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I. <br />Recitals <br />1.1 The Recitals set forth hereinabove are incorporated into this Agreement for all <br />purposes. <br />H. <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 />M. <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 Property located in Paris, Lamar County, Texas more fully <br />described in Exhibit 1 attached hereto and incorporated herein by reference, which Property is <br />within Reinvestment Zone No. 2025-1 and within the area set forth in the Program: <br />• LCAD# 16218, City of Paris Block 136, Lot 13,358 W. Brame <br />3.2 The Property is a Tax Foreclosure City Trustee (City Trustee) status property. <br />B. Consideration --Improvements <br />3.3 The Improvements to be completed consist of one (1) single family home structure <br />(the Structure) on the above described Property as more fully described in the application for the <br />Program attached hereto and incorporated herein as Exhibit 1. <br />3.4 The total estimated value of the Improvements to be constructed on the above - <br />referenced parcels is at least TWO HUNDRED THOUSAND AND NO/100 DOLLARS <br />($200,000.00). <br />3.5 Owner shall obtain City approval for all necessary platting (if required) and plans, <br />building permits, green tags and a Certificate of Completion from the City of Paris. <br />3.6 Owner shall allow city inspectors access to the Properties and Improvements <br />throughout construction and completion of Improvements. <br />3.7 Owner agrees and covenants that it will diligently and faithfully construct the <br />Structure referenced herein in a good and workmanlike manner within 12 months of obtaining <br />