22 - Amendment to Economic Development Agreement with Emerald Hospitality

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improvements to the Property must conform to the City of Paris' building and fire codes and the subdivision ordinance as applicable, and the Company must meet all permitting and platting requirements, as applicable. (d) Concurrent with the execution of this Agreement, the Company shall provide to the City a copy of the printout from the Lamar County Appraisal District showing the value of the Property as of January 1, 2022. (e) The Company understands that the Required Use of the Property as set forth herein is a material term hereof, and cessation of use of the Property as a Home 2 Suites Hotel by Hilton with event space will constitute an event of default of this Agreement. 3.2 Annual Sales Tax Grants. (a) Subject to the Required Use and continued satisfaction of all the terms and conditions of this Agreement and the obligation of the Company to repay the Annual Sales Tax Grants pursuant to Article VI hereof, the City agrees to provide the Company with three (3) Annual Sales Tax Grants, each in an amount equal to fifty percent (50%) of the Sales Tax Receipts attributable to the Retailers' sales for the calendar years 2024, 2025, and 2026. Sales Tax Receipts will be determined by the City using sales tax revenue information derived through the State of Texas as authorized by Texas Tax Code Sec. 321.3022. (b) Each Annual Sales Tax Grant shall be due within thirty (30) days after receiving a Payment Request from Company for the relevant Grant Period, but in no event before the first day of April of 2025, 2026, and 2027. The Payment Request must include the Company name and tax identification number under which it will be collecting and paying Sales Tax Receipts. writing of any adjustments found, The Company shall promptly notify the City in Lgst ._.._.... a,,,,,, , „rsR.._..... d, determined, or made by the Company, the State of Texas, or by an audit that results, or will result, in either a refund or reallocation of Sales Tax Receipts or the payment of Sales and Use Tax or involving amounts reported by the Company as subject to this Agreement. Such notification shall also include the amount of any such adjustment in Sales and Use Tax or Sales Tax Receipts. The company shall notify the City in writing within ninety (90) days after receipt of notice of intent of the State of Texas to audit the Company, its Affiliates and/or its customers. Such notification shall also include the period of such audit or investigation. (d) AOL4stments. In the event the Company files an amended sales and use tax return or report with the State of Texas, or if additional Sales and Use Tax is due and owing by the Company to the State of Texas, as determined or approved by the State of Texas, affecting Sales Tax Receipts for a previous Grant Period, then the Annual Sales Tax Grant payment for the Grant Period immediately following such State of Texas