18 - Economic Development & Residential Tax Abatement - PW Investments

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forth in the Guidelines and Criteria for the 5 In 5 Housing Infill Development Program as set forth in City Resolution No. 2024-002. NOW, THEREFORE, in consideration of the terms and conditions referenced herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City, and Owner, (collectively referred to as "Parties") hereby mutually agree as follows: I. Recitals 1.1 The Recitals set forth hereinabove are incorporated into this Agreement for all purposes. H. Component Parts 2.2 This Agreement comprises two component parts, including an economic development agreement pursuant to Texas Government Code Chapter 380 and a residential tax abatement agreement pursuant to Texas Tax Code Section 312. HI. Terms Applicable to both the Economic Development Agreement and the Residential Tax Abatement Agreement: A. The Properties—Areas to be Improved 3.1 The Improvements defined in section III B below and made the subject of this Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully described in Exhibit 1 attached hereto and incorporated herein by reference, which Properties are within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: • LCAD- 17210, City of Paris Block 199, Lot S of 2, located at 1610 Bonham St. B. Consideration --Improvements 3.2 The Improvements to be completed consist of constructing one (1) multifamily structure comprising seven (7) dwelling units ("Structure") on the above described Property and as more fully described in the application for the Program attached hereto and incorporated herein as Exhibit 1. 3.3 The total estimated value of the Improvements to be constructed on the above - referenced parcels is FOUR HUNDRED THOUSAND DOLLARS AND NO/100 DOLLARS ($400,000.00). 2