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forth in the Guidelines and. Criteria for the 5 :In 5 Housing I[n:��ll Development Program as set <br />forth :in City Resolution No. 2025-025 <br />NOW, THEREFORE, in consideration of the terms and conditions referenced herein, <br />and other good and valuable consideration, the receipt and sufficiency of which is hereby <br />acknowledged, the City, and Owner, (collectively referred to as Parties) hereby mutually agree as <br />follows: <br />11 The Recitals set forth hereinabove are incorporated into this Agreement for all <br />purposes. <br />II. <br />Component Parts <br />2.1 This Agreement comprises two component parts, including an economic <br />development agreement pursuant to Texas Government Code Chapter 380 and a residential tax <br />abatement agreement pursuant to Texas Tax Code Section 312. <br />III. <br />Terms Applicable to both the Economic Development Agreement and the Residential Tax <br />Abatement Agreement: <br />A. The Properties—Areas to be Improved <br />3.1 The Improvements defined in section III B below and made the subject of this <br />Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully <br />described in Exhibit 1 attached hereto and incorporated herein by reference, which Properties <br />are within Reinvestment Zone No. 2025-1 and within the area set forth in the Program: <br />• Magnolia Corner Addition Lot 7R, Block 115, 8"' St. SE <br />• Magnolia Corner Addition Lot 8R, Block 115, 8th St. SE <br />• Magnolia Corner Addition Lot 9R, Block 115, 8' St. SE <br />B. Consideration --Improvements <br />3.2 The Improvements to be completed consist of constructing three (3) duplex <br />structures ("Structure" or "Structures") for a total of six (6) dwelling units on the above <br />described Properties and as more fully described in the application for the Program attached <br />hereto and incorporated herein as Exhibit 1. <br />3.3 The total estimated value of the Improvements to be constructed on the above - <br />referenced parcels is FOUR HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS <br />($450,000.00). <br />2 <br />