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<br />RESOLUTION NO. 99-025
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<br />WHEREAS, the Lamar County Commissioners Court did heretofore, on the 15th day of
<br />May, 1998, by Order, establish Reinvestment Zone 1998-1; and,
<br />
<br />WHEREAS, the City Council of the City of Paris did heretofore, on the 8th day of June,
<br />1998, in Resolution No 98-077, elect to become eligible to participate in tax abatements; and,
<br />
<br />WHEREAS, the City Council of the City of Paris did heretofore, on the 8th day of June,
<br />1998, in Resolution No. 98-078, adopt Guidelines and Criteria governing Reinvestment Zone
<br />1998-1; and,
<br />
<br />WHEREAS, the City Council of the City of Paris did heretofore, on the 8th day of June,
<br />1998, in Resolution No, 98-079, authorize the execution, delivery, and performance of an
<br />agreement with Panda Paris Power, L.L.C., pursuant to the Property Redevelopment and Tax
<br />Abatement Act, V.T.C.A" Tax Code Sec, 312.001, et seq. ("Act"), and the Guidelines and
<br />Criteria for Designation of Reinvestment Zones and Tax Abatement Agreements ("Guidelines"),
<br />to exempt a portion of the value of the property owned by Panda Paris Power, L.L.C. located in
<br />Reinvestment Zone 1998-1 from ad valorem taxation upon and subject to the terms, conditions,
<br />and provisions set forth in the Tax Abatement Agreement, dated effective as of January 1, 1999;
<br />and,
<br />
<br />WHEREAS, in order to assist Panda Paris Power, L.L.C" now known as Panda Paris I,
<br />L.L.C., in effectuating its contractual relationship with the affiliated legal entity which now
<br />specifically owns the project and the project assets and which was not in existence previously,
<br />same being Panda Paris Power, L.P., it is deemed appropriate that the City of Paris authorize the
<br />execution of a new Tax Abatement Agreement with Panda Paris Power L.P. that is identical in
<br />form to the previous abatement agreement and which will replace said previous agreement; and,
<br />
<br />WHEREAS, the form of the new Tax Abatement Agreement, attached hereto as Exhibit
<br />A, should, in all things, be approved, and the Mayor, Charles H. Neeley, should be authorized
<br />to execute the same; NOW, THEREFORE,
<br />
<br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS:
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<br />1. That all prior actions of the City Council of the City of Paris, same being the election to
<br />become eligible to participate in tax abatements, the establishment of Guidelines and
<br />Criteria governing Reinvestment Zone 1998-1, and the execution of the previous Tax
<br />Abatement Agreement with Panda Paris Power, L.L.C., be, and the same are hereby,
<br />affirmed and approved.
<br />
<br />2. That the form of the new Tax Abatement Agreement with Panda Paris Power, L.P.,
<br />attached hereto as Exhibit A, be, and the same is hereby, found to be identical, with regard
<br />to the terms and conditions thereof, in form to the previous Tax Abatement Agreement
<br />with Panda Paris Power, L.L.C., approved on the 8th day of June, 1998.
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