2025-028 - Authorizing an Economic Development Agreement and Tax Abatement Agreement with R4U Ventures (Michael White) 5 in 5 Housing Infill Development Program

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forth in the Guidelines and Criteria for the 5 In 5 Housing Infill Development Program as set forth in City Resolution No. 2025-025. NOW, THEREFORE, in consideration of the terms and conditions referenced herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City, and Owner, (collectively referred to as Parties) hereby mutually agree as follows: I. Recitals 1.1 The Recitals set forth hereinabove are incorporated into this Agreement for all purposes. II. Component Parts 2.1 This Agreement comprises two component parts, including an economic development agreement pursuant to Texas Government Code Chapter 380 and a residential tax abatement agreement pursuant to Texas Tax Code Section 312. III. Terms Applicable to both the Economic Development Agreement and the Residential Tax Abatement Agreement: A. The Properties—Areas to be Improved 3.1 The Improvements defined in section III B below and made the subject of this Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully described in Exhibit 1 attached hereto and incorporated herein by reference, which Properties are within Reinvestment Zone No. 2025-1 and within the area set forth in the Program: • ❑ LCAD# 15383, City of Paris Lot PT 5, Block 93-B, 61 St. NE • ❑ LCAD# 10984, East Park Addition Lot 30, Block A, 1685 10th St. NE • ❑ LCAD# 10990, East Park Addition Lot 36, Block A, 101' St. NE • ❑ LCAD# 19114, Pickard Addition Lot 1-B, Block 4, 944 7'11 St. NE • ❑ LCAD# 19115, Pickard Addition Lot 2-C, Block 4,1004 711' St. NE • ❑ LCAD# 20484, Washington Heights Addition Lots 9-10, Block 4, 412 Henderson • ❑ LCAD# 12368, Hull Addition Lot 4, Block 30, 1150 5t' St. NE • ❑ LCAD# 17073, City of Paris Lot 2, Block 190, 1347 W. Houston St. • ❑ LCAD# 17074, City of Paris Lot 3, Block 190, 1337 W. Houston St. 3.2 The Properties listed are Tax Foreclosure City Trustee (City Trustee) status properties. 2