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2022-015 - Approving an Economic Development Agreement with Alpha Lake LTD
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2022-015 - Approving an Economic Development Agreement with Alpha Lake LTD
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3/16/2022 3:09:30 PM
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3/3/2022 9:14:35 AM
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CITY CLERK
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2024, 2025, 2026, 2027, and 2028. Each Annual Property Tax Grant will be in the amount <br />equal to 14.01 % of the total M & O taxes assessed and paid on the Property. This <br />percentage has been calculated by multiplying 50% by the percentage of total square <br />footage of the vacant vertical improvements to that of the total Property (28.02%). <br />(b) Each Annual Property Tax Grant shall be due within thirty (30) days after <br />receiving a Payment Request from Company for the relevant Grant Period, but in no event <br />before the first day of April in the years 2025, 2026, 2027, 2028, and 2029. <br />(c) In consideration for this ad valorem tax -based incentive, the Company <br />Agrees to make or cause to make a capital investment for improvements to the Paris <br />Town Center shopping center in the amount of three million dollars ($3,000,000.00) within <br />eighteen (18) months of the Effective Date of this Agreement. Said improvements shall <br />consist of Commercial Roofs, HVAC Units, Asbestos Abatement, Interior Remodels <br />(FF&E, Flooring, etc.), and Storefront Improvements. On or before the expiration of the <br />18 month period, the Company shall present the City with an affidavit affirming that it has <br />made or caused to have been made the required improvements and the total capital <br />amount of said improvements. All improvements to the Property must conform to the City <br />of Paris' building and fire codes and the subdivision ordinance as applicable, and the <br />Company must meet all permitting and platting requirements, as applicable. <br />3.2 Annual Sales Tax Grants. (a) Subject to the Required Use and continued <br />satisfaction of all the terms and conditions of this Agreement and the obligation of the <br />Company to repay the Annual Sales Tax Grants pursuant to Article VI hereof, the City <br />agrees to provide the Company with three (3) Annual Sales Tax Grants, each in an <br />amount equal to fifty percent (50%) of the Sales Tax Receipts attributable to the Retailers' <br />sales for the calendar years 2024, 2025, and 2026. Sales Tax Receipts will be determined <br />by the City using sales tax revenue information derived through the State of Texas as <br />authorized by Texas Tax Code Sec. 321.3022. <br />(b) Each Annual Sales Tax Grant shall be due within thirty (30) days after <br />receiving a Payment Request from Company for the relevant Grant Period, but in no event <br />before the first day of April of 2025, 2026, and 2027. <br />c Adjustment Notification The Company shall promptly notify the City in <br />__.._..._......_....�....... <br />writing of any adjustments found, determined, or made by the Retailers, the State of <br />Texas, or by an audit that results, or will result, in either a refund or reallocation of Sales <br />Tax Receipts or the payment of Sales and Use Tax or involving amounts reported by the <br />Company as subject to this Agreement. Such notification shall also include the amount of <br />any such adjustment in Sales and Use Tax or Sales Tax Receipts. The company shall <br />notify the City in writing within ninety (90) days after receipt of notice of intent of the State <br />of Texas to audit the Company, its Affiliates and/or its customers. Such notification shall <br />also include the period of such audit or investigation. <br />
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