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IV. <br />Terms Specific to the Economic Development Agreement— <br />Texas Local Government Code Chapter 380 <br />A. Term <br />4.1 The term of this Economic Development Agreement shall commence on June 9, <br />2025 and shall continue for a period of five (5) years ending on June S, 2030. <br />B. Land Conveyance <br />4.2 In consideration for Owner's construction and completion of the above -referenced <br />Improvements, City agrees to convey the above -referenced parcels to Owner in exchange for <br />payment in the amount of City's proportionate share of $1.00 per parcel in accordance with the <br />Interlocal Agreement for establishing alternate manner of sale of land acquired by the City of <br />Paris, Texas pursuant to Section 34.051 of the Texas Tax Code executed on or about January 14, <br />2022 by and between the City of Paris, Texas, Lamar County, Texas, Paris Independent School <br />District, and Paris Junior College. <br />4.3 The conveyance of the property by the City to the Builder shall be tax sale deed <br />without warranty with right of reversion. <br />4.4 City hereby transfers the property in an "as is" condition and does not warrant or <br />provide clear title with respect to the aforementioned City Trustee status of the Property. Owner <br />assumes full responsibility for title insurance for the property and all new residential <br />improvements thereto by Owner under the terms of this Agreement. <br />C. Reduced Fees for Building Plan Review and Permitting <br />4.5 In consideration for Owner's construction and completion of the above -referenced <br />Improvements, City agrees to reduce rates for building plan review by one hundred percent <br />(100%) and permit fees by one hundred percent (100%) for each Structure constructed pursuant <br />to this Agreement. <br />D. Reduced Fees for Water and Sewer Tap Labor <br />4.6 In further consideration for Owner's construction and completion of the above - <br />referenced Improvements, City agrees to reduce rates for water and sewer tap labor fees by <br />twenty-five percent (25%) where required by the City's Public Works Department. <br />E. Local Purchasing <br />4.7 As further consideration for the incentives granted herein, where possible, Owner <br />shall purchase building materials and fixtures from vendors located within the City of Paris. <br />4 <br />