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forth in the Guidelines and Criteria for the 5 In 5 Housing Infill Development Program as set <br />forth in City Resolution No. 2024-002. <br />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 />I. <br />Recitals <br />1.1 The Recitals set forth hereinabove are incorporated into this Agreement for all <br />purposes. <br />II. <br />Component Parts <br />2.2 This Agreement comprises two component parts, including an economic <br />development agreement pursuant to Texas Government Code Chapter 380 and a residential tax <br />abatement agreement pursuant to Texas Tax Code Section 312. <br />III. <br />Terms Applicable to both the Economic Development Agreement and the Residential Tax <br />Abatement Agreement: <br />A. The Properties—Areas to be Improved <br />3.1 The Improvements defined in section III B 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 Properties <br />are within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: <br />• LCAD- 103422, Gibbons Braden Addition Block 16, Lot 5A, located on 17a' St. <br />SE. <br />• LCAD- 103421, Gibbons Braden Addition Block 16, Lot 5A, located at the <br />corner of 17a' St. SE and Jackson St. <br />• LCAD- 18409, Lovette Addition Block 281 Lot 6, located at 1610 15th NE St. <br />B. Consideration --Improvements <br />3.2 The Improvements to be completed consist of constructing five (5) duplex <br />structures ("Structure" or "Structures") for a total of ten (10) dwelling units on the above <br />described Properties and as more fully described in the application for the Program attached <br />hereto and incorporated herein as Exhibit 1. <br />3.3 The total estimated value of the Improvements to be constructed on the above - <br />2 <br />