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

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and completion of the Improvements required herein and subject to the rights and holders of any outstanding bonds of the City, a portion of the maintenance and operations (M & 0) ad valorem property taxes assessed upon each Improvement and otherwise owed to the City shall be abated for a period of three (3) years in an amount equal to 100% per year of the taxes assessed upon the increased value of the Improvements made by Owner to the Properties described in Section 3.1 of this Agreement, over the value in the year by which this agreement is executed (the "Base Value"), in accordance with the terms of this Agreement and all applicable state and local regulations or valid waivers thereof; provided that the Owner shall have the right to protest or contest any assessment of the Properties and said abatement shall be applied to the amount of taxes finally determined to be due as a result of any such protest or contest. For the purposes of this Agreement, the Base Value of the existing real property shall be deemed to be the value as shown on the tax rolls of the Lamar County Appraisal District as of January 1, 2026. The base value of all parcels is $5,170.00; the base value of each individual parcel is set forth in paragraph 3.1. 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 I I I 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 five two-family residential Structures) for which an abatement has been granted are not completed in accordance with this Agreement (by September 13, 2031); 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 such; or (c) Owner materially breaches any of the other terms, provisions or conditions of this Economic Development Agreement and Tax Abatement Agreement, including but not limited to the Mandatory Anti -Discrimination Provisions set forth herein, then owner shall 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) it of said written notice, this Tax Abatement Agreement may be terminated by the City. Notice of default shall be given in accordance with Article VI of this Agreement.