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forth in the Guidelines and Criteria for the 5 In 5 Housing Infill Development Program as set <br />forth in City Resolution No. 2022-055. <br />NOW, THEREFORE, in consideration of the terms and conditions referenced herein, <br />and other good and valuable consideration, the receipt and sufficiency of which is hereby <br />acknowledged, the City, and Owner, (collectively referred to as "Parties") hereby mutually agree <br />as follows: <br />I. <br />Recitals <br />1.1 The Recitals set forth hereinabove are incorporated into this Agreement for all <br />purposes. <br />II. <br />Component Parts <br />2.2 This Agreement comprises two component parts, including an economic <br />development agreement pursuant to Texas Government Code Chapter 380 and a residential tax <br />abatement agreement pursuant to Texas Tax Code Section 312. <br />HI. <br />Terms Applicable to both the Economic Development Agreement and the Residential Tax <br />Abatement Agreement: <br />A. The Properties—Areas to be Improved <br />3.1 The Improvements defined in paragraph III below and made the subject of this <br />Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully <br />described in Exhibit 1 attached hereto and incorporated herein by reference, which Properties <br />are within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: <br />City of Paris, Block 258-A, Lot 2-13 (to be addressed—in the 500 Block of NE 20th <br />St.), LCAD #18257 <br />• 410 NE 20'' St., City of Paris Block 258-A, Lot 2-A, LCAD #18256 <br />B. Consideration --Improvements <br />3.2 The Improvements to be completed consist of constructing three (3) triplexes and <br />two (2) duplexes on the above described Properties and as more fully described in the application <br />for the Program attached hereto and incorporated herein as Exhibit 1. Said Improvements must <br />be completed within the term of the Economic Development Agreement, set herein to expire on <br />June 11, 2028. <br />3.3 The total estimated value of the Improvements to be constructed on the above - <br />referenced parcels is SEVEN HUNDRED FIFTY THOUSAND AND NO/100 ($750,000.00). <br />