16 - Lionshead Development Agreement

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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING A DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS AND LIONSHEAD PARIS, LLC; AUTHORIZING THE CITY MANAGER TO EXECUTE SAME ON BEHALF OF THE CITY OF PARIS; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, on or about June 27, 2022, the City Council approved a Tax Abatement Agreement with Lionshead Paris, LLC ("Developer") in connection with Developer's construction in the Northwest Industrial Park of a 120,000 square foot facility for the development, manufacturing, and distribution of tire and wheel assemblies and component parts for the recreation vehicle, marine, livestock, cargo, and utility trailer industries (the "Facility"); and WHEREAS, in connection with the construction of the Facility, Developer previously planned to install a private twelve (12) inch looped water line system of an estimated 2,322 Linear Feet to serve the water and fire flow needs of the Facility (the "Private Line") pursuant to City building and fire codes; and WHEREAS, the City finds it desirable and in the best interest of its residents to partner with Developer to upsize the previously planned Private Line to have been located within the Developer's property and instead construct a larger public 12 -inch water line loop in the public Right of Way of approximately 3,100 Linear Feet (the "Public Line") which can serve both the Developer's Facility via lateral connections as well as future development of the Industrial Park to be constructed on land within the Industrial Park owned by the Paris Economic Development Corporation located further west and south of the Facility; and WHEREAS, this arrangement will benefit the Developer by relieving it of maintenance costs associated with a Private Line once the Public Line is constructed, and it will benefit the City by obtaining Developer's financial contribution to construction of the Public Line; and WHEREAS, Tex. Loc. Gov. Code Chapter 380 authorizes the City to enter into agreements with private parties for the purposes of economic development; and WHEREAS, the ("Developer") has advised the City that a Development Agreement with the City as set forth herein would be a contributing factor that would assist the Company to develop the property; and WHEREAS, construction of the Facility will result in Developer's investing approximately $23,000,000.00 in the City and will create at least 15 and as many as 40 new jobs; and