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Regular Council Meeting June 13, 2022 Page 3 9. Approve RESOLUTION NO. 2022-041: A RESOLUTION OF THE CITY COUNCIL OF PARIS, TEXAS, DETERMINING THAT AN AREA OF THE CITY CONTAINS CONDITIONS WHICH ARE DETRIMENTAL TO THE PUBLIC HEALTH, SAFETY, AND WELFARE OF THE COMMUNITY AND CONSTITUTES A BLIGHTED AREA. 10. Approve RESOLUTION NO. 2022-042: A RESOLUTION OF THE CITY COUNCIL OF PARIS, TEXAS, AUTHORIZING THE SUBMISSION OF A TEXAS COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM APPLICATION TO THE TEXAS DEPARTMENT OF AGRICULTURE FOR THE MAIN STREET FUND; AND AUTHORIZING THE MAYOR TO ACT AS THE CITY'S EXECUTIVE OFFICER AND AUTHORIZED REPRESENTATIVE IN ALL MATTERS PERTAINING TO THE CITY'S PARTICIPATION IN THE TEXAS COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM. Retiular Aenda I L Discuss. and act on RESOLUTION NO. 2022-043: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS AND PARIS HOTEL, LP;. MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. Mayor Portugal said Council Member Pankaj had a conflict on this item and asked for a Motion to recuse him. A Motion to recuse, Council Member Pankaj was made by Council Member Savage and seconded by Council Member Knox. Motion carried, 7 ayes 0 nays. Council Member Pankaj left the meeting. City Attorney Stephanie Harris said that Tom Kirkland was at the meeting and available to answer any questions. Ms. Harris explained that Paris Hotel, LP had made application for incentives under the Program with their construction of a dual branded TownPlace Suites and Fairfield Inn Hotel, and that both hotel brands were by Marriott. She said the proposed economic development agreement provided the following incentives: 1) five annual property tax grants in an amount equal to 100% of the city's M&O property tax assessed in the incremental taxable value attributable to the project. The grants cover the years 2024, 2025, 2026, 2027 and 2028; 2) three annual sales tax grants in the amount of 50% of the sales tax receipt in the applicable grant period. The grants cover the years 2024, 2025 and 2026. Ms. Harris also said as consideration of these annual grants, Paris Hotel would invest $12,000,000.00 in construction of the project and open the hotel no later than December 31, 2023. Tom Kirkland said they were excited about bringing a Marriott to Paris. A Motion to approve this item was made by Council Member Knox and seconded by Council Member Savage. Motion carried, 6 ayes — 0 nays.