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5. If the Applicant's property is not found to be eligible, the application will be rejected and <br /> returned to Applicant. <br /> 6. The City Council reserves the right to amend these policies and guidelines as needed. <br /> V. LEGAL DOCUMENTATION PREPARATION <br /> The Director of Planning and Community Development and the City Attorney will be responsible <br /> for drafting the required Agreement in accordance with state law and this Policy. <br /> The legal document will include the following: <br /> 1. Estimated value of new structure or residential improvements to be constructed. <br /> 2. Total amount of value to be abated over five (5) years. <br /> 3. Effective date and the termination date of abatement. <br /> 4. Description of the Residential Improvements, schedule of completion, property <br /> description, all required City approval requirements and a platted lot site plan or sketch of <br /> the parcel(s) to be platted and developed. <br /> 5. Applicant agrees to make the new structure or residential improvements available for <br /> inspection by City of Paris, or its authorized representatives, and Lamar County Appraisal <br /> District (LCAD) during construction and upon completion of the project. <br /> 6. Contractual obligations in the event of default, violation of terms ar conditions, delinquent <br /> taxes, recapture and administration. <br /> 7. A signed and notarized statement as an attachment to the application agreeing to construct <br /> five (5) dwelling units on one (1) or more parcels within five (5) years from the date of <br /> City Council approval of an Agreement,unless extended by the City Council,or consenting <br /> to allo�v the City to automatically take back the parcel(s) under the initial terms of an <br /> approved agreement. <br /> Page 6 of 7 <br />