2026-003 - approving economic development agreement and tax abatement agreement wiith Voland Hill - 5 in 5 Housing

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acknowledged, the City, and Owner, (collectively referred to as Parties) hereby mutually agree as follows: I. Recitals 1.1. The Recitals set forth hereinabove are incorporated into this Agreement for all purposes. II. Component Parts 2.1 This Agreement comprises two component parts, including an economic development agreement pursuant to Texas Government Code Chapter 380 and a residential tax abatement agreement pursuant to Texas Tax Code Section 312. III. Terms Applicable to both the Economic Development Agreement and the Residential Tax Abatement Agreement: A. The Properties—Areas to be Improved 3.1 The Improvements defined in section III B below and made the subject of this Agreement shall be located on the Property located in Paris, Lamar County, Texas more fully described in Exhibit 1 attached hereto and incorporated herein by reference, which Property is within Reinvestment Zone No. 2025-1 and within the area set. forth in the Program: • LCAD# 12989, Maxey Addition Block 4, Lot PT 2,1560 West Campbell St. 3.2 The Property is a Tax Foreclosure City Trustee (City Trustee) status property. B. Consideration --Improvements 3.3 The Improvements to be completed consist of one (1) single family home structure (the Structure) on the above described Property as more fully described in the application for the Program attached hereto and incorporated herein as Exhibit 1. 3.4 The total estimated value of the Improvements to be constructed on the above - referenced parcels is EIGHTY THOUSAND AND NO/100 DOLLARS ($80,000.00). 3.5 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. 3.6 Owner shall allow city inspectors access to the Properties and Improvements throughout construction and completion of Improvements.