2026-037 - Approving a Residential Tax Abatement and Economic Development Agreement

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B. Reduced Fees for Building Plan Review and Permitting 4.2 In consideration for Owner's construction and completion of the above - referenced Improvements, City agrees to reduce rates for building plan review by fifty percent (50%) and permit fees by fifty percent (50%) for each Structure constructed pursuant to this Agreement. C. Reduced Fees for Water and Sewer Tap Labor 4.3 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. D. Local Purchasing 4.4 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. E. Default 4.5 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 September 13, 2031). V. Terms Specific to the Residential Tax Abatement Agreement Texas Tax Code Chapter 312 A. Term 5.1 The term of this Tax Abatement Agreement shall commence on September 14, 2026. It is the intention of this Tax Abatement Agreement that Owner receive an abatement of taxes on each Structure constructed as it is completed and issued a Certificate of Completion by City. Consequently, each Structure constructed and completed shall have its own three (3) year abatement period. The abatement period for each constructed and completed dwelling unit shall commence on January 1 of the year following City's issuance of a Certificate of Completion on said dwelling unit and end on the fifth (5th) anniversary of the commencement of the abatement period. This Tax Abatement Agreement shall terminate upon the expiration of the final abatement period granted herein unless otherwise terminated by default or agreement of the Parties. B. Abatement 5.2 Subject to the terms and conditions of this Economic Development Agreement and Tax Abatement Agreement, in further consideration for the construction 4