2025-029 - Authorizing an Economic Development Agreement and Tax Abatement Agreement with the Magnolia Paris (Josh Bray) 5 in 5 Housing Infill Development Program

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3.4 Owner shall obtain. City approval for all necessary platting (if required) and plans, building permits, green. tags and a Certificate of Completion. from the City of Paris. 15 Owner shall allow city inspectors access to the properties and Improvements throughout construction and completion of Improvements. 3.6 Owner agrees and covenants that it will diligently and faithfully construct each Improvement/Structure referenced herein in a good and workmanlike manner within 12 months of obtaining building permits from. City for each stricture. Owner further covenants and agrees that construction of the Improvements ents will be in accordance with all applicable state and local. laws, codes and regulations or Owner will procure a valid waiver or vari.an.ce thereof. Owner shall complete all Improvements required herein by June 8, 2030. 3.7 Owner shall contact City Building Official for final inspection as Improvements are completed and obtain a Certificate of Completion for the new residential dwellings as completed. 3.8 Owner shall notify the Lamar County Appraisal District upon completion of Improvements and request an updated appraisal. of the Improvements. 3.9 Owner shall provide City with appraised value of Improvements upon receipt of same from Lamar ar County Appraisal. District. 330 Owner may not use the parcels described in Section 3.1 for any other purpose other than to construct the Improvements en.ts set forth in this Article. Use of any parcel. for any other purpose shall constitute a separate act of default of the Agreement and will trigger the default provisions and remedies set forth hereunder. IV. Terms Specific to the Economic Development Agreement Teams 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. Reduced Fees for Building Plan Review and Permitting 4.2 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%) for each sprinkled Structure and fifty percent (50%) for each non -sprinkled Structure, and permit fees by one hundred percent (100%) for each sprinkled Structure and fifty percent (50%) for each non -sprinkled Structure, constructed pursuant to this Agreement.