2022-015 - Approving an Economic Development Agreement with Alpha Lake LTD

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"Property" shall mean the entire parcel on which the Paris Towne Center shopping center is located, comprising 1,016,858 square feet and described as Block A, Lot Pt of 1, Mirabeau Square 287 Addition, 3552 Lamar Avenue, Paris, Texas 75460, LCAD Parcel ID #18453, including vertical improvements, paved parking area, and unimproved land. A map of the Property with the Leased Premises indicated thereon is attached hereto and incorporated herein by reference as Exhibit A. "Required Use" shall mean the Retailers' continuous lease and occupancy of the Leased Premises, and their continuous operation of businesses engaged in retail sales to the public. "Retailers" shall mean Big Lots, Ross Stores, TJ Maxx, and Ulta Beauty, which business are required by the State of Texas to collect Sales and Use Tax. "Sales and Use Tax" shall mean the one and one quarter percent (1.25%) sales and use tax imposed by the City pursuant to Chapter 321, Texas Tax Code, on the sale of Taxable Items by the Retailers Consummated in the City at the Leased Premises. Sales and Use Tax shall not include the quarter percent (.25%) economic development sales tax collected by City pursuant to Chapter 504 of the Texas Local Government Code. "Sales Tax Receipts" shall mean the City's receipts from the State of Texas from the Retailers' collection of the Sales and Use Tax (it being expressly understood that the City's one and one quarter percent (1.25%) sales and use tax receipts are being used only as a measurement for its participation through the use of general funds), as a result of sale of Taxable Items by Retailers for the applicable Grant Period consummated at the Leased Premises. Sales Tax Receipts shall not include any receipts generated by the quarter percent (.25%) economic development sales tax collected by City pursuant to Chapter 504 of the Texas Local Government Code. "State of Texas" shall mean the Office of the Texas Comptroller, or its successor. "Taxable Items" shall mean both "taxable items" and "taxable services" as those terms are defined by Chapter 151, Texas Tax Code, as amended. Article III—Economic Development Grants 3.1 Annual Property Tax Grants. (a) Subject to the Required Capital Investment, Required Use, and continued satisfaction of all the terms and conditions of this Agreement, and the obligation of the Company to repay said Annual Property Tax Grants pursuant to Article VI hereof, the City agrees to provide five (5) Annual Property Tax Grants of fifty percent (50%) of the M & O portion of those ad valorem taxes assessed and payable to the City and attributable to the Leased Premises for the calendar years