2026-023 - Approving and authorizing an Economic Development Agreement and Tax Abatement Agreement with R4U Ventures, LLC pursuant to the 5 in 5 Housing Infill Development Program

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5.4 This abatement is granted in accordance with the City's Guidelines and Criteria for the Program, a copy of which is attached hereto as Exhibit 2, provided, however, that in the event of any conflict between this Agreement Exhibit 2, this Agreement shall control. 5.5 Upon receipt of the documentation set forth in Article III and in Section 6.6 herein as to each constructed and completed Structure, City will notify the Lamar County Appraisal District to begin the tax abatement as to said Structure. 5.6 If (a) the Improvements (all ten residential Structures) for which an abatement has been granted are not completed in accordance with this Agreement (b June 8, 2030)1- or (b) Owner allows its taxes owed the City to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any suc or (c) Owner materially breaches any of the other terms, provisions or conditions of thl Economic Development Agreement and Tax Abatement Agreement, including but not i limited to the Mandatory Anti-rn Provisions set forth herein, then owner shil be considered in default of this Agreement. In the event Owner defaults in its performance of either (a), (b), or (c) above, then City shall give Owner written notice of such default and if Owner has not cured such default within sixty (60) days of said written notice, this Tax Abatement Agreement may be terminated by the City. Notice o default shall be given in accordance with Article VI of this Agreement. 5.7 As damages in the event of default, and in accordance with the requirements and discretionary provisions of Section 312.205 of the Tax Code of the State of Texas, all taxes which otherwise would have been paid to the City without the benefit of abatement, including taxes on those dwelling units constructed and complet according to the terms of this Agreement, together with interest to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of Texas, with all penalties and attorney's fees permitted by the Property Redevelopment and Tax Abatement Act and the Tax Code of the State of Texas, shall be recaptured and will become a debt to the City and shall be due, owing, and paid to the City within sixty (60) days of the expiration of the above-mentioned applicable cure period as the sole remedy of the City, subject to any and all lawful offsets, settlements, deductions, or credits to which Owner may be entitled.