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labor fees by twenty-five percent (25%) where required by the City's Public Works <br />Department. <br />D. Local Purchasing <br />4.4 As further consideration for the incentives granted herein, where possible, <br />Owner shall purchase building materials and fixtures from vendors located within the <br />City of Paris. <br />E. Default <br />4.5 It shall be an act of default of the Economic Development Agreement <br />should Owner fail to construct and compete all of the Improvements specified herein <br />within the five (5) year period set forth herein (by June 21, 2031). <br />V. <br />Terms Specific to the Residential Tax Abatement Agreement <br />Texas Tax Code Chapter 312 <br />A. Term <br />5.1 The term of this Tax Abatement Agreement shall commence on June 22, <br />2026. It is the intention of this Tax Abatement Agreement that Owner receive an <br />abatement of taxes on each Structure constructed as it is completed and issued a <br />Certificate of Completion by City. Consequently, each Structure constructed and <br />completed shall have its own five (5) year abatement period. The abatement period for <br />each constructed and completed dwelling unit shall commence on January 1 of the year <br />following City's issuance of a Certificate of Completion on said dwelling unit and end on <br />the fifth (5th) anniversary of the commencement of the abatement period. This Tax <br />Abatement Agreement shall terminate upon the expiration of the final abatement period <br />granted herein unless otherwise terminated by default or agreement of the Parties. <br />B. Abatement <br />5.2 Subject to the terms and conditions of this Economic Development <br />Agreement and Tax Abatement Agreement, in further consideration for the construction <br />and completion of the Improvements required herein and subject to the rights and <br />holders of any outstanding bonds of the City, a portion of the maintenance and <br />operations (M & O) ad valorem property taxes assessed upon each Improvement and <br />otherwise owed to the City shall be abated for a period of five (5) years in an amount <br />equal to 100% per year of the taxes assessed upon the increased value of the <br />Improvements made by Owner to the Properties described in Section 3.1 of this <br />Agreement, over the value in the year by which this agreement is executed (the "Base <br />Value"), in accordance with the terms of this Agreement and all applicable state and <br />local regulations or valid waivers thereof; provided that the Owner shall have the right to <br />protest or contest any assessment of the Properties and said abatement shall be <br />applied to the amount of taxes finally determined to be due as a result of any such <br />4 <br />