2022-045 - Approving an Economic Developement and Tax Abatement Agreement With Sky-Mar Ventures, LLC

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NOW, THEREFORE, in consideration of the terms and conditions referenced herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City, and Owner, (collectively referred to as "Parties") hereby mutually agree as follows: Component Parts This Agreement comprises two component parts, including an economic development agreement pursuant to Texas Government Code Chapter 380 and a residential tax abatement agreement pursuant to Texas Tax Code Section 312. Terms Applicable to both the Economic Development Agreement and the Residential Tax Abatement Agreement: I. The Properties—Areas to be Improved 1.1 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: • 332 W. Sherman, City of Paris Block 118, Lot 17-A(LCAD# 15936) • 338 W. Sherman, City of Paris Block 118, Lot 18 (LCAD# 15938) • 348 W. Sherman, City of Paris Block 118, Lot 19(LCAD# 15939) • 358 W. Sherman, City of Paris Block 118, Lot 20(LCAD# 15940) II. Consideration--Improvements 2.1 The Improvements to be completed consist of constructing a new apartment building comprising ten (10) residential dwelling units upon the above described parcels and as more fully described in the application for the Program attached hereto and incorporated herein as Exhibit 2 and incorporated herein by reference. Said Improvements must be completed within the term of the Economic Development Agreement, set herein to expire on April 10, 2027. 2.2 The total estimated value of the Improvements to be constructed on the above- referenced parcels is FNE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00). 2.3 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. 2.4 Owner shall allow city inspectors' access to the Property and Improvements throughout construction and completion of Improvements. 2.5 Owner agrees and covenants that it will diligently and faithfully construct the 2