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THE STATE OF TEXAS <br />COUNTY OF LAMAR <br />ECONOMIC DEVELOPMENT AND RESIDENTIAL TAX ABATEMENT <br />AGREEMENT <br />This Economic Development and Residential Tax Abatement Agreement (hereinafter the <br />Agreement) is entered into by and between the CITY OF PARIS, TEXAS, a home rule <br />municipality situated in Lamar County, Texas, acting by and through its authorized officer <br />whose signature appears below (hereinafter called City), and INVEST LAMAR, LLC <br />(hereinafter referred to as Owner). <br />WITNESSETH: <br />WHEREAS, on January 27, 2025, the City Council passed Ordinance No. 2025-003 <br />creating Reinvestment Zone 2025-1, designating certain areas inside the city limits to be eligible <br />for the Residential Tax Abatement Program; and <br />WHEREAS, after a public hearing on January 10, 2022, the City Council of the City of <br />Paris, Texas passed Resolution No. 2022-003 stating its intent to establish a 5 In 5 Housing In - <br />Fill Development Program (hereinafter the Program) including low cost land sales and <br />residential tax abatements and adopting guidelines and criteria for the Program; and <br />WHEREAS, by Resolution 2022-003, City Council designated an area within <br />Reinvestment Zone 2025-1 (then known as Reinvestment Zone 2020-1) as being eligible for the <br />Program (the Program Area); and <br />WHEREAS, City Council has revised the guidelines and criteria for the Program and for <br />tax abatement agreements granted thereunder three times, the most recent revisions adopted by <br />Resolution 2025-025 on May 12, 2025; and <br />WHEREAS, Owner has submitted an application for a 5 In 5 Housing Infill <br />Development project to construct ten (10) single family homes (hereinafter the Improvements) at <br />the properties described herein below in Paris, Texas (the Properties); and <br />WHEREAS, city staff has reviewed the application and the location of the above <br />described residential Improvements and has determined that the Properties are located within the <br />boundaries of Reinvestment Zone 2025-1 and are within the defined geographic area of the <br />Program Area, and the application meets the requirements for Improvements set <br />