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

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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 this 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 this 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 this 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 WHEREAS, at its regular meeting on September 24, 2018 the City Council of the City of Paris approved this Master Agreement and the Tax Abatement Agreement attached hereto as Exhibit C and authorized the execution hereof, WHEREAS, it is anticipated that the Lamar County Commissioner's Court shall approve a Tax Abatement Agreement upon substantially similar terms as those set forth in the City of Paris Tax Abatement Agreement (Exhibit C) for the abatement of Lamar County ad valorem taxes. NOW, WHEREFORE, in consideration of the foregoing, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: Article I—Component Parts This Master Agreement comprises discrete components as follows: A. A Performance Agreement pursuant to TEx. Loc. GOVT CODE CHAPTERS 501 AND 504 between PEDC and American relating to a grant of land from PEDC to 32300891x10 2