08 - 5 In 5 TaxAbatement Agreement with P-Town Property Holdings

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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 and incorporated herein for all purposes. Section 2. That the properties the subject of the Economic Development Agreement and Tax Abatement Agreement between the City and P -Town Property Holdings ("Owner"), attached hereto as Exhibit A and incorporated herein by reference, lie within Reinvestment Zone 2020-1 and the Program Area described in Resolution 2022-055, to wit: • LCAD-18257, 500 Block of NE 29th St., City of Paris Lot 2-0, Block 258-A • LCAD- 18256,410 NE 20th St., City of Paris Lot 2-A, Block 258-A Section 3. That the terms of the Agreement meet the City's guidelines and criteria for tax abatement and other incentives adopted by the City of Paris by Resolution No. 2022- 055 and will lead to the economic development of the Reinvestment Zone 2020-1 and Program Area. Section 4. That the terms and conditions of the proposed Agreement attached hereto as Exhibit A, having been reviewed by the City Council of the City of Paris and found to be acceptable and in the best interests of the City of Paris and its citizens, be, and the same are hereby, in all things approved. Section 5. That the Mayor is hereby authorized to execute the Agreement and all other documents in connection therewith on behalf of the City of Paris substantially according to the terms and conditions set forth in the Agreement attached hereto as Exhibit A. Section 6. That the planned use of the property the subject of the tax abatement will not constitute a hazard to public safety, health, or morals. Section 7. That this approval and execution of the agreement on behalf of the City is not conditioned upon approval and execution of any other tax abatement agreement by any other taxing entity. PASSED AND APPROVED this 12th day of June, 2023. Reginald B. Hughes, Mayor