15 - Residential Tax Abatement Agreement - 5 In 5 Housing Infill Program - 448-10th S.E.

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F'. 1.1 The Effective Date of this Agreement is May 23, 2022. The five (5) year abatement period set forth herein shall commence on January l st of the year following City's issuance of a Certificate of Completion. This Agreement shall terminate upon the expiration of the abatement period and the completion of Owner's reporting requirements under Article IX unless otherwise terminated by default or agreement of the Parties. I.I. Improvements 2.1 The Improvements to be constructed consist of a single-family residential structure with approximately 1209 square feet of enclosed living space located at 743 East Polk St., Paris, Texas, Gibbons Park Addition Block 2, Lot 22 and East 24 ft. of Lot 23, LCAD #11781 and further described in the deed attached hereto and incorporated herein as Exhibit wwl The proposed cost of capital investment in the Property and Improvements is EIGHTY THOUSAND AND N01100 DOLLARS ($80,000.00) 2.2 Owner shall obtain City approval for all necessary plats, plans, building permits, inspections and green tags as are required by City Ordinance or state law. 2.3 Owner shall allow City access to the Property and Improvements throughout construction and completion of Improvements for inspection purposes. 2.4 Owner agrees and covenants that it will diligently and faithfully, construct the Improvements referenced herein in a good and workmanlike manner to completion within twelve (12) months of obtaining building permits from City. Owner further covenants and agrees that construction of the Improvements will be in accordance with all applicable state and local laws, codes and regulations or Owner will procure a valid waiver or variance thereof. 2.5 Owner shall contact City Building Official for final inspection once Improvements are completed. 2.6 Owner shall notify the Lamar County Appraisal District upon completion of Improvements and request an updated appraisal of the Improvements. 2.7 Owner shall provide City with appraised value of Improvements upon receipt of same from Lamar County Appraisal District. III. Tax Abatement 3.1 Subject to the terms and conditions of this Agreement, and subject to the rights and holders of any outstanding bonds of the City, a portion of the ad valorem property taxes assessed upon the Improvements and otherwise owed to the City shall be abated for a five-year period at 2