24 - Amendment to Residential Tax Abatement Agreement - We're Going to Paris

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W 4.1 The Effective Datc of this Agreement is May 9, 2022. The five (5) year :«. p° .d baperiod set forth herein shall commence on January 1, 2024, the year following City's issuance of a Certificate of Completion. This Agreement shall terminate upon the expiration of the abatement period on May 8, 2029 unless otherwise terminated by default or agreement of the Parties. I Martin St. Addition Block A, Lots 1-20, located at 635 NW 71h St., Paris, Texas, LC H12932, as more fully set forth in Exhibit I I heret, which is incorporated by if fully set forth herein. o Ill. Consideration --Improvements 3.1 The Improvements to be completed consist of the rehabilitation of the dilapid , Ltj .ipartment complex located on the Property comprising twenty (20) separate structures, sa Improvements to include: Remodel of existing apartment project with new kitchens, flooring, drywall, mechanical, plumbing, electrical, and roof 3.2 The total minimum investment in the Improvements shall be ONE MILLION EIGHT HUNDRED THOUSAND NO1100 DOLLARS ($1,800,000.00). 33 Owner shall obtain City approval for all necessary platting (if required) and plans, buiiding permits, green tags, and a Certificate of Completion from the City of PaTis. 3.4 Owner shall allow city inspectors access to the Property and Improvemcnis throughout construction and completion of Improvements. 3.5 Owner agrees and covenants that it hill gently and faithfully construct the Improvements referenced herein in a good and workmanlike manner within twelve (12) months of the Effective Date of this Agreement. Owner further covenants and agrees that construction of the Improvements Ail] be in accordance with all applicable state and local laws, codes, and 2