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referenced parcels is ONE MILLION AND NO/100 DOLLARS ($1,000,000.00). <br />3.4 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 />3.5 Owner shall allow city inspectors access to the Properties and Improvements <br />throughout construction and completion of Improvements. <br />3.6 Owner agrees and covenants that it will diligently and faithfully construct each <br />Improvement/Structure referenced herein in a good and workmanlike manner within 12 months <br />of obtaining building permits from City for each structure. Owner further covenants and agrees <br />that construction of the Improvements will be in accordance with all applicable state and local <br />laws, codes and regulations or Owner will procure a valid waiver or variance thereof. Owner <br />shall complete all Improvements required herein by February 11, 2029. <br />3.7 Owner shall contact City Building Official for final inspection as Improvements <br />are completed and obtain a Certificate of Completion for the new residential dwellings as <br />completed. <br />3.8 Owner shall notify the Lamar County Appraisal District upon completion of <br />Improvements and request an updated appraisal of the Improvements. <br />3.9 Owner shall provide City with appraised value of Improvements upon receipt of <br />same from Lamar County Appraisal District. <br />3.10 Owner may not use the parcels described in Section 3.1 for any other purpose <br />other than to construct the Improvements set forth in this Article. Use of any parcel for any other <br />purpose shall constitute a separate act of default of the Agreement and will trigger the default <br />provisions and remedies set forth hereunder. <br />IV. <br />Terms Specific to the Economic Development Agreement— <br />Texas <br />greementTexas Local Government Code Chapter 380 <br />A. Term <br />4.1 The term of this Economic Development Agreement shall commence on February <br />12, 2024 and shall continue for a period of five (5) years ending on February 11, 2029. <br />B. Reduced Fees for Building Plan Review and Permitting <br />4.5 In consideration for Owner's construction and completion of the above -referenced <br />Improvements, City agrees to reduce rates for building plan review by one hundred percent <br />(100%) and permit fees by seventy-five percent (70%) for each Structure constructed pursuant to <br />this Agreement. <br />3 <br />