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forth in the GuidelinesCriteria for the 5 In 5 HousingInfill De-velopment Program as set <br />forth in City.Resolution. . <br />THEREFORE, in considerationf the terms and conditions referenced her in, <br />otherand good andvaluable consideration, -threceipt and sufficiencyf which is hereby <br />acknowledged, the City, and Owner, (collectively referred to as"Parties") hemutually r <br />s :follows: <br />1.1 The Recitalsset forth hereinabove are incorporated into this Agreenient 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 />Bei LCAD- 17210, City of Paris Block 199, Lot S of 2, located at 1610 Bonham St. <br />B. Consideration --Improvements <br />3.2 The Improvements to be completed consist of constructing one (1) multifamily <br />structure comprising seven (7) dwelling units ("Structure") on the above described Property and <br />as more fully described in the application for the Program attached hereto and incorporated <br />herein as Exhibit 1. <br />33 The total estimated value of the Improvements to be constructed on the above - <br />referenced parcels is FOUR HUNDRED THOUSAND DOLLARS AND NO/100 DOLLARS <br />($400,000.00). <br />2 <br />