2024-048 - Approving and authorizing an Economic Development Agreement and Tax Abatement Agreement with Tower Guard Construction & Development, LLC pursuant to the 5 in 5 Housing Infill Development Program

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(d) The actual cost of the specific capital Improvements; and, (e) The date of substantial completion of the specific Improvements as defined in paragraph 2.1 hereof; and (f) Receipts showing that the purchase of bung materials and fixtures for the construction were made from vendors within. the City of Paris, when possible. 6.7 Owner further agrees that it will provide City with an annual, sworn report which shall certify, in writing, that it is in compliance with each applicable term of this Agreement. Such annual report shall be furnished on the forms provided by the City. E. Authority Co Contract. 6.8. This Agreement was authorized by resolution of the City Council at its regularly scheduled meeting on the 12th day of November 2024, authorizing the Mayor to execute the Agreement on behalf of the City. 6.9 This Agreement was entered into by Owner pursuant to the authority granted to the authorized official whose signature appears below. 6. 10. This Agreement shall constitute a valid and binding Agreement between the City and Owner when executed in accordance herewith, regardless of whether any other taxing unit executes a similar agreement for tax abatement. 6.11 No officer, official or agent of the City has the power to amend, modify or alter this Agreement or waive any of its conditions or to bind the City by making any promise or representation not contained herei. 6.12 This Agreement, except by operation of law, shall not be assigned or transferred by Owner, without the prior written consent of City, which consent shall be at the sole discretion of the City. 6.13 Any written notice required or permitted under the terms of this Agreement shall be given and be deemed to have been duly served if either (1) delivered in person, or (2) deposited certified mail, return receipt requested, postage prepaid in the United States mail, addressed to the designated representative of the respective parties which, are designated as follows: OWNER: TOWER GUARD CONSTRUCTION & DEVELOPMENT, LLC Attn: Megan Towery 2144 CR 3040 Bonham, Texas 75418 0