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Regular Council Meeting June 27, 2022 Page 7 Tem Hughes and seconded by Council Member Knox. Motion carried, 7 ayes — 0 nays. Council Member Pankaj left the room. City Attorney Stephanie Harris said that Mihir Pankaj could address the City Council from the podium, and answer any questions that City Council might have. Ms. Harris explained this was a Chapter 380 Retail Economic Development Agreement with Emerald Hospitality, LLC and they had make application for incentives under the Program in connection with its construction of a Home2 Suites by Hilton Hotel. She said the project qualified for incentives and outlined the incentives as the following: 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. She said the grants cover the years 2024, 2025, 2026, 2027 and 2028; and 2) Three annual sales tax grants in the amount of 50% of the sales tax receipts in the applicable grant period. She said the grants cover the years 2024, 2025 and 2026. As consideration of these annual grants, Ms. Harris said Emerald Hospitality would invest $14,750,000.00 in construction of the project and would open the hotel no later than December 31, 2023. Ms. Harris also said this agreement was virtually identical to the agreement City Council approved with the Paris Hotels, LP for the construction of a Marriott dual branded hotel on North Main Street except for the addition of language regarding the event space. Mihir Pankaj, 3055 Oak Creek, addressed the City Council and expressed his excitement about this project. He said his family had been in business in Paris for over thirty years. A Motion to approve this item was made by Mayor Pro -Tem Hughes and seconded by Council Member Savage. Motion carried, 6 ayes — 0 nays. A Motion to return Council Member Pankaj to the meeting was made by Council Member Savage and seconded by Council Member Pilgrim. Motion carried, 6 ayes — 0 nays. Council Member Pankaj returned to the meeting. 21. Discuss and act on a Resolution appointing members to the Board of Adjustment. Mayor Portugal said this was a very important board and unique board, because any appeal of the board went to a district court. She said she would like to see if they could get a few more applicants, and asked that that staff re -advertise for this board. A Motion to table this item was made by Council Member Pankaj and seconded by Mayor Pro -Tem Hughes. Motion carried, 7 ayes — 0 nays. 22. Discuss and make appointments to the various Boards and Commissions. Mayor Portugal said City Council would utilize the same process used for the last several years, in which Staff informs City Council of the number of vacancies, the number of applicants and the names of the applicants. She asked City Council Members to score their top candidate for each board with the greatest number of points allowed for that board. She said they would