27 - Economic Development Residentail Tax Abatement Agreement - Michael Davidson -Distinguished Property & Investments - 5 in 5 Housing Infill Development Program

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WHEREAS, city staff has reviewed the application and the location of the above described residential duplex improvements (hereinafter "Improvements") and has determined that the property at 891 Clement Road (the "Property") is located immediately adjacent to the Program Area and meets the requirements for Improvements set forth in the Guidelines and Criteria for the 5 In 5 Housing In -Fill Development Program as set forth in City Resolution No. 2022-003, as amended by Resolution No. 2022 - 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 Property 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 immediately adjacent to the Program Area set forth in the Program: 891 Clement Road, Paris, Texas 75460, City of Paris Block 250, Lot 32, LCAD Parcel # 53721. II. Consideration --Improvements 2.1 The Improvements to be completed consist of constructing three (3) new duplexes comprising six (6) residential dwelling units upon the above described parcel 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 July 24, 2027. 2.2 The total estimated value of the Improvements to be constructed on the above - referenced parcels is SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($600,000.00). 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