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ECONOMIC DEVELOPMENT AGREEMENT <br />Paris Towne Center Shopping Center <br />This Economic Development Agreement (“Agreement”) is made by and between <br />the City of Paris, Texas (“City”), a Texas home rule municipal corporation, and Alpha <br />Lake, Ltd., a Texas limited partnership(“Company”), acting by and through their <br />respective authorized officers. <br />W I T N E S S E T H: <br />WHEREAS, the Company is the owner of certain developed real property <br />(“Property”) in the City, which property is known as the Paris TowneCenter shopping <br />center; and <br />WHEREAS, the Property currently has several vacant retail spacestotaling <br />102,197square feet, which vacancies aredetrimental to both the viability of the Property <br />as a whole and to the general retail economy of the City; and <br />WHEREAS, the City wishes to incentivize the Company to bring in the retail stores <br />Big Lots, TJ Maxx, RossStores, and UltaBeauty to lease vacant retail spaces on the <br />Property(sometimes individual and collectively referred to as “Retailer”or “Retailers”); <br />and <br />WHEREAS, the Company has advised the City that an agreement with the City to <br />provide economic incentives to the Company as set forth herein would be a contributing <br />factor that would assistthe Company in inducing the above-referenced Retailersto lease <br />vacant spaces on the Property;and <br />WHEREAS, the Company has committed tocausea capital investment of three <br />milliondollars ($3,000,000.00) to renovate said Paris Towne Centerto attract said <br />tenants; and <br />WHEREAS, the City has adopted programs for promoting economic development <br />and this Agreement and the economic development incentives set forth herein are given <br />and provided by the City pursuant and in accordance with those programs; and <br />WHEREAS, the City is authorized by Article 52-a of the Texas Constitution and <br />Chapter 380 of the Texas Local Government Code to provide economic development <br />incentives to promote local economic development and to stimulate business and <br />commercial activity in the City; and <br />WHEREAS, the City has determined that making economic development grantsin <br />accordance with this Agreement is in accordance with the City’s economic development <br /> <br />