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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IV. Terms Specific to the Economic Development Agreement Texas Local Government Code Chapter 380 A. Term 4.1 The term of this Economic Development Agreement shall commence on April 10, 2023 and shall continue for a period of five (5) years ending on April 9, 2028. B. Reduced Fees for Building Plan Review and Permitting 4.2 In consideration for Owner's construction and completion of the above -referenced Improvements, City agrees to reduce rates for building plan review by one hundred percent (100%) and permit fees by fifty percent (50%) for each dwelling unit constructed pursuant to this Agreement. C. Reduced Fees for Water and Sewer Tap Labor 4.3 In further consideration for Owner's construction and completion of the above - referenced Improvements, City agrees to reduce rates for water and sewer tap labor fees by fifty percent (50%) where required by the City's Public Works Department. D. Local Purchasing 4.4 As further consideration for the incentives granted herein, where possible, Owner shall purchase building materials and fixtures from vendors located within the City of Paris. E. Default 4.5 It shall be an act of default of the Economic Development Agreement should Owner fail to construct and compete all of the Improvements specified herein within the five (5) year term set forth herein. V. Terms Specific to the Residential Tax Abatement Agreement as to the Newly Acquired Properties—Texas Tax Code Chapter 312 5.1 The provisions in this Article IV shall apply to the Newly Acquired Properties. The property located at 743 E. Polk St. shall continue to be the subject of the Prior Agreement and shall be governed by the terms of said Prior Agreement. A. Term 5.2 The term of this Tax Abatement Agreement shall commence on April 10, 2023. It is the intention of this Tax Abatement Agreement that Owner receive an abatement of taxes on each dwelling unit constructed as it is completed and issued a Certificate of Completion by City, 4