23 - Tax Abatement Agreement for Lionshead Speciality Tire & Wheel

Home Browse Search

STATE OF TEXAS ) COUNTY OF LAMAR ) TAX ABATEMENT AGREEMENT This Tax Abatement Agreement (the "Agreement") is entered into by and between the CITY OF PARIS, TEXAS, a municipal corporation, situated in Lamar County, Texas, acting by and through its authorized officer whose signature appears below (hereinafter called "City"), and LIONSHEAD SPECIALTY TIRE & WHEEL, LLC, acting by and through its authorized officer whose signature appears below (hereinafter referred to as "Owner"). WITNESSETH: WHEREAS, the City Council of the City of Paris did heretofore, on the 13th day of January, 2020, in Resolution No. 2020-001, elect to be eligible to participate in tax abatement agreements 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 (Texas Government Code Chapter 2303), and the Redevelopment and Tax Abatement Act (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, pursuant to the 2010 Census, the Property within City of Paris, Lamar County, Texas, is included within an Enterprise Zone, as is shown in the print-out from the Office of the Governor of the State of Texas on its website in Exhi it 1 attached hereto and made a part hereof for all purposes; and WHEREAS, Owner has agreed to make the Improvements specified herein, said Improvements related to the construction of a manufacturing and warehousing facility for the assembly and distribution of tires and wheel assemblies; and WHEREAS, the Owner has agreed to create and maintain at least eighteen (18) full- time equivalent employment positions; and WHEREAS, the contemplated use of the Improvements, as hereinafter defined, in the amount as set forth in this Agreement upon and within the Property, 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 and the ordinance creating such Enterprise Zone adopted by the City and all applicable laws; and NOW, THEREFORE, pursuant to Chapter 312 of the Texas Tax Code and the Guidelines and Criteria for Tax Abatement adopted in Resolution No. 2020-001, the parties hereto do mutually contract and agree as follows: 1