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07 - Assignment of 5 In 5 Agreement from Brown to Hihland HeritageItem No. 7 TO: Mayor, Mayor Pro Tem and City Council Grayson Path, City Manager FROM: Andrew Mack, AICP Director Planning & Community Development SUBJECT: Assignment of 5 In 5 Infill Development Agreement — LCAD's 10486,10487 & 10488, Lots 1, 2 &3, Block 2 Campbell Addition DATE: September 11, 2023 BACKGROUND & DISCUSSION On April 11, 2022, City Council approved a 5 In 5 Economic Development and Residential Tax Abatement Agreement with Jeffery S. Brown for the purpose of construction of three new duplexes. Mr. Adam Bolton was the General Contractor for the project, and is also the owner of Highland Heritage Investments, LLC, new owner of the properties. To date, 2 of the duplexes have been completed and are now occupied. Due to some personal setbacks, in the fall of 2022, Mr. Brown sold the property covered by the Agreement to Adam Bolton of Highland Heritage Investments, LLC. This was prior to completion of the 2 duplexes. Consequently, he has executed the attached assignment of the Agreement by Mr. Brown and is seeking Council approval of the assignment. The assignment is allowed by law and by the 5 in 5 program guidelines upon written approval of the Council. Should Council approve the assignment, the written approval will be in the form of the Mayor's signature on the assignment instrument. Mr. Bolton, as owner of the buyer entity, will then assume the obligations of and be assigned the original tax abatement benefits, along with the other 5 In 5 incentives, of the original agreement. This is an assignment only, and will not extend the length of the tax abatement period, extend any deadlines, or change any of the terms under the Agreement. Mr. Bolton anticipates starting construction in the near future for the 3rd duplex. Additionally, Lamar County is also in the process of approving the same assignment of the original agreement. The County Board approved acceptance of that application on August 28th and will also take final action on the assignment in September. Recommendation Approve the assignment of the 5 In 5 Infill Development Agreement from Jeffery S. Brown to Heritage Investments, LLC. FORM --Assignment of 5 in 5 Agreement—by individual ASSIGNMENT OF TAX ABATEMENT AGREEMENT AND ECONOMIC DEVELOPMENT AGREEMENT (5 IN 5) STATE OF TEXAS § COUNTY OF LAMAR § whose mailing address is signor/s"), for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration to me in hand paid by "Assignee/s"), all rights and interest in that Tax Abatement Agreement and Economic Development Agreement (the "Agreement") dated Q,�c �� � . ._ --I.—....... by and between the City of Paris, Texas and �� IT, a copy of which is attached hereto as Exhibit A, together with all of my rights, obligations, and responsibilities thereunder. EXECUTED this __„_ day of � �A , 20�. _. — [Add a second signature line if more than Assignor, e.g., husband and wife.] FORM --Assignment of 5 in 5 Agreement—by individual THE STATE OF TEXAS COUNTY OF LAMAR This instrument was acknowledged before me on thecl day of S� , 2(�by w S , mm C�� , known to me to be the person whose n ie is subscribed to the foregoing instrument, and acknowledged that he executed the same on behalf of and as the act of GIVEN UNDER MY HAND AND SEAL OF OFFICE, THIS THE DAY OF N................��.. �� ............. 2023 tary Public crn_C ____ County, Texas y commission expires - - Da -9- [Add additional acknowledgement paragraphs for each additional Assignor.] APPROVED: This Assignment of Tax Abatement Agreement and Economic Development Agreement (5 in 5) was approved by the City Council of the City of Paris, Texas on 20 . Puy �PaY P�,.,, x�^1 N+' or+' JANICE ELLIS 9869 Notary ID tion Expires My Cotn9869 mission Expires January 30, 2024 tary Public crn_C ____ County, Texas y commission expires - - Da -9- [Add additional acknowledgement paragraphs for each additional Assignor.] APPROVED: This Assignment of Tax Abatement Agreement and Economic Development Agreement (5 in 5) was approved by the City Council of the City of Paris, Texas on 20 . Puy THE STATE OF TEXAS COUNTY OF LAMAR ECONOMIC DEVELOPMENT AND RESIDENTIAL TAX ABATEMENT AGREEMENT This Economic Development and Residential Tax Abatement Agreement (hereinafter the "Agreement) is entered into by and between the CITY OF PARIS, TEXAS, a home rule municipality, situated in Lamar County, Texas, acting by and through its authorized officer whose signature appears below (hereinafter called "CITY'), and JEFFERY S. BROWN (hereinafter referred to as "Owner"). WITNESSETH: WHEREAS, on February 10, 2020, the City Council passed Ordinance No. 2020-005 creating Reinvestment Zone 2020-1, designating certain areas inside the city limits to be eligible for the Residential Tax Abatement Program; and WHEREAS, after a public hearing on January 10, 2022, the City Council of the City of Paris, Texas passed Resolution No. 2022-003 stating its intent to establish 5 In 5 Housing In -Fill Development Program (hereinafter "the Program") including a low cost land sale and residential tax abatements and adopting guidelines and criteria for the Program; and WHEREAS, Resolution 2022-003, City Council designated an area within Reinvestment Zone 2020-1 as being eligible for the Program; and WHEREAS, on April 22, 2019, the City Council approved resolution 2019-013 re- authorizing the City to become eligible to participate in residential tax abatements and approving guidelines and criteria for the residential tax abatement program; and WHEREAS, the Program has additional criteria and guidelines for participation in said Program, including criteria and guidelines for eligibility for residential tax abatements; and WHEREAS, Owner has submitted an application for a 5 In 5 Housing In -Fill Development project to construct three (3) new duplex structures for a total of six (6) dwelling units at the above described properties in Paris, Texas (hereinafter "Improvements"); and WHEREAS, city staff has reviewed the application and the location of the above described residential duplex improvements (hereinafter "Improvements") and has determined that the property is located within the boundaries of the defined geographic area and meets the requirements for Improvements set forth in the Guidelines and Criteria for the 5 In 5 Housing In - Fill Development Program as set forth in City Resolution No. 2022-003. NOW, THEREFORE, in consideration of the terms and conditions referenced herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City, and Owner, (collectively referred to as "Parties") hereby mutually agree as follows: Component Parts This Agreement comprises two component parts, including an economic development agreement pursuant to Texas Government Code Chapter 380 and a residential tax abatement agreement pursuant to Texas Tax Code Section 312. Terms Applicable to both the Economic Development Agreement and the Residential Tax Abatement Agreement: I. The Properties—Areas to be Improved 1.1 The Improvements defined in paragraph III below and made the subject of this Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully described in Exhibit 1 attached hereto and incorporated herein by reference, which Property is within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: Part of the Larkin Rattan Survey, being Lots 1, 2, and 3 of Block 2 of the Campbell Addition to the City of Paris, County of Lamar, as recorded in Plat Book 1, Page 17, of the Deed Records of Lamar County, Texas, as more fully set forth in Exhibit 1 hereto, which is incorporated by reference as if fully set forth herein. II. Consideration --Improvements 2.1 The Improvements to be completed consist of constructing three (3) new residential duplex structures upon the above described parcels and as more fully described in the application for the Program attached hereto and incorporated herein as Exhibit 2 and incorporated herein by reference. Said Improvements must be completed within the term of the Economic Development Agreement, set herein to expire on April 10, 2027. 2.2 The total estimated value of the Improvements to be constructed on the above - referenced parcels is FIVE HUNDRED SIX THOUSAND, NINE HUNDRED AND TEN AND NO/100 DOLLARS ($506,910.00). 2.3 Owner shall obtain City approval for all necessary platting (if required) and plans, building permits, green tags and a Certificate of Completion from the City of Paris. 2.4 Owner shall allow city inspectors' access to the Property and Improvements throughout construction and completion of Improvements. 2.5 Owner agrees and covenants that it will diligently and faithfully construct the 2 Improvements referenced herein in a good and workmanlike manner within 12 months of obtaining building permits from City for each structure. Owner further covenants and agrees that construction of the Improvements will be in accordance with all applicable state and local laws, codes and regulations or Owner will procure a valid waiver or variance thereof. 2.6 Owner shall contact City Building Official for final inspection once Improvements are completed and obtain a Certificate of Completion for the new residential dwellings as completed. 