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<br />RESOLUTION NO. 99-018
<br />
<br />WHEREAS, the City Council of the City of Paris did heretofore, on the 13th day of April,
<br />1998, in Resolution No. 98-046, authorize the execution, delivery, and performance of an
<br />agreement with H-W Commercial Warehouse, Inc., pursuant to the Property Redevelopment and
<br />Tax 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 H-W Commercial Warehouse, Inc.
<br />located in Reinvestment Zone No. Five from ad valorem taxation upon and subject to the terms,
<br />conditions, and provisions set forth in the Tax Abatement Agreement, dated effective as of January
<br />1, 1999 ("Agreement"); and,
<br />
<br />WHEREAS, during the course of negotiations for financing, H-W Commercial
<br />Warehouse, Inc. transferred ownership of the property the subject of the abatement to Paris
<br />Warehouse 107, Inc., which companies have common ownership, and it is deemed appropriate
<br />that the City of Paris consent to the assignment of the abatement agreement; and,
<br />
<br />WHEREAS, the form of the Consent of Assignment of Tax Abatement Agreement from
<br />H-W Commercial Warehouse, Inc. to Paris Warehouse 107, Inc., attached hereto as Exhibit A,
<br />should, in all things be approved, and the Mayor Pro Tem, Jerry L. Thomas, should be authorized
<br />to execute the same; NOW, THEREFORE,
<br />
<br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, that the
<br />form of the Consent of Assignment of Tax Abatement Agreement from H-W Commercial
<br />Warehouse, Inc. to Paris Warehouse 107, Inc., attached hereto as Exhibit A, be, and the same is
<br />hereby, approved; and,
<br />
<br />BE IT FURTHER RESOLVED, that the Mayor Pro Tem, Jerry L. Thomas, be, and he
<br />is hereby, authorized and directed to execute, on behalf of the City of Paris, the Consent of
<br />Assignment of Tax Abatement Agreement, under the terms and conditions and in the form shown
<br />in Exhibit A, attached hereto.
<br />
<br />PASSED AND ADOPTED this 8th day of February, 1999.
<br />
<br />
<br />ATTEST:
<br />
<br />
<br />
<br />
<br />Mattie Cunningham, City Clerk
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