2023-019 - Economic Development Agreement and Tax Abatement Agreement with Paris Lamar County Habitat for 5 In 5 Housing Infill Development Program

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WHEREAS, Owner has submitted an application for a 5 In 5 Housing Infill Development Program project in accordance with the above; and WHEREAS, city staff has reviewed the application and the locations of the above described proposed residential improvements (hereinafter "Improvements") and has determined that the properties are located within the boundaries of the defined geographic area and meet the requirements for Improvements set forth in the Guidelines and Criteria for the Program as set forth in City Resolution No. 2022-003. 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: I. Recitals 1.1 The Recitals set forth hereinabove are incorporated into this Agreement for all purposes. II. Component Parts 2.1 This Agreement comprises three component parts, including an economic development agreement pursuant to Texas Government Code Chapter 380 and two residential tax abatement agreements pursuant to Texas Tax Code Section 312 as follows: An Economic Development Agreement covering all four Properties set forth below. The existing Residential Tax Abatement Agreement dated May 23, 2022 (the "Prior Agreement") on the property located at 743 E. Polk St., a copy of which is attached hereto as Exhibit 2, and incorporated herein by reference. A new Residential Tax Abatement as to the three newly acquired properties listed below. III. Terms Applicable to both the Economic Development Agreement and the Residential Tax Abatement Agreement: A. The Properties—Areas to be Improved 3.1 The Improvements defined in paragraph III below and made the subject of this Agreement shall be located on the parcels located in Paris, Lamar County, Texas more fully described in Exhibit 1 and Exhibit 2 attached hereto and incorporated herein by reference, which parcels are located within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: • Block 2, Lot 22, Gibbons Park Addition, 743 E. Polk, Paris, Texas, LCAD #11781 • City of Paris Block 69-B, Lot 3, 448 10th St. Northeast, Paris, Texas, LCAD #14651 2