2.7 Owner shall notify the Lamar County Appraisal District upon completion of Improvements and request an updated appraisal of the Improvements. 2.8 Owner shall provide City with appraised value of Improvements upon receipt of same from Lamar County Appraisal District. 2.9 Owner may not use the parcels described in Section 1.1 and conveyed to Owner pursuant to the terms of this Agreement for any other purpose other than to construct the Improvements set forth in this Article. Use of any parcel for any other purpose shall constitute a separate act of default of the Agreement and will trigger the default provisions and remedies set forth hereunder. III. Terms Specific to the Economic Development Agreement— Texas Local Government Code Chapter 380 A. Term 3.1 The term of this Economic Development Agreement shall commence on April 11, 2022 and shall continue for a period of five (5) years ending on April 10, 2027. B. Reduced Fees for Building Plan Review and Permitting 3.2 In further consideration for Owner's construction and completion of the above - referenced Improvements, City agrees to reduce rates for building plan review by one hundred percent (100%) and permit fees by fifty percent (50%) for each dwelling unit constructed pursuant to this Agreement. C. Reduced Fees for Water and Sewer Tap Labor 3.3 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 fifty percent (50%) where required by the City's Public Works Department. D. Local Purchasing 3.4 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 3.5 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 term set forth herein. In such case, City will exercise its right of reversion to each parcel on which a residential development has not been constructed and completed, and Owner agrees to divest itself of any ownership interest in any and all such parcels conveyed to Owner under this Agreement. IV. Terms Specific to the Residential Tax Abatement Agreement— Texas Tax Code Chapter 312 A. Term 4.1 The term of this Tax Abatement Agreement shall commence on April 11, 2022. It is the intention of this Tax Abatement Agreement that Owner receive an abatement of taxes on each dwelling unit constructed as it is completed and issued a Certificate of Completion by City. Consequently, each dwelling unit constructed and completed shall have its own five (5) 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 4.2 Subject to the terms and conditions of this Economic Development Agreement and Tax Abatement Agreement, and in further consideration for the construction 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 ad valorem property taxes assessed upon each Improvement and otherwise owed to the City shall be abated for a period of five (5) 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 1.1 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, 2022. 4.3 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 3 provided, however, in the event 4 of any conflict between this Agreement and the Guidelines and Criteria for the Program attached hereto as Exhibit 3, this Agreement shall control. 4.4 Upon receipt of the documentation set forth in Article II and in Section 5.6 herein as to each constructed and completed duplex, City will notify the Lamar County Appraisal District to begin the tax abatement as to said unit. C. Default 4.5 If (a) the Improvements (all seven units) for which an abatement has been granted are not completed in accordance with this Agreement (within five (5) years of the effective date hereof); 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, 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) days of said written notice, this Tax Abatement Agreement may be terminated by the City. Notice of default shall be given in accordance with Article V of this Agreement. 4.6 As damages in the event of default, and in accordance with the requirements of Section 312.205(a)(4) 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 completed 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 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. V. Additional Terms applicable to both the Economic Development Agreement and the Tax Abatement Agreement A. No Conflict of Interest. 5.1 The Owner represents and warrants that neither the Properties nor the Improvements include any real or personal property that is owned or leased by a member of the Paris City Council or the Planning and Zoning Commission or any member thereof having responsibility for approval of this Agreement. B. Conditions. 5.2 The terms and conditions of this Agreement are binding upon the parties hereto and their successors and assigns. 