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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 Properties—Areas 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 Properties located in Paris, Lamar County, <br />Texas more fully described in Exhibit 1 attached hereto and incorporated herein by <br />reference, which Properties are within Reinvestment Zone No. 2025-1 and within the <br />area set forth in the Program: <br />• LCAD# 129238, JC Miles Subd. Block A, Lot 5, 600 Block of Sycamore St.; base <br />value $1,100.00 <br />• LCAD# 129239, JC Miles Subd. Block A, Lot 6, 600 Block of Sycamore St.; base <br />value $1,100.00 <br />• LCAD# 129240, JC Miles Subd. Block A, Lot 7R, 600 Block Sycamore St.; base <br />value $990.00 <br />• LCAD# 129241, JC Miles Subd. Block A, Lot 8R, 600 Block Sycamore St.; base <br />value $990.00 <br />• LCAD# 129242, JC Miles Subd. Block A, Lot 9R, 600 Block Sycamore St.; base <br />value $990.00 <br />3.2 The Properties listed are privately owned by Owner. <br />B. Consideration --Improvements <br />3.3 The Improvements to be completed consist of five (5) duplexes, for a total <br />of ten (10) dwelling units (the Structure or Structures) on the above described <br />Properties and as more fully described in the application for the Program attached <br />hereto and incorporated herein as Exhibit 1. <br />2 <br />