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recommended for approval by staff, then an Agreement as defined herein with the City of <br />Paris will be prepared by the City Attorney for approval by the City Council. <br />If the Applicant's property is not found to be eligible, the application will be rejected and <br />returned to Applicant. <br />6. The City Council reserves the right to amend these policies and guidelines as needed. <br />V1. LEGAL DOCUMENTATION PREPARATION <br />The Director of Planning and Community Development and the City Attorney will be responsible <br />for drafting the required Agreement in accordance with state law and this Policy. <br />The legal document will include the following: <br />Estimated value of new structure or residential improvements to be constructed. <br />2. Total amount of value to be abated over five (5) years. <br />Effective date and the termination date of abatement. <br />4. Description of the Residential Improvements, schedule of completion, property <br />description, all required City approval requirements and a platted lot site plan or sketch of <br />the parcel(s) to be platted and developed. <br />Applicant agrees to make the new structure or residential improvements available for <br />inspection by City of Paris, or its authorized representatives, and Lamar County Appraisal <br />District (LOAD) during construction and upon completion of the project. <br />6. Contractual obligations in the event of default, violation of terms or conditions, delinquent <br />taxes, recapture and administration. <br />7. A signed and notarized statement as an attachment to the application agreeing to construct <br />five (5) dwelling units on one (1) or more parcels within five (5) years from the date of <br />City Council approval of an Agreement, unless extended by the City Council, or consenting <br />to allow the City to automatically take back the parcel(s) under the initial terms of an <br />approved agreement. <br />Page 6 of 7 <br />