2025-038 - Approving an Economic Development Agreement and Tax Abatement Agreement with Linda Cheney 5 in 5 Housing Infill Redevelopment Program

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N. Terms Specific to the Economic Development Agreement— Texas greementTexas Local Government Code Chapter 380 A. Term 4.1 The term of this Economic Development Agreement shall commence on August 11, 2025 and shall continue for a period of five (5) years ending on August 11, 2030. B. Land Conveyance 4.2 In consideration for Owner's construction and completion of the above -referenced Improvements, City agrees to convey the above -referenced parcels to Owner in exchange for payment in the amount of City's proportionate share of $1.00 per parcel in accordance with the Interlocal Agreement for establishing alternate manner of sale of land acquired by the City of Paris, Texas pursuant to Section 34.051 of the Texas Tax Code by and between the City of Paris, Texas, Lamar County, Texas, Paris Independent School District, and Paris Junior College (approved by: the City of Paris, City Council agenda of January 24, 2022, item #22; Paris Junior College, Regents' agenda of January 24, 2022, item #6; Lamar County, Commissioners Court agenda of January 24, 2022, item #2; and the Paris Independent School District, Trustees' agenda of January 24, 2022, item #4). 4.3 The conveyance of the property by the City to the Owner shall be tax sale deed without warranty and with right of reversion. 4.4 City hereby transfers the property in an "as is" condition and does not warrant or provide clear title with respect to the aforementioned City Trustee status of the Property. Owner assumes full responsibility for title insurance for the property and all new residential improvements thereto by Owner under the terms of this Agreement. C. Reduced Fees for Building Plan Review and Permitting 4.5 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%) and permit fees by one hundred percent (100%) for each Structure constructed pursuant to this Agreement. D. Reduced Fees for Water and Sewer Tap Labor 4.6 In further consideration for Owner's construction and completion of the above - referenced Improvements, City agrees to reduce rates for water and sewer tap labor fees by twenty-five percent (25%) where required by the City's Public Works Department. E. Local Purchasing 4.7 As further consideration for the incentives granted herein, where possible, Owner shall purchase building materials and fixtures from vendors located within the City of Paris. 4