2023-025 - Development Agreement with Lionshead Paris LLC

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DocuSign Envelope ID: OEE9F589-5B05-4961-9ACA-5229871D54CE 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. 2.8 The City and Developer (the °Parties") have agreed that the City will construct the Public Line in lieu of the previously planned Private Line, and that Developer will pay City a contribution to the public line as calculated in Paragraph 2.9 herein according to the schedule set forth in Paragraph 4.1 herein. 2.9 For the purposes of this Agreement, City engineering staff has compiled the following estimated costs: I. Cost of the previously planned Private Line: FIVE HUNDRED EIGHTY-SIX THOUSAND THREE HUNDRED AND ONE DOLLARS AND 15/100 CENTS ($586,301.15). See the Preliminary Opinion of Probable Construction Cost attached hereto as Exhibit B and incorporated herein by reference. ii. Developer's Cost of the lateral lines and related improvements necessary to connect to the Public Line (the "Lateral Lines") for Developer's water and fire flow needs as required in the building and fire codes, and in lieu of the previously planned Private Line: THREE HUNDRED THIRTY-FIVE THOUSAND SEVEN HUNDRED TWENTY-SEVEN DOLLARS AND 071100 CENTS ($335,727.07). See the Preliminary Opinion of Probable Construction Cost attached hereto as Exhibit C and incorporated herein by reference. Ill. The above estimates are based on known market values as of the signing of this Agreement. Developer agrees with these estimates for the purposes of this Agreement. In an effort to simplify this Agreement and to provide certainty in the cost allocation between the Parties, the Parties agree to use same for the purposes of calculating Developer's contribution to the construction of the Public Line set forth in paragraphs 2.9.iv and 4.1. iv. The net difference between estimates for the previously planned Private Line (Exhibit B) and the estimated cost to Developer of the Lateral Lines (Exhibit C) is TWO HUNDRED FIFTY THOUSAND FIVE HUNDRED SEVENTY-FOUR DOLLARS AND 08/100 ($250,574.08), which amount shall be Developer's contribution to the construction of the Public Line. 2.10 The City Council of the City of Paris has found that construction of the Public Line constitutes a public purpose in that it will support the construction of Developer's Facility and the capital investment and job creation associated therewith as well as future growth and development in the Industrial Park.