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RESOLUTION NO. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS <br />APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT <br />AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS AND PARIS <br />HOTEL, LP; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO <br />THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. <br />WHEREAS, Paris Hotel, LP ("Company") is the owner of certain undeveloped real <br />property ("Property") in the City upon which the Company wishes to construct a dual <br />branded hotel, comprising a TownPlace Suites by Marriott and a Fairfield Inn by Marriott <br />(the "Project" or the "Hotel"); and, <br />WHEREAS, the City wishes to incentivize the construction of said dual branded hotel <br />development; 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 to develop the property; and <br />WHEREAS, the Company has committed to cause a capital investment of a minimum <br />of twelve million dollars ($12,000,000.00) to construct said hotels; 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 and <br />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 />program and will: (i) further the objectives of the City; (ii) benefit the City and the City's <br />inhabitants; and (iii) promote local economic development and stimulate business and <br />commercial activity in the city; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />PARIS, TEXAS, THAT: <br />Section 1. The findings set out in the preamble to this resolution are hereby in all <br />things approved. <br />