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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 />WITNESSETH: <br />WHEREAS, the Company is the owner of certain developed real property <br />("Property") in the City, which property is known as the Paris Towne Center shopping <br />center; and <br />WHEREAS, the Property currently has several vacant retail spaces totaling <br />102,197 square feet, which vacancies are detrimental 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, Ross Stores, and Ulta Beauty 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 assist the Company in inducing the above -referenced Retailers to lease <br />vacant spaces on the Property; and <br />WHEREAS, the Company has committed to cause a capital investment of three <br />million dollars ($3,000,000.00) to renovate said Paris Towne Center to 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 grants in <br />accordance with this Agreement is in accordance with the City's economic development <br />