2022-033 - Approving a Residential Tax Abatement Agreement between the City of Paris and We’re Going to Paris, LLC

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I. Term A. Term 4.1 The Effective Date of this Agreement is May 9, 2022. The five (5) year abatement period set forth herein shall commence on January 1, 2024, the year following City's issuance of a Certificate of Completion. This Agreement shall terminate upon the expiration of the abatement period on May 8, 2029 unless otherwise terminated by default or agreement of the Parties. H. The Property Area to be Improved 2.1 The Improvements defined in paragraph III below and made the subject of this Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully described in Exhibit 1 attached hereto and incorporated herein by reference, which Property is within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: • Martin St. Addition Block A, Lots 1-20, located at 635 NW 7th St., Paris, Texas, LCAD #12932, as more fully set forth in Exhibit 1 hereto, which is incorporated by reference as if fully set forth herein. III. Consideration --Improvements 3.1 The Improvements to be completed consist of the rehabilitation of the dilapidated apartment complex located on the Property comprising twenty (20) separate structures, said Improvements to include: • Remodel of existing apartment project with new kitchens, flooring, drywall, mechanical, plumbing, electrical, and roof. 3.2 The total minimum investment in the Improvements shall be ONE MILLION EIGHT HUNDRED THOUSAND NO/100 DOLLARS ($1,800,000.00). 3.3 Owner shall obtain City approval for all necessary platting (if required) and plans, building permits, green tags, and a Certificate of Completion from the City of Paris. 3.4 Owner shall allow city inspectors access to the Property and Improvements throughout construction and completion of Improvements. 3.5 Owner agrees and covenants that it will diligently and faithfully construct the Improvements referenced herein in a good and workmanlike manner within twelve (12) months of the Effective Date of this Agreement. Owner further covenants and agrees that construction of the Improvements will be in accordance with all applicable state and local laws, codes, and 2