5.3 It is understood and agreed between the parties that the Owner, in performing its obligations hereunder, is acting independently, and the City assumes no responsibility or liability in connection therewith to third parties; and Owner agrees to release, indemnify and hold the City its elected officials, officers, employees and attorneys harmless from any claims, lawsuits, damages, costs or attorney's fees related to this Agreement. It is further understood and agreed among the parties that the City, in performing its obligations hereunder, is acting independently, and the Owner assumes no responsibility or liability in connection therewith to third parties and, to the extent permissible by law, the City agrees to indemnify and hold harmless the Owner therefrom. C. Compliance Provisions 5.4 The Owner agrees that the City, its agents and employees, shall have reasonable right of access to any and all records concerning Owner's investment in the Improvements for the purpose of conducting an audit of the Residential Improvements. Any such audit shall be made only after giving the Owner notice at least fourteen (14) days in advance and will be conducted in such a manner as to not unreasonably interfere with Owner's property. Upon request, the Owner will provide the City with a detailed list of all Improvements, including a list of materials used and cost thereof. 5.5 The Owner further agrees that the City, its agents and employees, shall have reasonable right of access to the Property to inspect the Improvements in order to insure that the construction of the Improvements are in accordance with this Agreement and all applicable state and local laws and regulations or valid waiver thereof. After completion of the Improvements, the City shall have the right to enter the Property and conduct an inspection of the completed Improvements. D. Initial and Annual Reporting. 5.6 The Owner further agrees that it will, within thirty (30) days of completion of each dwelling unit as it issued a Certificate of Completion by the City, provide the CITY with a sworn report, written on Owner's letterhead and signed by a designated representative of Owner, which contains the following information: (a) A copy of the printout from the Lamar County Appraisal District showing the market value of the Property prior to the construction of the Improvements; (b) Detailed description of the Improvements; (c) A copy of or identification of plans and specifications of constructed improvements and the location of the same for inspection by City's Building Official; (d) The actual cost of the specific capital Improvements; and, (e) The date of substantial completion of the specific Improvements as defined 6 in paragraph 2.1 hereof, and (f) Receipts showing that the purchase of building materials and fixtures from for the construction were made from vendors within the City of Paris, when possible. 5.7 Owner further agrees that it will provide City with an annual, sworn report which shall certify, in writing, that it is in compliance with each applicable term of this Agreement. Such annual report shall be furnished on the forms provided by the City. E. Authority to Contract. 5.8. This Agreement was authorized by resolution of the City Council at its regularly scheduled meeting on the l lth day of April 2022, which further authroized the City Manager to execute the Agreement on behalf of the City. 5.9 This Agreement was entered into by Owner pursuant to the authority granted to the authorized official whose signature appears below. 5.10. This Agreement shall constitute a valid and binding Agreement between the City and Owner when executed in accordance herewith, regardless of whether any other taxing unit executes a similar agreement for tax abatement. F. Legal. 5.11 No officer, official or agent of the City has the power to amend, modify or alter this Agreement or waive any of its conditions or to bind the City by making any promise or representation not contained herein. 5.12 This Agreement, except by operation of law, shall not be assigned or transferred by Builder, without the prior written consent of City, which consent shall be at the sole discretion of the City. 5.13 Any written notice required or permitted under the terms of this Agreement shall be given and be deemed to have been duly served if either (1) delivered in person, or (2) deposited certified mail, return receipt requested, postage prepaid in the United States mail, addressed to the designated representative of the respective parties which are designated as follows: BUILDER: Jeffery S. Brown 32 CR 33090 Sumner, Texas 75486 15 CITY OF PARIS, TEXAS Attn: City Manager P. 0. Box 9037 Paris, TX 75461-9037 With a co . y to City Clerk, City of Paris, Texas (Address same as above) 5.14 If any term or provision of this Agreement shall be declared unconstitutional or void by any court of competent jurisdiction, the constitutionality and validity of the remainder of said Agreement shall not be affected thereby, and to this end the terms and provisions of this Agreement are declared to be severable. 