2023-025 - Development Agreement with Lionshead Paris LLC

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DocuSign Envelope ID: OEE9F589-5805-4961-9ACA-5229871D54CE DEVELOPMENT AGREEMENT Between the City of Paris, Texas and Lionshead Paris, LLC Re: Water Line Development Project This Development Agreement (the "Agreement") is entered into by and between the City of Paris, Texas, a Texas Home Rule Municipal Corporation ("City") and Lionshead Paris, LLC, an Indiana limited liability corporation ("Developer") for the construction of a 12 -Inch public looped water line serving a 120,000 square foot plant, to be constructed and owned by Developer, as well as the Northwest Industrial Park in the City. WITNESSETH: I. Effective Date 1.1 This Agreement shall take effect upon the last date of execution hereof. II. Recitals 2.1 The Recitals set forth herein are a part of the terms of this Agreement for all purposes. 2.2 The City is entering into this Agreement pursuant to the authority of Tex. Loc. Gov. Code Chapter 380. 2.3 Developer owns property (the "Site") located in the Northwest Industrial Park (the "Industrial Park") within the City of Paris, more fully described in Exhibit A attached hereto and incorporated by reference, upon which it is undertaking construction 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"). 2.4 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. 2.5 Currently, there is waterline infrastructure serving the eastern edge of the Site: however, there is no waterline infrastructure serving the remainder of the Industrial Park to the west. 2.6 Consequently, 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. 2.7 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