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2.4 Owner shall allow city inspectors' access to the Property and Improvements <br />throughout construction and completion of Improvements. <br />2.5 Owner agrees and covenants that it will diligently and faithfully construct the <br />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 />M. <br />Terms Specific to the Economic Development Agreement— <br />Texas 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 July 24, 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 fifty percent (50%) for each dwelling unit constructed pursuant to this <br />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 fifty <br />percent (50%) where required by the City's Public Works Department. <br />3 <br />