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L111 <br />Improvements set forth in the guidelines and criten* a for the Program as set forth 'in City Resolution <br />No, 2024-038. <br />1 4 -tions referenced herein and <br />NOW, THEREFORE in consideration of the terms and condi I <br />other good and valuable consideration, the receipt and sufficiency of whicb is hereby <br />acknowledged, the City, and Owner (collectively referred to as "Parties"'), hereby mutually agree <br />as follows: <br />L I The Recitals set forth hereinabove are incorporated into this Agreement for all <br />purposes. <br />11. <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 />Ill. <br />Terms Applicable to both the Economic Development Agreement and the Residential Tax <br />A0batement 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 />Areement shall be located on. the Properties located in Paris, Lamar County, Texa <br />gs more fully <br />described in Exhibit 2 attached hereto and incorporated herein by reference, which Properties are <br />within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: <br />• LCAD- 16208, 345 W. Sherman, City of Paris Lot 3, Block 136 <br />• LCAD- 16209, 335 W. Sherman, City of Paris Lot 4, Block 136 <br />• LCAD- 18832, 3050 W. Campbell, City of Paris Lot 1, Block 326 <br />• LCAD- 13 041 40 NW 3 1 't, Mayer AdditionLots 3 and 4, Block 2 <br />ro I TV. ra TM W <br />3.2 The Improvements to be completed consist of constructing six (6) single family <br />homes on the above described Properties as more fully described in the application for the Program <br />attached hereto and incorporated herein as Exhibit 1. Said Improvements must be completed <br />within the term of the Economic Development Agreement, set herein to expire on November 11, <br />2029. <br />0. <br />