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

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3.4 Owner shall obtain City approval for all necessary platting (if required) and plans, building permits, green tags, and Certificates 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 June 11, 2028. 3.7 Owner shall contact City Building Official for final inspection as Improvements are completed and obtain a Certificate of Completion for each new residential dwelling as it is completed. 3.8 Owner shall notify the Lamar County Appraisal District upon completion of each Improvement and request an updated appraisal of the Improvement. 3.9 Owner shall provide City with appraised value of each Improvement upon receipt of same from Lamar County Appraisal District. 3.10 Owner may not use the parcels described in Section 3.1 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. IV. Terms Specific to the Economic Development Agreement— Texas Local Government Code Chapter 380 /� IC:3"iiil 4.1 The term of this Economic Development Agreement shall commence on June 12, 2023 and shall continue for a period of five (5) years ending on June 10, 2028. I.K. Land i 4.2 In consideration for Owner's construction and completion of the above -referenced Improvements, City agrees to convey the above -referenced parcels to Owner in exchange for payment in the amount of City's proportionate share of $1.00 per parcel in accordance with the Interlocal Agreement for establishing alternate manner of sale of land acquired by the City of Paris, Texas pursuant to Section 34.051 of the Texas Tax Code executed on or about January 14, 2022 by and between the City of Paris, Texas, Lamar County, Texas, Paris Independent School District, and Paris Junior College.