2018-024 Master Economic Development Agreement between the City, PEDC and American Spiralweld Pipe

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I . I WHEREAS, the City, pursuant to TEx-LOC.GOV ) T CODE CHAPTER 380, and PEDC, pursuant its authority under TEx.Loc.GOV'T CODE CHAPTERS 501 AND 504, and subject to the terms of the Master Agreement, wish to grant real property and funds to American for the purpose of constructing its spiral weld pipe mill in Paris, Lamar County, Texas, and that further, the City finds that the grant of certain city -owned property to American will achieve the public purpose of encouraging economic development within the Enterprise Zone; and WHEREAS, American has agreed to construct and operate said spiral weld pipe mill on the real property in Paris, Texas heretofore owned by the City and PEDC; and WHEREAS, the contemplated use of American's Facility upon the Property, and the amount of the investment as set forth in the Master Agreement and the other terms hereof are consistent with encouraging development of said Enterprise Zone in accordance with the purposes for which it was created and are in compliance with the City's policy on tax abatement incentives, the City further wishes to grant a tax abatement to American according to the terms set forth herein; and WHEREAS, the Board of Directors of the PEDC approved the Master Agreement at its regular meeting on September 18, 2018 and authorized the execution hereof subject to the approval of the City Council of the City of Paris in accordance with the PEDC's bylaws and state law; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the terms and conditions of the proposed Master Agreement attached hereto as Exhibit 1, having been reviewed by the City Council of the City of Paris MENEM! and found to be acceptable and in the best interests of the City of Paris and its citizens, be, and the same are hereby, ion all things approved. Section 3. That the Mayor or Mayor Pro Tem is hereby authorized to execute the Master Agreement and all other documents in connection therewith on behalf of the City of Paris substantially according to the terms and conditions set forth in the Agreement attached hereto as Exhibit 1. Section 6. That this approval and execution of the Master Agreement on behalf of the City is not conditioned upon approval and execution of any other tax abatement agreement by any other taxing entity.