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07 - Assignment of 5 In 5 Agreement from Brown to Hihland Heritage
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07 - Assignment of 5 In 5 Agreement from Brown to Hihland Heritage
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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 />Component Parts <br />This Agreement comprises two component parts, including an economic development <br />agreement pursuant to Texas Government Code Chapter 380 and a residential tax abatement <br />agreement pursuant to Texas Tax Code Section 312. <br />Terms Applicable to both the Economic Development Agreement and the Residential Tax <br />Abatement Agreement: <br />I. <br />The Properties—Areas to be Improved <br />1.1 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 Property is <br />within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: <br />Part of the Larkin Rattan Survey, being Lots 1, 2, and 3 of Block 2 of the Campbell <br />Addition to the City of Paris, County of Lamar, as recorded in Plat Book 1, Page 17, of <br />the Deed Records of Lamar County, Texas, as more fully set forth in Exhibit 1 hereto, <br />which is incorporated by reference as if fully set forth herein. <br />II. <br />Consideration --Improvements <br />2.1 The Improvements to be completed consist of constructing three (3) new <br />residential duplex structures upon the above described parcels and as more fully described in the <br />application for the Program attached hereto and incorporated herein as Exhibit 2 and <br />incorporated herein by reference. Said Improvements must be completed within the term of the <br />Economic Development Agreement, set herein to expire on April 10, 2027. <br />2.2 The total estimated value of the Improvements to be constructed on the above - <br />referenced parcels is FIVE HUNDRED SIX THOUSAND, NINE HUNDRED AND TEN <br />AND NO/100 DOLLARS ($506,910.00). <br />2.3 Owner shall obtain City approval for all necessary platting (if required) and plans, <br />building permits, green tags and a Certificate of Completion from the City of Paris. <br />2.4 Owner shall allow city inspectors' access to the Property and Improvements <br />throughout construction and completion of Improvements. <br />2.5 Owner agrees and covenants that it will diligently and faithfully construct the <br />2 <br />
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