2018-028 Resolution Terminating Tax Abatement Agreement with Essent PRMC L.P. dba Paris Regional Medical Center

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properties and the Improvements thereon, including the specific units of new property and equipment as identified herein, as acute care hospitals serving persons seeing hospitalization services and care." [Emphasis added.]; and WHEREAS, paragraph 6.2 of said Agreement provides, to wit: "6.2 The Owner agrees to retain sufficient employment levels to efficiently operate and support its Northward Bound and South Campus hospitals during the term of this Tax Abatement Agreement." [Emphasis added.]; and WHEREAS, consequently, continuous operation of the South Campus as an acute care hospital is a material term of the Agreement; and WHEREAS, PRMC closed the inpatient geriatric psychiatric unit at the South Campus in 2017; and WHEREAS, in May of 2018, the third -party company operating the long-term acute care hospital on the South Campus announced its decision to no longer rent space from PRMC, thereby ending all patient services at the South Campus; and WHEREAS, PRMC has since closed its license to operate the South Campus as a hospital; and WHEREAS, accordingly, PRMC has committed a material breach of the Agreement, including but not limited to Sections 5.1 and 6.2 and is in default thereof, and WHEREAS, the City sent PRMC a Notice of Default on or about September 5, 2018 thus triggering the sixty (60) day cure period set forth in Section 7.1 of the Agreement; and WHEREAS, said sixty (60) day cure period has elapsed, and PRMC has not come into compliance with the terms of the Agreement; 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 pursuant to Section 7.1 of the Agreement, the City Council hereby terminates said Agreement effective immediately. Section 3. That as a consequence of termination of the Agreement, pursuant to