2022-046 - Approving an Economic Development Agreement By and Between Emerald Hospitatlity, LLC

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RESOLUTION N0. 2022-046 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 EMERALD HOSPITALITY, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, Emerald Hospitality, LLC, ("Company") is the owner of certain undeveloped real property ("Property") in the City upon which the Company wishes to construct a hotel with event space, comprising a Home 2 Suites by Hilton (the "Project" or the "Hotel"); and, _ WHEREAS, the City wishes to incentivize the construction of said hotel development; and WHEREAS, the Company has advised the City that an agreement with the City to provide economic incentives to the Company as set forth herein would be a contributing factor that would assist the Company to develop the property; and WHEREAS, the Company has committed to cause a capital investment of a minimum of fourteen million seven hundred and fifty thousand dollars ($14,750,000.00) to construct said hotel; and WHEREAS, the City has adopted programs for promoting economic development and this Agreement and the economic development incentives set forth herein are given and provided by the City pursuant and in accordance with those programs; and WHEREAS, the City is authorized by Article 52-a of the Texas Constitution and Chapter 380 of the Texas Local Government Code to provide economic development incentives to promote local economic development and to stimulate business and commercial activity in the City; and WHEREAS, the City has determined that making economic development grants in accordance with this Agreement is in accordance with the City's economic development program and will: (i) further the objectives of the City; (ii) benefit the City and the City's inhabitants; and (iii) promote local economic development and stimulate business and commercial activity in the city; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved.