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is hereby acknowledged, the City, and Owner, (collectively referred to as Parties) <br />hereby mutually agree as follows: <br />I. <br />Recitals <br />1.1 The Recitals set forth hereinabove are incorporated into this Agreement <br />for all purposes. <br />II. <br />Component Parts <br />2.1 This Agreement comprises two component parts, including an economic <br />development agreement pursuant to Texas Government Code Chapter 380 and a <br />residential tax abatement agreement pursuant to Texas Tax Code Section 312. <br />III. <br />Terms Applicable to both the Economic Development Agreement and the <br />Residential Tax Abatement Agreement: <br />A. The Property—Area to be Improved <br />3.1 The Improvements defined in section III B below and made the subject of <br />this Agreement shall be located on the Property located in Paris, Lamar County, Texas <br />more fully described in Exhibit 1 attached hereto and incorporated herein by reference, <br />which Property is within Reinvestment Zone No. 2025-1 and within the area set forth in <br />the Program: <br />• LCAD# 15451, City of Paris Block 96, Lot 6, 848 4t" St. NW; Base Value <br />$940.00. <br />3.2 The Property is a Tax Foreclosure City Trustee (City Trustee) status <br />property. <br />B. Consideration --Improvements <br />3.3 The Improvements to be completed consist of one (1) single family home <br />structure (the Structure) on the above described Property as more fully described in the <br />application for the Program attached hereto and incorporated herein as Exhibit 1. <br />3.4 The total estimated value of the Improvements to be constructed on the <br />above -referenced parcels is at least TWO HUNDRED THIRTY THOUSAND AND <br />NO1100 DOLLARS ($230,000.00). <br />3.5 Owner shall obtain City approval for all necessary platting (if required) and <br />plans, building permits, green tags and a Certificate of Completion from the City of <br />Paris. <br />2 <br />