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ECONOMIC DEVELOPMENT AGREEMENT <br />TownPlace Suites and Fairfield Inn by Marriott <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 Paris Hotel, <br />LP, a Texas limited partnership ("Company"), acting by and through their respective <br />authorized officers. <br />WITNESSETH: <br />WHEREAS, the Company is the owner of certain undeveloped real property <br />("Property") in the City upon which Company wishes to construct a dual branded hotel, <br />comprising a TownPlace Suites by Marriott and a Fairfield Inn by Marriott (the "Project' <br />or the "Hotel"); and <br />WHEREAS, the City wishes to incentivize the construction of said dual branded <br />hotel 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 <br />minimum 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 <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 />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, in consideration of the foregoing, and on the terms and <br />conditions hereinafter set forth, and other valuable consideration the receipt and <br />sufficiency of which is hereby acknowledged, the parties agree as follows: <br />