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Improvements referenced herein in a good and workmanlike manner within 12 months of <br />obtaining building permits from City for each structure. Owner further covenants and agrees that <br />construction of the Improvements will be in accordance with all applicable state and local laws, <br />codes and regulations or Owner will procure a valid waiver or variance thereof. <br />2.6 Owner shall contact City Building Official for final inspection once <br />Improvements are completed and obtain a Certificate of Completion for the new residential <br />dwellings as completed. <br />2.7 Owner shall notify the Lamar County Appraisal District upon completion of <br />Improvements and request an updated appraisal of the Improvements. <br />2.8 Owner shall provide City with appraised value of Improvements upon receipt of <br />same from Lamar County Appraisal District. <br />2.9 Owner may not use the parcels described in Section 1.1 for any other purpose <br />other than to construct the Improvements set forth in this Article. Use of any parcel for any other <br />purpose shall constitute a separate act of default of the Agreement and will trigger the default <br />provisions and remedies set forth hereunder. <br />III. <br />Terms Specific to the Economic Development Agreement— <br />Texas <br />greementTexas Local Government Code Chapter 380 <br />A. Term <br />3.1 The term of this Economic Development Agreement shall commence on June 27, <br />2022 and shall continue for a period of five (5) years ending on June 26, 2027, <br />B. Reduced Fees for Building Plan Review and Permitting <br />3.2 In consideration for Owner's construction and completion of the above -referenced <br />Improvements, City agrees to reduce rates for building plan review by one hundred percent <br />(100%) and permit fees by seventy-five percent (75%) for each dwelling unit constructed <br />pursuant to this Agreement. <br />C. Reduced Fees for Water and Sewer Tap Labor <br />3.3 In further consideration for Owner's construction and completion of the above - <br />referenced Improvements, City agrees to reduce rates for water and sewer tap labor fees by <br />seventy-five percent (75%) where required by the City's Public Works Department. <br />D. Local Purchasing <br />3.4 As further consideration for the incentives granted herein, where possible, Owner <br />shall purchase building materials and fixtures from vendors located within the City of Paris. <br />3 <br />