12 - Love Civic Center Renovation Project LCCC Agreement for Expense Assistance

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AGREEMENT This Agreement is by and between the City of Paris, Texas ("City") and the Lamar County Chamber of Commerce ("LCCC") for reimbursement by LCCC to City for certain expenses related to renovations of the Love Civic Center. WHEREAS, City owns a conference and convention center known as the Love Civic Center ("LCC") located at 2025 S. Collegiate Drive, Paris, Texas 75460, and WHEREAS, City has contracted with LCCC to manage the LCC; and WHEREAS, the LCC requires certain renovations to remain a viable venue (the "Project"); and WHEREAS, in 2019, voters in the City approved a ballot measure authorizing a 2% Hotel Occupancy Tax rate increase via Ordinance No. 2019-023 to fund an approximate $1,500,000.00 Combination Tax and Surplus Revenue Certificate of Obligation (the "CO") to finance the Project; and WHEREAS, while some work has been done on the Project, the bulk of the work remains to be done; and WHEREAS, after having engaged WRA Architects to perform an assessment of the LCC and to provide design work, City put out for bid the construction services required to implement the design for the Project; and WHEREAS, after assessment of the bids, City has selected the bid of Tegrity Contractors, Inc. ("Tegrity") in the amount of $1,398,454.00; and WHEREAS, City has $1,177,800.00 remaining of the CO funds, an amount insufficient to cover the entire amount of the bid; and WHEREAS, LCCC has agreed to cover remaining expenses relating to the Project after the City's CO funding has been exhausted; WHEREFORE, the parties hereto agree as follows: 1. The term of this Agreement begins on the 14th day of February, 2022 and ends upon LCCC's payment of the final invoice related to the Project as described herein. 2. City has on hand funds from the CO in the amount of $1,177,800.00. 3. City has awarded the bid for the Project to Tegrity Contractors, Inc. in the amount of $1,398,454.00.