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<br />RESOLUTION NO. 2001-164
<br />
<br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS,
<br />PARIS, TEXAS, APPROVING AND AUTHORIZING THE EXECUTION OF
<br />AMENDMENT NUMBER ONE TO TAX ABATEMENT AGREEMENT
<br />WITH LAMAR POWER P ARTNERS, FORMERLY PANDA PARIS POWER,
<br />L.P.; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE
<br />SUBJECT; AND PROVIDING AN EFFECTIVE DATE.
<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., then known as Panda Paris I,
<br />L. L. C., in effectuating its contractual relationship with the affiliated legal entity which owned the
<br />project and the project assets and which was not in existence previously, same being Panda Paris
<br />Power, L.P., the City Council of the City of Paris did heretofore, on February 18, 1999, in
<br />Resolution No. 99-025, authorize the execution of a new Tax Abatement Agreement with Panda
<br />Paris Power L. P. that was identical in form to the previous abatement agreement and which
<br />replaced said previous agreement; and,
<br />
<br />WHEREAS, since the execution of the Tax Abatement Agreement, the contacts for notice
<br />as set out in paragraph 13.3 of the Agreement have changed, and it is deemed appropriate that said
<br />Agreement be amended to reflect such change; and,
<br />
<br />WHEREAS, the form of the First Amendment to Tax Abatement Agreement Between the
<br />City of Paris, Paris, Texas, and Lamar Power Partners, LP, formerly Panda Paris Power, L.P.
<br />dated February 18, 1999, attached hereto as Exhibit A, should, in all things, be approved, and the
<br />Mayor should be authorized to execute the same; NOW, THEREFORE,
<br />
<br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS,
<br />TEXAS:
<br />
<br />Section 1. That the fmdings set out in the preamble to this resolution are hereby in all
<br />things approved.
<br />
<br />Section 2. That the form of the First Amendment to Tax Abatement Agreement Between
<br />the City of Paris, Paris, Texas, and Lamar Power Partners, LP, formerly Panda Paris Power, L.P.
<br />
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