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NOW, THEREFORE, in consideration of the terms and conditions referenced herein, and <br />other good and valuable consideration, the receipt and sufficiency of which is hereby <br />acknowledged, the City, and Owner (collectively referred to as "Parties"), hereby mutually agree <br />as follows: <br />I. <br />Recitals <br />1.1 The Recitals set forth hereinabove are incorporated into this Agreement for all <br />purposes. <br />II. <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 />III. <br />Terms Applicable to both the Economic Development Agreement and the Residential Tax <br />Abatement 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 />Agreement shall be located on the Properties located in Paris, Lamar County, Texas, which <br />Properties are within Reinvestment Zone No. 2025-1 and within the area set forth in the Program: <br />• LCAD# 10729, W. Walker St., Colonial Addition Block 7, Lot 5 <br />• LCAD# 10730, W. Walker St., Colonial Addition Block 7, Lot 6 <br />• LCAD# 13006, W. Campbell St., Maxey Addition Block 7, Lot 2-13 <br />• LCAD# 13010, W. Campbell St., Maxey Addition Block 8, Lot 3 <br />• LCAD# 13011, W. Campbell St. and 16a' St. NW, Maxey Addition Block 8, Lot 4 <br />B. Consideration --Improvements <br />3.2 The Improvements to be completed consist of five (5) single family homes on the <br />above described Properties as more fully described in the application for the Program attached <br />hereto and incorporated herein as Exhibit 1. Said Improvements must be completed within the <br />term of the Economic Development Agreement, set herein to expire on April 27, 2030. <br />3.3 The total estimated value of the Improvements to be constructed on the above - <br />referenced parcels is SEVEN HUNDRED TWENTY-FIVE THOUSAND AND NO/100 <br />DOLLARS ($725,000.00). <br />2 <br />