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26 - Tax Abatement Agreement for Lionshead Paris LLC
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26 - Tax Abatement Agreement for Lionshead Paris LLC
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6/23/2022 2:07:56 PM
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Item No. 26 <br />Memorandum <br />TO: Mayor, Mayor Pro Tem, and City Council <br />Grayson Path, City Manager <br />FROM: Stephanie H. Harris, City Attorney <br />SUBJECT: Tax Abatement Agreement for Lionshead Paris, LLC <br />DATE: June 27, 2022 <br />BACKGROUND: On June 13, 2022, the City Council directed me to prepare a tax abatement <br />agreement for a new tax abatement with Lionshead Paris, LLC ("Lionshead"). <br />Lionshead is an Indiana corporation new to Paris which plans to build an assembly and <br />warehousing plant for its business of assembling tire and wheel assemblies on property currently <br />owned by the Paris Economic Development Corporation in the Northwest Business Park on NW <br />Loop 286. PEDC will be entering a performance agreement with Lionshead as well by which <br />PEDC will be conveying the property to Lionshead subject to performance standards and claw <br />back provisions. The improvements, which will come in at a total cost of between approximately <br />$20,000,000.00 and $23,000,000.00, will necessitate the hiring of at least 15 employees with an <br />estimated 40 new employees eventually retained. The agreement requires that at least 15 <br />employees be retained throughout the remainder of the agreement as well. <br />The abatement is for 7 years and will be granted on a de-escalating basis: 100% for the first two <br />years, 75% years 3 and 4, 50% for years 5 and 6, and 25% for year 7. The abatement expires on <br />December 31, 2030. <br />STATUS OF ISSUE: Pending City Council approval of tax abatement agreement. <br />BUDGET: Seven year abatement on the improvements set out in the Agreement. <br />RECOMMENDATION: Motion to adopt a resolution approving tax abatement agreement <br />between City of Paris and Lionshead Paris, LLC in substantial conformance with the attached <br />agreement and authorize the mayor to execute same on behalf of the city. <br />
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