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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® City of Paris Block 161, Lot 1, 813 5h St. Southeast, Paris, Texas, LCAD #16659 ® Block 8, Lots 3 and 4, Gibbons Park Addition, 1274 15' St. Southeast, Paris Texas, LCAD #11594 The properties at 448 10'h St. Northeast St., 813 56 St. Southeast, and 1274 15th St. Southeast, shall hereinafter be referred to as the "Newly Acquired Properties." All four listed properties shall be referred to collectively as the "Properties." B. Consideration --Improvements 3.2 The Improvements to be completed consist of constructing five single family dwellings on the above described parcels and as more fully described in the application for the Program attached hereto and incorporated herein as Exhibit 1, incorporated herein by reference and in the Prior Agreement (Exhibit 2). Said Improvements must be completed within the term of the Economic Development Agreement, set herein to expire on April 9, 2028. 3.3 The total estimated value of the Improvements to be constructed on the above - referenced parcels is FOUR HUNDRED THOUSAND AND NO/100 ($400,000.00). 3.4 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. 3.5 Owner shall allow city inspectors access to the Properties and Improvements throughout construction and completion of Improvements. 3.6 Owner agrees and covenants that it will diligently and faithfully construct each Improvement/dwelling referenced herein in a good and workmanlike manner within 12 months of obtaining building permits from City for each structure. 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. Owner shall complete all Improvements required herein by April 9, 2028. 3.7 Owner shall contact City Building Official for final inspection as Improvements are completed and obtain a Certificate of Completion for the new residential dwellings as completed. 3.8 Owner shall notify the Lamar County Appraisal District upon completion of Improvements and request an updated appraisal of the Improvements. 3.9 Owner shall provide City with appraised value of Improvements upon receipt of same from Lamar County Appraisal District. 3.10 Owner may not use the parcels described in Section 1.1 and conveyed to Owner pursuant to the terms of this Agreement for any other purpose other than to construct the Improvements set forth in this Article. Use of any parcel for any other purpose shall constitute a separate act of default of the Agreement and will trigger the default provisions and remedies set forth hereunder. 3