5.15 This Agreement sets forth the entire understanding between the parties, and any other understandings or agreements shall be canceled and superseded by this Agreement upon the date of execution hereof. None of the terms of this Agreement shall be waived, discharged, altered or modified in any respect, except by an Agreement in writing signed by both parties and specifically referring to this Agreement. The captions in this Agreement are included for convenience only and shall not be taken into consideration in any construction or interpretation of this Agreement or any of its provisions. This Agreement is performable in Lamar County, Texas, and shall be governed by, construed and enforced in accordance with the laws of the State of Texas. The provisions of this Agreement shall apply to, bind and inure to the benefit of the City, Owner, and their respective successors, and permitted assigns, if any. 5.16 Venue for any actions arising under this Agreement shall lie exclusively in the courts of Lamar County, Texas, for any State Court action, and in the U.S. District Court for the Eastern District of Texas for any federal court action. WITNESS our hands this A day of +f , 2022. THE CITY OF PARIS, TEXAS BY........ y.. _ Gra son , rty Manager ATTEST: �7.r f 54,OS\ J c ice Ellis, City Clerk 'PROVED AS TO FOP': Steph u"pie H. Harris, City Attorney JEFFERY S. BROWN By:__ BEFORE ME, the undersigned authority, on this day personally appeared Grayson Path, City Manager of the City of Paris, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this N lk day of April, 2022. DENENEJOHNSON �-°w �.•..�, lP, Y App � x°r ::Notary Public, State of Texas •P.` Comm. Expires 03-16-2023 �� at f Te a..,..,. Notary ID 126036216 Notary Public, St s BEFORE ME, the undersigned authority, on this day personally appeared Jeffery S. Brown, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this _ day of April, 2022. SHERRY DENEEN WHITAKER 4 Notary Public STATE OF TEXAS pHlic State ID#130395179 _..w- y Co M mm. Ex .0 . 5, 2023 I NOTICE OF CONFIDEN'r'iAiM Rir_am IF YOU YOU MAY REMOVIZ OR STRUC E ANY OR ALL OF THE FI FROM ANY INSTRUN[ENT THAT TRANSFERS AN INTEL BEFORE IT 19 FILED FOR RECORD IN THE PUBLIC SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMB THE STATE OF TEXAS KNOW ALL MEN BY THESE COUNTY OF LAMAR ) THAT I, CAROL JEAN SMITE, a widow (herein called " gray State of Texas, for and in consideration of the sum of Ten ($10.00) and m paid by JEFFERY SHANE BROWN, receipt of which in full is hereby have Cmmted, Sold and Conveyed, and by these presents do JEFFERY SHANE BROWN, a married person (herein called "grantp State of Texas, where his mailing address is 32 CR 33090, Sumner, TX 71 parcel of land in Lamar County, Texas described as follows: Part of the Larkin Rattan Survey, being Lots 1, 2, and 3 of Bloch "2" a City of Paris. County of Lamar, as recorded in Plat Book 1, Page 17, of the 1 Texas. The conveyance evidenced by this deed is made subject to any and restrictions and reservations of record applicable to the within described. prop TO HAVE AND TO HOLD the within described premises, rights and appurtenances thereto in anywise belonging unto JEFFERY S1 assigns forever, and grantor hereby binds herself, her heirs, execute representatives, successors and assigns, to Wan -ant and Forever Defend, all unto JEFFERY SHANE BROWN, his heirs and assigns, against every claiming or to claim the same, or any part thereof. "), ofthe County of Lamar, Dollars cash to me in hand cknowledged; and „ Sell and Convey unto ), of the County of Lamar, 86, all that certain tract or he Campbell Addition to the J Records of Lamar County, 3 easements, rights-of-way, ly or any part thereof. with all and singular the E BROWN, his heirs or administrators, personal singular the said premises ;on whomsoever lawfully On WITNESS my hand this y of November, 2020. CAROL JEAN THE STATE OF TEXAS COUNTY OF LAMAR THIS instrument was acknowledged before me on the-, ay JEAN SMITH. Of Texas r 2020. by CAROL THIS INSTRUMENT WAS PREPARED SOLELY FROM "CRMATION AND ON IN9MUCTIONS GIVEN TO US BY OUR CLIENT. NO 'ITLE OPINION, TITLE EXAMINATION, OR OTHER INFORMATION HAS BEEN PROVIDED TO US IN CONNECTION WITH ITS PREPARATION. W. CLEAT, ATTORNEY w 7o rey Brown A. W. C1: ', Attorney (at) 32 CR 33090 c% The M re Law Firm, L.L.P. Sumner, TX 75486 100 N. M" St., Paris, TX 75460-4222 BiJYER. PROPERTY DESCRIPTION: to the City of Raris. CLOSING DATE: SALE PRICE: THIS Disclaimer and Agreement is between Seller, Buyer, and EY GAIN and A.W. CLEM, IV clo The Moore Law Firm, L.L.P., 100 North Main Sti eet, Paris, Texas 75460 (including its partners, agents, and employees), herein collectively refer d to as the "lAw Firm". 