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THE STATE OF TEXAS <br />COUNTY OF LAMAR <br />ECONOMIC DEVELOPMENT AND RESIDENTIAL TAX ABATEMENT <br />AGREEMENT <br />This Economic Development and Residential Tax Abatement Agreement (hereinafter the <br />"Agreement") is entered into by and between the CITY OF PARIS, TEXAS, a home rule <br />municipality situated in Lamar County, Texas, acting by and through its authorized officer <br />whose signature appears below (hereinafter called "City"), and P -TOWN PROPERTY <br />HOLDINGS (hereinafter referred to as "Owner"). <br />WITNESSETH: <br />WHEREAS, on February 10, 2020, the City Council passed Ordinance No. 2020-005 <br />creating Reinvestment Zone 2020-1, designating certain areas inside the city limits to be eligible <br />for the Residential Tax Abatement Program; and <br />WHEREAS, after a public hearing on January 10, 2022, the City Council of the City of <br />Paris, Texas passed Resolution No. 2022-003 stating its intent to establish a 5 In 5 Housing In - <br />Fill Development Program (hereinafter "the Program") including low cost land sales and <br />residential tax abatements and adopting guidelines and criteria for the Program; and <br />WHEREAS, by Resolution 2022-003, City Council designated an area within <br />Reinvestment Zone 2020-1 as being eligible for the Program; and <br />WHEREAS, on July 25, 2022, City Council, by Resolution 2022-055, revised the <br />guidelines and criteria for the Program; <br />WHEREAS, on April 10, 2023, the City Council approved resolution 2023-018 re- <br />authorizing the City to become eligible to participate in residential tax abatements and approving <br />guidelines and criteria for the residential tax abatement program; and <br />WHEREAS, the Program has additional criteria and guidelines for participation in said <br />Program, including criteria and guidelines for eligibility for residential tax abatements; and <br />WHEREAS, Owner has submitted an application for a 5 In 5 Housing Infill <br />Development project to construct three (3) triplexes and (2) duplexes for a total of thirteen (13) <br />new residential units at the properties described herein below in Paris, Texas (hereinafter <br />"Improvements"); and <br />WHEREAS, city staff has reviewed the application and the location of the above <br />described residential Improvements and has determined that the property is located within the <br />boundaries of the defined geographic area and meets the requirements for Improvements set <br />