22 - Amendment to Economic Development Agreement with Emerald Hospitality

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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN AMENDMENT OF THE ECONOMIC DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS AND EMERALD HOSPITALITY, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, on June 27, 2022, the City Council of the City of Paris adopted Resolution No. 2022-046 approving an Economic Development Agreement (the "Agreement") by and between the city and Emerald Hospitality, LLC ("Company") relating to the development of a Homes 2 Suites by Hilton hotel including event space (the "Project"); and WHEREAS, said Agreement provides that the Company must have the Project open for business within 18 months of the execution of the Agreement; and WHEREAS, said 18 month deadline is scheduled to fall on January 5, 2024; and WHEREAS, while the Project is substantially completed, certain supply chain issues have pushed back the opening date until no later than April 5, 2024; and WHEREAS, the Company has requested that the opening deadline be extended by 90 days, and the City Council wishes to grant that request; 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 by reference. Section 2. That the terms of the Economic Development Agreement as amended by the Amendment attached hereto as Exhibit No. 1 and the property the subject thereof meet the City's Chapter 380 Retail Economic Development Program adopted by the City of Paris by Resolution No. 2022-014 and will lead to the economic development of the city. Section 3. That the terms and conditions of the proposed Amendment, 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 4. That the City Manager is hereby authorized to execute the Amendment 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 No. 1.