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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C. Default 5.6 If (a) thelmprovements (all ten residential Structures) for which an abaten.ient has been granted are not completed in accordance with this Agreement (by June 8, 2030); or (b) Owner allows its taxes owed the City to become delinquent and fails to timely and properly f6llow the legal procedures for protest or contest of any such,- or (c) Owner materially breaches any of the other terms, provisions or conditions of this Economic Development Agreement and Tax Abatement Agreement, including but not limited to the Mandatory Anti -Discrimination Provisions set rorth herein, then owner shall be considered in default of this Agreement. In the event Owner defaults in its performance of either (a), (b), or (c) above, then City shall give Owner written notice of such default and if Owner has not cured such default within sixty (60) days of' said written notice, this Tax Abatement Agreement may be terminated by the City. Notice of default shall be given in accordance with Article VI of this Agreement. 5.7 As damages in the event of default, and in accordance with the requirements and discretionary provisions of Section 312,205 of the Tax Code of the State of Texas, all taxes 'Which otherwise would have Jbeen paid to the City without the benefit of abatement, including taxes on those dwelling units constructed and completed. according to the terms of this Agreement, together with interest, to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of Texas, with all penalties and attorney's fees permitted by the Property Redevelopment and Tax Abatement Act and. the Tax Code of the State of Texas, shall be recaptured and will become a debt to the City and shal I be due, owing, and. said to the City within sixty (60) days of the expiration ori' the above mentioned applicable cure period as the sole remedy of the City, subject to any and all lawful offsets, settlements, deductions, or credits to which Owner may be entitled. V1. Additional Terms applicable to both the Economic DevelopmentAgreement and the Tax Abatement Agreement A. No Conflict of Interest. 6.1 The Owner represents and warrants that neither the.properties nor the Improvements include any real or personal property that is owned. or leased by a member of the Paris City Council or the Planning and Zoning Commission or any mem I ber thereof having responsibility for approval of this Agreement. .B. Conditions. 6.2 The terms and conditions of this Agreement are binding upon the parties hereto and their successors and assigns. 6.3 It is understood and agreed between the parties that the Owner, in performing its obligations hereunder, is acting independently, and the City assur nes noresponsibility or liability in connection therewith to third parties; and Owner agrees to release, indemnify and hold the City its elected officials, officers, employees and attorneys harmless from any claims, 6