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

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4.3 The conveyance of the property by the City to the Builder shall be tax sale deed without warranty with right of reversion. 4.4 City hereby transfers property in an "as is" condition and does not warrant or provide clear title with respect to the aforementioned Tax Foreclosure City Trustee status of the property. Owner assumes full responsibility for title insurance for the property and all new residential improvements thereto by Owner under the terms of this Agreement. C. Reduced Fees for Building Plan Review and Permitting 4.5 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. D. Reduced Fees for Water and Sewer Tap Labor 4.6 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. E. Local Purchasing 4.7 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. F. Default 4.8 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. Ownership of any single Property conveyed by this Agreement shall revert to the City of Paris, at its sole option without compensation to the Grantee, should any of the following events occur during the period in which the Grantee has an ownership interest in the Property and during the term of the 15 in 5' Program agreement between the City of Paris and Grantee or Grantee's successors (said agreement is hereby incorporated into this deed by reference as if written word-for-word herein): (1) failure to maintain the property as required by law, evidenced by any affidavit of violation being filed against the Property by the City of Paris (or any other governmental unit) in the deed records of Lamar County, Texas; (2) failure to comply with the requirements of the City of Paris' `5 in 5' Program as evidenced by any affidavit supporting said failure to comply being filed against the Property by the City of Paris in the deed records of Lamar County, Texas; (3) allowing any ad valorem tax on a Property to become delinquent as evidenced by an affidavit of such fact supported by a delinquent tax statement issued by the Lamar County Appraisal District or other tax assessor -collector for the Grantors, and filed in the deed records of Lamar County, Texas; and (4) failure to pay any fee required to be paid by law, evidenced by an affidavit of such fact being filed in the deed records of Lamar County, 4