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Regular Council Meeting February 28, 2022 Page 4 16. Discuss and act on RESOLUTION NO. 2022-014: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, AUTHORIZING THE CITY A CHAPTER 380 RETAIL ECONOMIC DEVELOPMENT PROGRAM; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. City Manager Grayson Path outlined the parameters for having Chapter 380 Agreements, which included a 380 Program. Mr. Path said the City approved a Chapter 380 Program several years ago, but it was found to be too restrictive. He also said the primary focus involved calculations from Sales and Property Taxes, as well as several incentive options. He said the goal was to grow our local economy, thus an increase in public funding coming in. As stated in the public purpose, Mr. Path emphasized this Retail Economic Development Program was to protect and enhance the City's fiscal ability to provide high quality municipal services for the safety, comfort and enjoyment of Paris residents. Council Member Savage inquired if this would be available for use in the downtown area and Mr. Path answered in the affirmative, citing any 380 agreement would be brought to the City Council for approval. Council Member Pankaj said this was an incredible job done by staff. A Motion to approve this item was made by Council Member Pankaj and seconded by Council Member Knox. Motion carried, 6 ayes — 0 nays. 17. Discuss and act on RESOLUTION NO. 2022-015: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, AUTHORIZING AN ECONOMIC DEVELOPMENT AGREEMENT WITH ALPHA LAKE, LTD. AND AUTHORIZING THE MAYOR TO EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. Mr. Path explained that Mr. Culpepper approached City Staff on behalf of Alpha Lake, Ltd., owner of the Paris Towne Center Shopping Center, with a proposal for sales tax and property tax incentives to assist the company in attracting retail establishments to open stores in the spaces vacated by J.C. Penney, Office Max, Payless Shoes, and Bealls. Mr. Path said the vacant spaces total 102,197 square feet according to the LCAD records, and the proposed new retailers were Ross Stores, TJ Maxx, Ulta Beauty and Big Lots. Mr. Path also said at the time the City was not collecting any sales taxes but if this agreement was approved, the City would begin collecting fifty percent (50%) of the sales tax receipts attributable to the new retailers' sales for the calendar years 2024, 2025 and 2026. City Attorney Stephanie Harris said City Council had the terms in front of them and said if there were questions, she would be glad to answer them. She said this agreement is similar to the one they approved for Spiral Weld and was the first retail agreement the City had done. Mayor Portugal said it was her understanding that they could not .begin work until this was approved. Ms. Harris answered in the affirmative and Mr. Path added that each company would have to first obtain a permit from the City prior to beginning work. Council Member Pankaj said these opportunities were fantastic, and expressed appreciation to the City Council and City Staff.