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HIM : law 419 <br />ECONOARC DEVELOPMENT AND RESIDENTIAL TAX ABATEMENT <br />AGREEMENT <br />This Economic Development and Residential Tax Abatement Agreement (hereinafter the <br />"Agreement") is entered into by and between the CITY OF PARIS, TEXAS, a home rule <br />mumcipality situated in Lamar County, Texas, acting by and through its authorized officer whose <br />signature appears -below (hereinafter called and TOWER GUARD CONSTRUCTION <br />& DEVELOPMENT, LLC (hereinafter referred to as "Owner"). <br />WITNESSETH: <br />WHEREAS, on, February 10, 2020, the City Council passed Ordinance Ao. 2020-005 <br />creating Reinvestment ZoneIreinside the city limits to be eligible <br />for the Residential Tax Abatement Program; and <br />WHEREAS, after a public hearing on January 10, 2022, the City Council of the City of <br />Paris, Texas passed Resolution No. 2022-003 stating its intent to establish a 5 In 5 Housing In -Fill <br />Development Program (hereinafter "the Program") including low cost land sales and residential <br />tax abatements and adopting guidelines and criteria for the Program; and <br />WHEREAS, by Resolution 2022-003, City Council designated an area within <br />Reinvestment Zone 2020-1 as being eligible for the Program; and <br />WHEREAS, on April 10, 2023, the City Council approved resolution 2023-018 r <br />'I <br />authorizing the City to become eligible to participate in. residential tax abatements and approvin <br />guidelines and criteria for the residential tax abatement program, and <br />WHEREAS, the Program has additional criteria and guidelines for participation therei <br />including criteria and uidelines for eligibility for residential tax abatements; and <br />9 5 1 <br />WHEREAS, on August 26, 2024, City Council, by Resolution No. 2024-03 8, revised the <br />guidelines and criteria for the Program; <br />WHEREAS, Owner has submitted an application for a 5 In 5 Housing Infill Development <br />project to construct six (6) single family homes on the properties described herein below in Paris, <br />Texas (hereinafter "Improvements"); and <br />WHEREAS, city staff has reviewed the application and the location of the above described <br />residential Improvements and has determined that the properties are located within the boundaries <br />of the defined geographic area and Reinvestment Zone 2020-1 and meet the requirements for <br />