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3.3 The total estimated value of the Improvements to be constructed on the above - <br />referenced parcels is ONE MILLION ONE HUNDRED THIRTY-FOUR THOUSAND AND <br />NO/100 ($1.1134,000.00). <br />3.4 Owner shall obtain City approval for all necessary platting if required) and plans, <br />building permits, green tags, and Certificates of Completion from the City of Paris. <br />3.5 Owner shall allow city inspectors access to the Properties and Improvements <br />throughout construction and completion of Improvements. <br />3.6 Owner agrees and covenants that it will diligently and faithfully construct each <br />Improvement/dwelling referenced herein in a good and workmanlike manner within 12 months of <br />obtaining building permits from City for each structure. Owner further covenants and agrees that <br />construction of the Improvements will be in accordance with all applicable state and local laws, <br />codes, and regulations or Owner will procure a valid waiver or variance thereof Owner shall <br />complete all Improvements required herein by November 11, 2029. <br />3.7 Owner shall contact City Building Official for final inspection as Improvements are <br />completed and obtain a Certificate of Completion for each new residential dwelling as it is <br />completed. <br />3.8 Owner shall notify the Lamar County Appraisal District upon completion of each <br />Improvement and request an updated appraisal of the Improvement. <br />3.9 Owner shall provide City with appraised value of each Improvement upon receipt <br />of same from Lamar County Appraisal District. <br />3.10 Owner may not use the parcels described in Section 3.1 for any other purpose other <br />than to construct the Improvements set forth in this Article. Use of any parcel for any other purpose <br />shall constitute a separate act of default of the Agreement and will trigger the default provisions <br />and remedies set forth hereunder. <br />IV. <br />Terms Specific to the Economic Development Agreement <br />Texas Local Government Code Chapter 380 <br />A. Term <br />4.1 The term of this Economic Development Agreement shall commence on November <br />12, 2024 and shall continue for a period of five (5) years ending on November 11, 2029. <br />B. Land Conveyance <br />4.2 In consideration for Owner's construction and completion of the above -referenced <br />Improvements, City agrees to convey the above -referenced parcels to Owner in exchange for <br />payment in the amount of City's proportionate share of $1.00 per parcel in accordance with the <br />I <br />