1) The Law Firm, is acting only as an intermediary and scriva r for the Seller and the Buyer, and does note represent either party to the exeelnsio of the other. The Law Firm will not give legal advice to either of the parties without aping fail disclosure to the other party or including the other party in any discu on of the legal matters involved. The Law Firm has prepared all documents for this action based solely upon information provided to it by Seller and Buyer. The Law provides no opinion, assurance, warranty or guaranty of any kind or nature reIng the accuracy of this information. Any defects, misrepresentations, or other errors in' y documents prepared by the Law Firm are solely attributable to Seller and/or Buyer. 2) The Law Firm has advised Seller and Buyer to have title work p epared with regard to the sale and purchase ofthe property. Seller and Buyer hereby request t the Law Firm prepare the documents concerning the sale of the property without any t . work. The Law Firm, at the request of Seller and Buyer, has not conducted any title exam , aflon, review of abstracts, or other examination regarding title to the property. The Law i i has not checked taxes on the property, nor has it checked for judgments, easements, rights f -way, leases, covenants, mineral reservations, deeds of ftA child support liens, paving li ms, State or Federal liens, abstracts of judgment, or other encumbrances which may affect property. The Law Firm has not conducted or reviewed any surveys of the property, not 1 m it checked the accuracy of the legal description of the property furnished to it, In short, Law Firm does not know and cannot advise Seller or Buyer that the title to the property i' .fear and that there are no title issues which may affect the property. 3) The Law Firm is not a Title Company or Title insurer; it does of provide any insurance regarding title to the property being sold. 4) THIS IS A NO TITLE WORK TRANSACTION, AND IS IS ING CONDUCTED AS SUCH AT THE REQUEST OF SELLER AND BUYER S) SELLER AND BUYER ARE ADVISED THAT SELLER S OULD REPORT THIS SALE AND ANY PROFITS THEREFROM UPON HISS HEIR/TTS INCOME TAX RETURN FOR TIRE YEAR IN WHICH "I TRANSACTION IS CONSUMMATED 6) Each Seller and each Buyer agrees to Hold Harmless and 11 damnify the Law Firm from any claims, causes of action, demands, disputes, damages, or liabilities which may arise in any way from the transaction described in this Disci Wer and Agreement. 7) A Closing Statement is NM being prepared. 8) Seller and Buyer are responsible for proration of ad valoremtaxes, if applicable. 9) A report of this sale to the Internal Revenue Service will be p epared and forwarded to it at the end of the year in which this transaction is cons mated. BY SIGNING BELOW, Seller and Buyer agree that they have read and understand the above disclaimer and agreement. Any questions they have concerning: a transaction have been answered to the satisfaction of each Seller and each Buyer. Seller and Bt yer agree they have been provided with copies of the documents related to this transaction; have I iad ample time to review them; have had the documents explained to their satisfaction; the docum, is have been prepared as Seller and Buyer requested; and each Seller and each Buyer ds the documents being signed. CAROL JEAN SMITH All that certain tract or parcel of land situated within the Corporate Limits of the City of Paris, in Lamar County, Texas; part of the Larkin Rattan Survey, Abstract No. 778, and being all of Lots 1. 2, and 3 of Block 2, of the Campbell Addition, located in Plat Book 1, Page 15 of the Lamar County Plat Records, same being all of the called Lots 1, 2, and 3 in Block 2 of said Addition, a tract of land described in a Deed to Jeffery Shane Brown, and recorded in Document 176751-2020, of the Official Public Records of Lamar County, and being more particularly described as follows, to wit: Beginning at a'/2" iron pin (set) for a comer at an intersection of East Jackson Street and 12'" Street Southeast, same being the Northeast comer of said Lot 1; Thence S 00' 00' 00" W with the East Line of said Lot I and with a West Line of said 12s' Street, at approx. 