2017-041 - Approving an Economic Incentive Package from PEDC to American Spiralweld Pip Company LLC

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A RES01LUTION OF THE CITY COUNCIL OFTHE CITY OF PARIS, TEXAS, APPROVING AN ECONOMIC INCENTIVE PACKAGE FROM THE PARIS ECONOMIC DEVELOPMENT CORPORATION TO AMERICAN SPIRALW�ELD PIPE COMPANY, LLQ AUTHORIZING AND DIRECTING BETWEENATTORNEY TO PREPARE A TAX ABATEMENT AGREEMENT THE CITY AND D+ y rK SPIRALWELD • •i COMPANY, AUTHORIZING s • COMMUNITY DEVELOPMENT ,I• l CERTIFY AN APPLICATION BY AMERICAN SPIRALWEILD PIPE COMPANY, LLC TO THE TEXAS ENTERPRISE FUND; MAKING OTHER FINDINGS AND 1PIROVISIONS RELATED yI\. T i. SUBJECT,: AND DECLARING .R L. r3FFECTIVE DATE. WHEREAS, pursuant to the bylaws of the PEDC, the City Council shall review and approve all economic incentive projects involving; an expenditure in excess of $400,000.00; and WHEREAS, AMERICAN SpiralWeld Pipe Company„ LLC ("the Company") a South Carolina limited liability company engaged in the business of fabricated pipe and pipe fitting; manufacturing; (l'~,1AICS 332996) seeks to invest $60,000,000.00 to build and operate a manufacturing; plant which will employ 1.00 people; and WHEREAS, Paris, Texas is one of the top two finalists as a location for the above -referenced investment; and WHEREAS, the Paris Economic Development Corporation ('PEDC") and the City of Paris desire to induce the Company to locate said plant operation in Paris, Texas because of the positive economic impact and job base that the project will brings to the area; and WHEREAS, in a special meeting; on December 1, 2017,.the PEDC voted to send to City Council for approval an offer of an economic incentive package to the Company in the approximate amount of $1.,283,000.00 as an incentive for the Company Spiral Weld to locate their proposed plant in Paris, Texas; and WHEREAS, in addition to the economic incentives offered by the PEDC, the City Council wishes to offer the further inducement of a tax abatement: on improvements on real property;: and WHEREAS, the City Council also desires to support the Company's application to the Office of the Governor for a grant from the Texas Enterprise Fund; and. WHEREAS, the City Council hereby finds that it is in the best interest of the City to approve the PEDC's offer to, the Company of an economic incentive package as set forth in. Exhibit A hereto; to approve a tax abatement as set forth herein; and to support the company's application to the Texas Enterprise Fund;