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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Interlocal Agreement for establishing alternate manner of sale of land acquired by the City of Pari Texas pursuant to Section 34.051 of the Texas Tax Code executed on or about January 14, 202 by and between the City of Paris, Texas, Lamar County, Texas, Paris Independent School Distn*c11 and Paris Junior College. 4.3 The conveyance of the property by the City to the Builder shall be tax sale deed without warranty with right of reversion. 4.4 City hereby transfers property in an "as is" condition and does not warrant or provid clear title with respect to the aforementioned Tax Foreclosure City Trustee status of the prope Owner assumes full responsibility for title insurance for the property and all new residenti improvements thereto by Owner under the terms of this I Agreement. C. Reduced Fees for Building Plan Review and Permitting 4.5 In consideration for Owner's construction and completion of the above -referenced Improvements, City agrees to waive all fees for building plan review and permit fees for each dwelling unit constructed pursuant to this Agreement. D. Reduced Fees for Water and Sewer Tap Labor 4.6 In further consideration for Owner's construction and completion of the abov referenced huprovements, City agrees to reduce rates for water and sewer tap labor fees by twent five percent (25%) where required by the Cify's Public Works Department. I E. Local Purchasing 4.7 As further consideration for the incentives granted herein, where possible, Own shall purchase building materials and fixtures from vendors located within the City of Paris. 1 4.8 It shall be an act of default of the Economic Development Agreement should Owner fail to construct and compete all of the Improvements specified herein within the five (5) year term set forth herein. Ownership of any single Property conveyed by this Agreement shall revert to the City of Paris, at its sole option without compensation to the Grantee, should any of the following events occur during the period in which the Grantee has an ownership interest in the Property and during the term of the 15 in 51 Program agreement between the City of Paris and Grantee or Grantee's successors (said agreement is hereby incorporated into this deed by reference as if written word-for-word herein): (1) failure to maintain the property as required by law, evidenced by any affidavit of violation being filed against the Property by the City of Paris or any other governmental unit) in the deed records of Lamar County, Texas- (2) failure to comply'VVI*th the requirements of the City of Paris' 15 in 5' Program as evidenced by any affidavit supporting said failure to comply being filed against the Property ty by the City of Paris in the deed records of Lamar County, Texas; (3) allowing any ad valorem tax on a Property to become delinquent as evidenced by an affidavit of such fact supported 0