2023-026 - Economic Development Agreement and Tax Abatement Agreement with Cultiv8Community 5 In 5 Housing Infill Development Program

Home Browse Search

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 2.2 This Agreement comprises two component parts, including an economic development agreement pursuant to Texas Government Code Chapter 380 and a residential tax abatement agreement pursuant to Texas Tax Code Section 312. 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 section III B below and made the subject of this Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully described in Exhibit 1 attached hereto and incorporated herein by reference, which Properties are within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: • LCAD- 17745, 1221 NW 15th St., City of Paris Lot 12, Block 233 • LCAD- 18376, 1351 NE 12th St., City of Paris Lot 12, Block 269 • LCAD- 13870, 133 NE 14th St., City of Paris Lot 9, Block 33-A • LCAD- 13832, 116 NE 10th St., City of Paris Lot 9, Block 32-B • LCAD- 13 83 0, 1025 E Houston St., City of Paris Lot 7, Block 32-B B. Consideration --Improvements 3.2 The Improvements to be completed consist of constructing five (5) single family homes on the above described Properties as more fully described in the application for the Program attached hereto and incorporated herein as Exhibit 1. Said Improvements must be completed within the term of the Economic Development Agreement, set herein to expire on June 11, 2028. 3.3 The total estimated value of the Improvements to be constructed on the above - referenced parcels is NINE HUNDRED THOUSAND AND NO/100 ($900,000.00). 0a