth in the Guidelines and Criteria for the 5 In 5 Housing <br />Infill Development Program as set forth in City Resolution No. 2022-003. <br />1 <br />gXhi�;t k <br />