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The abatement will become effective on January Ist of the year following issuance of a Certificate of Completion following final construction inspection. As provided in the Act, a tax abatement may only be granted for the value of the Residential Improvements which exceed the base year value of the property and which are listed in an Agreement between the City of Paris and the applicant, subject to such limitations as the City of Paris may require. The base value will be set as of January 1st of the year in which the Agreement is executed. Upon completion of construction, the Applicant shall provide a copy of all material and: fixture purchase invoices to prove that those materials and: fixtures were purchased locally within the City of Paris when possible. The tax abatement is available only for improvements made after the execution of the Agreement. The Agreement may not be approved by the City Council until at least thirty (30) days after notice of the consideration and possible action on the Agreement has been posted, building plan review and permit fees as referenced in the Incentive Table. Reduced Fees for Water & Sewer Tap Labor - The Applicant will be entitled to reduced rates for water Table for all new dwelling units under agreement with the City. Claw Back Provision - The Applicant who enters into an Agreement with the City of Paris shall construct Agreement, or a within a shorter time if agreed to by the parties and reflected in the Agreement, or the City shall have the right to automatically take back any undeveloped parcel under the terms of the rig the property. The Applicant may request approval of an extension for such failure to construct a new ce-%d-emw9MwPJ1U-,V 2-,Ak?Y f*tA'�X#W'C4 under a subsequent revised agreement. Parcels under the agreement cannot be sold or assigned to another individual except by prior approval and re -assignment of the parcel(s) and approval of a new aereement bv the Citv Council. Failure to r irg-up-itq of -rpAu- MIT 1177=77. Firea pewtil If oy au parceis Tpon w I i en iaT ineligible to participate in this program in the future. As a further claw back provision, and in accordance with Texas Tax Code Sec. 312.205, the Agreement shall provide for recapturing property tax revenue lost as a result of the agreement if the owner of the pilvpdl inake V"r6 many dwelling units applicant builds. Compliance with all other City Requirements - The Applicant shall be fully responsible for compliance with all zoning, subdivision platting, and building code requirements as may specifically pertain to the r Surveying Costs, Plan Preparation, and Building Permit Fees. M _-F;� �'g 52 V" "'U'pa P MNIR, �x rit"t"; "'qrm"%aa; ';"c"""'i. . ....... . .. OIL