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

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3.7 Owner agrees and covenants that it will diligently and faithfully construct the Structure referenced herein in a good and workmanlike manner within 12 months of obtaining building permits from City for each structure. Owner further covenants and agrees that construction of the Improvements will be in accordance with all applicable state and local laws, codes, regulations, and Program Guidelines or Owner will procure a valid waiver or variance thereof. Owner shall complete all Improvements required herein on or before January 11, 2031. 3.8 Owner shall contact City Building Official for final inspection as Improvements are completed and obtain a Certificate of Completion for the new residential dwelling. 3.9 Owner shall notify the Lamar County Appraisal District upon completion of Improvements and request an updated appraisal of the Improvements. 3.10 Owner shall provide City with appraised value of Improvements upon receipt of same from Lamar County Appraisal District. 3.11 Owner may not use the parcels described in Section 3.1 for any other purpose other than to construct the Improvements set forth in this Article, Use of the 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— Texas Local Government Code Chapter 380 A. Term 4.1 The term of this Economic Development Agreement shall commence on January 12, 2026 and shall continue for a period of five (5) years ending on January 11, 2031. 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 parcel to Owner in exchange for payment in the amount of City's proportionate share of $1.00 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.