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9 <br />1.1 The Effective Date of this Agreement is May 23, 2022. The five (5) year abatem- <br />o- ♦• <br />period set forth herein shall commence on January I't of the year following City's issuance of a <br />Certificate of Completion. This Agreement shall terminate upon the expiration of the abatement <br />Fewriod mwl the comidetion. of Owner's rqprting rekuirements under Article IX unless otherwise <br />terminated by defa�lt or agreement of the Parties. <br />2.1 The Improvements to be constructed consist of a single-family residential <br />�tructure with approximately 1209 square feet of enclosed living space located at 743 East PoIL <br />St., Paris, Texas, Gibbons Park Addition Block 2, Lot 22 and East 24 ft. of Lot 23, LCAD <br />fl 1781 and ftirther described in the deed attached hereto and incorporated herein as Exhibit 1. <br />The proposed cost of capital investment in the Property and Improvements is'EIGHW <br />THOUSAND AND NO1100 DOLLARS ($80,000.00) <br />2.2 Owner shall obtain City approval for all necessary plats, plans, building permits, <br />inspections and green tags as are required by City Ordinance or state law. <br />2.3 Owner shall allow City access to the Property and Improvements throughout <br />construction and completion of Improvements for inspection purposes. <br />2.4 Owner agrees and covenants that it will diligently and faithfally, construct the <br />bz,,irftu-�_ _- WA_ d4opA-Axni--nim.-likeAnanner _to cornpl etion within twe Ive <br />(12) months of obtaining building permits from City. 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 />2.5 Owner shall contact City Building Official for final inspection once <br />Improvements are completed. <br />2.6 Owner shall notify the Lamar County Appraisal District upon completion of <br />Improvements and request an updated appraisal of the Improvements. <br />2.7 Owner shall provide City with appraised value of Improvements upon receipt of <br />same from Lamar County Appraisal District. <br />III. <br />Tax Abatement <br />3.1 Subject to the terms and conditions of this Agreement, and subject to the rights and <br />holders of any outstanding bonds of the City, a portion of the ad valorem property taxes assessed <br />upon the Improvements and otherwise owed to the City shall be abated for a five-year period at <br />2 <br />