15 - Agreement to terminate a tax abatement with T& K Machine, Inc. (Aequs Aero Machine, Inc)

Home Browse Search

RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN AGREEMENT TO TERMINATE TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF PARIS, TEXAS AND T & K MACHINE, INC., SUCCEDED IN INTEREST BY AEQUS AERO MACHINE, INC., DATED NOVEMBER 12,2012; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, heretofore, on November 12, 2012, the City Council of the City of Paris, Texas approved the Tax Abatement Agreement (the "Agreement") attached hereto to as a part of Exhibit A and incorporated by reference as if fully set forth herein with T & K Machine, Inc., which has been succeeded in interest by Aequs Aero Machine, Inc., ("the Company"); and WHEREAS, the term of said Agreement expires on December 31,2019; and WHEREAS, said Agreement relates to property owned by the Company within the City of Paris, which property is located within an Enterprise Zone as set forth in the Agreement; WHEREAS, the Texas Tax Code Sec. 312.208 and tax abatement guidelines in effect in 2013 and on the date of this Resolution allow for the modification and termination of a tax abatement agreement during the term of said agreement; and WHEREAS, due to prevailing conditions in the industry, OWNER was unable to meet its obligations under the Agreement; and WHEREAS, in consequence thereof, the Company has agreed with the City to terminate 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 the Tax Abatement Agreement dated November 12, 2012 between the City of Paris, Texas and T & K Machine, Inc., succeeded in interest by Aequs Aero Machine, Inc., shall be terminated in accordance with the agreement attached hereto as Exhibit A,, and that said termination agreement, having been reviewed by the City Council and found acceptable and in the best interests of the City of Paris and its citizens, be, and the same is hereby, in all things approved.