2025-027 - Authorizing an Economic Development Agreement and Tax Abatement Agreement with Invest Lamar (Bergenholtz) 5 in 5 Housing Infill Development Program

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IV. Terms Specific to the Economic Development Agreement— Texas Local Government Code Chapter 380 A. Term 4.1 The term of this Economic Development Agreement shall commence on June 9, 2025 and shall continue for a period of five (5) years ending on June 8, 2030. B. Land Conveyance 4.2 In consideration for Owner's construction and completion of the above -referenced Improvements, City agrees to convey the above -referenced parcels to Owner in exchange for payment in the amount of City's proportionate share of $1.00 per parcel in accordance with the Interlocal Agreement for establishing alternate manner of sale of land acquired by the City of Paris, Texas pursuant to Section 34.051 of the Texas Tax Code executed on or about January 14, 2022 by and between the City of Paris, Texas, Lamar County, Texas, Paris Independent School District, 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 LCAD Parcel No. 13758, located in the 600 Block of East Price Street, is a Lamar County trustee property and shall be conveyed by the County by a separate deed. 4.5 City hereby transfers property in an "as is" condition and does not warrant or provide clear title with respect to the aforementioned City Trustee and County Trustee status of the Property. Owner assumes full responsibility for title insurance for the property and all new residential improvements thereto by Owner under the terms of this Agreement. C. Reduced Fees for Building Plan Review and Permitting 4.6 In consideration for Owner's construction and completion of the above -referenced Improvements, City agrees to reduce rates for building plan review by one hundred percent (100%) and permit fees by one hundred percent (100%) for each Structure constructed pursuant to this Agreement. D. Reduced Fees for Water and Sewer Tap Labor 4.7 In further consideration for Owner's construction and completion of the above - referenced Improvements, City agrees to reduce rates for water and sewer tap labor fees by twenty-five percent (25%) where required by the City's Public Works Department. E. Local Purchasing 4.8 As further consideration for the incentives granted herein, where possible, Owner shall purchase building materials and fixtures from vendors located within the City of Paris. 4