18 - Economic Development & Residential Tax Abatement - PW Investments

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3.4 Owner shall obtain City approval for all necessary platting (if required) and plans, building permits, green tags and a Certificate of Completion from the City of Paris. 3.5 Owner shall allow city inspectors access to the Properties and Improvements throughout construction and completion of Improvements. 3.6 Owner agrees and covenants that it will diligently and faithfully construct the Improvements/Structure referenced herein in a good and workmanlike manner within 12 months of obtaining building permits from City. Owner further covenants and agrees that construction of the Improvements will be in accordance with all applicable state and local laws, codes and regulations or Owner will procure a valid waiver or variance thereof. Owner shall complete all Improvements required herein by February 25, 2029. 3.7 Owner shall contact City Building Official for final inspection as Improvements are completed and obtain a Certificate of Completion for the new residential dwellings as completed. 3.8 Owner shall notify the Lamar County Appraisal District upon completion of Improvements and request an updated appraisal of the Improvements. 3.9 Owner shall provide City with appraised value of Improvements upon receipt of same from Lamar County Appraisal District. 3.10 Owner may not use the parcel described in Section 3.1 for any other purpose other than to construct the Improvements set forth in this Article. Use of any parcel for any other purpose shall constitute a separate act of default of the Agreement and will trigger the default provisions and remedies set forth hereunder. IV. Terms Specific to the Economic Development Agreement— Texas Local Government Code Chapter 380 A. Term 4.1 The term of this Economic Development Agreement shall commence on February 26, 2024 and shall continue for a period of five (5) years ending on February 25, 2029. B. Reduced Fees for Building Plan Review and Permitting 4.5 In consideration for Owner's construction and completion of the above -referenced Improvements, City agrees to reduce rates for building plan review by one hundred percent (100%) and permit fees by fifty percent (50%) for the Structure constructed pursuant to this Agreement.