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

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regulations or Owner will procure a valid waiver or variance thereof. 3.6 Owner shall contact City Building Official for final inspection once Improvements are completed and obtain a Certificate of Completion for the Property. 3.7 Owner may not use the parcels described in Section 2.1 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 than residential dwelling units shall constitute a separate act of default of the Agreement and will trigger the default provisions and remedies set forth hereunder. IV. Tax Abatement A. The Abatement 4.1 Subject to the terms and conditions of this Agreement, and in further consideration for the construction and completion of the Improvements required herein and subject to the rights and holders of any outstanding bonds of the City, a portion of the ad valorem property taxes assessed upon the Improvements and otherwise owed to the City shall be abated for a period of five (5) years in an amount equal to 100% per year of the taxes assessed upon the increased value of the Improvements made by Owner to the Properties described in Section 2.1 of this Agreement, over the value in the year by which this agreement is executed (the "Base Value"), in accordance with the terms of this Agreement and all applicable state and local regulations or valid waivers thereof; provided that the Owner shall have the right to protest or contest any assessment of the Properties and said abatement shall be applied to the amount of taxes finally determined to be due as a result of any such protest or contest. For the purposes of this Agreement, the Base Value of the existing real property shall be deemed to be the value as shown on the tax rolls of the Lamar County Appraisal District as of January 1, 2022. 4.3 This abatement is granted in accordance with the City's Guidelines and Criteria for the Program, a copy of which is attached hereto as Exhibit 2, provided, however, in the event of any conflict between this Agreement and the Guidelines and Criteria for the Program attached hereto as Exhibit 2, this Agreement shall control. B. Default 4.5 If (a) the Improvements for which an abatement has been granted are not completed in accordance with this Agreement (within twelve (12) months of the effective date hereof); or (b) Owner allows its taxes owed the City to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any such; or (c) Owner materially breaches any of the other terms, provisions or conditions of this Agreement, then Owner shall be considered in default of this Agreement. In the event Owner defaults in its performance of either (a), (b), or (c) above, then City shall give Owner written notice of such default and if Owner has not cured such default within sixty (60) days of said written notice, this Tax Abatement Agreement may be terminated by the City. Notice of default shall be given in accordance with 3