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Agreement - A contractual agreement between an applicant and the City of Pare for the purposes of a 5 <br />In 5 Housing Infill Development Program to include an economic development agreement pursuant to <br />Chapter 380 of the Texas Local Government Code and a residential tax abatement agreement pursuant to <br />the Act. <br />Applicant - An owner, proposed owner, builder or authorized agent of the owner of eligible property <br />seeking ars agreement under this policy. <br />Base Year value - The assessed value of eligible property on January 1, preceding the date of execution. <br />Eligible Property - Property located in the defined Program Area and Immediately Adjacent thereto, <br />whether foreclosed on dine to taxes or not. Also, property focated outside the Program Area if foreclosed <br />on due to taxes, <br />immediately Adjacent Property — Property which lies immediately next to the boundary of the Program <br />Area, including property across a street or intersection or located diagonally therefrom. <br />New Structure ure - Residential improvements made to a property previously undeveloped or ai vacant parcel <br />which is ,placed into use by means other than by expansion or modernization without full demolition of <br />an existing substandard or condemned structure. <br />Program Area - An area depicted in '"Exhibit B" of the approved resolution for the 5 In 5 Housing Infill <br />Development Program, which area is wholly within the boundaries of Reinvestment Zone 2020-1 for the <br />purpose .of residential tarn abatements. <br />Residential improvements - The construction of new residential structures and all the appurtenances <br />thereto. This terra includes single family, duplexes and multi -family structures. <br />Value of Improvements . The appraised value of the residential improvements as determined by the <br />Lamar County Appraisal District and as described in the Agreement. <br />Ill.m,rvrvrvrvry <br />El.11BlLl"` AND GUIDEUNES <br />Real property is determined eligible under this policy as provided in the Definitions. If property is eligible, <br />an Applicant may apply for an Agreement to receive incentives provided for in this policy. For tax <br />foreclosed properties, all taxing jurisdictions shall be required to sign off on the low-cost land sale <br />,according to the provisions of State Law prior to transfer of the property to the applicant. <br />Page 2 of 7 <br />