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

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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. F. Default 4.8 It shall be an act of default of the Economic Development Agreement should Owner fail to construct and compete all of the Improvements specified herein within the five (5) year period set forth herein (by January 11, 2031). V. Terms Specific to the Residential Tax Abatement Agreement Texas Tax Code Chapter 312 A. Reinvestment Zone; NAICS Code. 5.1 The property subject to this residential Tax Abatement Agreement is located within City of Paris Reinvestment Zone No. 2025-1. For purposes of reporting this Tax Abatement Agreement to the Office of the Comptroller of the State of Texas, the applicable NAICS Code is 2361. B. Term 5.2 The term of this Tax Abatement Agreement shall commence on January 12, 2026. It is the intention of this Tax Abatement Agreement that Owner receive an abatement of taxes on the Structure once it is completed and issued a Certificate of Completion by City. The Abatement