Laserfiche WebLink
RESOLUTION NO. 2022-015 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS <br />APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT <br />AGREEMENT WITH ALPHA LAKE, LTD. AND AUTHORIZING THE MAYOR <br />TO EXECTUTE SAID AGREEMENT ON BEHALF OF THE CITY; MAKING <br />OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND <br />DECLARING AN EFFECTIVE DATE. <br />WHEREAS, Alpha Lake, Ltd. ("Company") is the owner of certain developed real <br />property ("Property") in the City, which property is known as the Paris Towne Center <br />shopping center, located at 3552 Lamar Avenue in the City of Paris; and <br />WHEREAS, the Property currently has several vacant retail spaces totaling 102,197 <br />square feet, which vacancies are detrimental to both the viability of the Property as a whole <br />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, Ross Stores, and Ulta Beauty ("Retailers") to lease vacant retail spaces on <br />the Property; and <br />WHEREAS, the Company has advised the City that an agreement with the City to <br />provide economic incentives would be a contributing factor that would assist the Company <br />in inducing the above -referenced Retailers to lease vacant spaces on the Property; and <br />WHEREAS, the Company has committed to a capital investment of three million <br />dollars ($3,000,000.00) to renovate said Paris Towne Center to attract said Retailers; 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 adopted programs for promoting economic development as <br />authorized by those authorities; and <br />WHEREAS, the City has determined that making economic development grants in <br />accordance with the Economic Development Agreement attached hereto as Exhibit 1 is in <br />accordance with the City's economic development program and will: (i) further the <br />objectives of the City; (ii) benefit the City and the City's inhabitants; and (iii) promote local <br />economic development and stimulate business and commercial activity in the city; and <br />