50', passing the Southeast corner of said Lot 1, same being the Northeast corner of said Lot 2, and continuing same course, at approx. 100, passing the Southeast corner of said Lot 2, same being the Northeast corner of said Lot 3, and continuing same course, in all, a distance of 149.584', to a 3/4" iron pin (found) for a corner, same being the Southeast comer of said Lot 3, and same also being the Northeast corner of Lot 4 of said Addition; Thence N 89° 16' 57" W with the South Line of said Lot 3 and with the North Line of said Lot 4, a distance of 150.000', to a'h" iron pin (set) for a comer, same being the Southwest corner of said Lot 3 and the Northwest corner of said Lot 4, and same also being the Northeast corner of Lot 15 and the Southeast corner of Lot 16 of said Addition; Thence N 00' 00' 00" E with the West Line of said Lot 3 and with the East Line of said Lot 16, at approx. 50', passing the Northwest corner of said Lot 3 and the Southwest comer of said Lot 2, same also being the Northeast comer of said Lot 16 and the Southeast comer of Lot 17 of said Addition, and continuing same course, at approx. 100', passing the Northwest corner of said Lot 2 and the Southwest comer of said Lot 1, same being the Northeast corner of said Lot 17 and the Southeast comer of Lot 18 of said Addition, and continuing same course, in all, a distance of 149.584', to a 1/2" iron pin (set) for a comer in a South Line of said Jackson Street, and same also being the Northwest corner of said Lot I and the Northeast comer of said Lot 18; Thence S 89' 16' 57" E with the North Line of said Lot 1 and with a South Line of said Jackson Street, a distance of 150.000', to the Place of Beginning and containing 0.515 acre of land. The bearings recited herein are based upon the East Line of said Lots 1, 2 and 3, being S 90° 00' 00" W. This description was prepared from an actual survey made on the ground and under my supervision, with field notes completed May 19, 2021. I of 2 Hansen — Moore Surveying, 1015 Cannon Place, Paris, Texas, 75462 (903) 784.4245 Ph. '�� O F •TFC May 19, 2021 WENdiU ): MOORS o 5723 ss�o`''•4 Wendell J. oore O suR� Registered Professional Land Surveyor No. 5723 I of 2 Hansen — Moore Surveying, 1015 Cannon Place, Paris, Texas, 75462 (903) 784.4245 Ph. MY OF PARIS, TEXAS APPLICATION FOR RESIDENTIAL TAX ABATEMENT CITY OF fj,,,1R1S JAN 21'2 C,:e-v Property er � Name Curretnt:£+' e 5 �� w Name Planned: Mailin Address: Telephone Number �:_ 33 _I email:, Builder or Contact Of different then current/planned owner): Name: Mailing Address: QD Z'a$D F+Lice= �S�I�QI- jalbsttateeGc1.icensexo: UG Lnq Telephone Number Property Pared(s) For Low Cost Land Sale and Tag Abatement: (Please submit an attached list of addresses and/or LCAD Vs on Excel Spreadsheet, if possible) Street Addresses: LCAD Summary Legal Description Lot:111,S Block: il,—..._........ . Pall Legal Description: Include as an attachment a full legal description with metes and bounds and a copy of the deed, if available. Improvements: T j+pe improvements for new Construction: SF 2F ✓ MF! No. of Dwelling Units: �o Estimated Value of Impmvements by type:� �' � ODM , q 10 Please attach a lending institution pre -loan aMoval letter. Attached: Yes �No Estimated Start Date of Construction: W ,e e � kv ' _ w,..._ ..Dint Estimated Date of Completion of Project(s) Description of Project (attach site plan, floor plan, etc.:m - 3 - u: , 1 arc ens u, u Applicant(s) Signatory" Date a Date: 5cwmwie�, �A/Z21-- C.C. M,1& Page 7 of 7 � QS� Ayly-- Fc- e- A �(f©\/AI t k) 1� r i 0 A DoDC��� IN PARIS, TEXAS P.O.13OX919 @PARw,TEXAS 7646 1 -0919 • PHON9908-785-Sss$ WILLIAM COLEMAN BXSCUTNB Vrcr. P1tEMMT / Comps Awii Omcru March 9, 2022 City of Paris Attn: Andrew Mack Director of Planning and Community Development 150 SE 1st Paris, TX 75460 Ref: Shane and Nicki Brown Pre -Approval Mr. Mack, This letter is to Inform you that Shane and Nick! Brown have been pre -approved for a loan to construct three duplexes (six units) on property located at the 1200 block of S.E. 12th St. Total cost of the project will be approximately $ 551,500.00 with an estimated construction period of two years. This pre -approval Is subject to the appraisal justifying the loan amount and satisfactory title documentation. Please contact me if you have any questions regarding this matter. Sincerely, William H. Coleman Executive Vice President