23 - Tax Abatement Agreement for Lionshead Speciality Tire & Wheel

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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING A TAX ABATEMENT AGREEMENT WITH LIONSHEAD SPECIALTY TIRE & WHEEL, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris, Texas has been presented a proposed agreement by and between the City and Lionshead Specialty Tire & Wheel, LLC providing for a commercial and industrial tax abatement for certain improvements, a copy of which is attached hereto as Exhibit A and incorporated herein by reference, hereinafter called the "Agreement"; and, WHEREAS, the City Council did heretofore, on the 131h day of January, 2020, in Resolution No. 2020-001, reaffirm its election to be eligible to participate in tax abatement agreements authorized by the Property Redevelopment and Tax Abatement Act, Texas Tax Code Chapter 312, et seq. (the Act"), in order to maintain and enhance the commercial and industrial economic and employment base of the Paris area for the long term interest and benefit of the City and its citizens; and, WHEREAS, under the Texas Enterprise Zone Act (Government Code Chapter 2303) and Texas Tax Code Sec. 312.2011, the designation of an area as an enterprise zone also constitutes designation of the area as a reinvestment zone (the "Reinvestment Zone"); and WHEREAS, the property defined in the Agreement and improvements to be made under the Agreement is situated within an enterprise zone, and thus a reinvestment zone, by virtue of 2010 U.S. Census data related to poverty levels within the zone; and WHEREAS, the contemplated use of the property, and the improvements to be installed therein in the amounts set forth in the Agreement and the other terms therein are consistent with encouraging development of said reinvestment zone in accordance with the purposes for which it was created and are in compliance with the City's policy of tax abatement incentives adopted by the City and all applicable laws; WHEREAS, upon review and consideration of the Agreement, and all matters attendant and related thereto, the City Council is of the opinion that the terms and conditions therein meet the Guidelines and Criteria for Tax Abatement and should be approved, and that the Mayor should be authorized to execute it on behalf of the City of Paris, Texas. 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.