22 - Amendment to Economic Development Agreement with Emerald Hospitality

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AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT Home 2 Suites by Hilton WHEREAS, the City of Paris, Texas ("City'), a Texas home rule municipal corporation, and Emerald Hospitality, LLC, a Texas limited liability company ("Company"), acting by and through their respective authorized officers, have entered into an Economic Development Agreement (the "Agreement") with an effective date of July 6, 2022 (the "Effective Date"), a copy of which is attached hereto as Exhibit 1 and incorporated herein by reference; and WHEREAS, said Agreement, related to the construction of a Homes 2 Suites by Hilton hotel (the "Hotel"), provided that as consideration for various economic development incentives, the Company was to have completed the required improvements to the real property and be operating the hotel within eighteen (18) months of the Effective date; and WHEREAS, eighteen months from the effective date is January 5, 2024; and WHEREAS, although construction of the Hotel is substantially complete, supply chain issues relating to information technology and furnishings are likely to delay the Company's opening of the Hotel to guests by no more than ninety (90) days; and WHEREAS, in consideration of the Company's due diligence in completing the Hotel and in recognition of supply chain issues that have affected much of the American economy since the COVID-19 pandemic, the City has agreed to extend the deadline for the Company to open the Hotel for business; WITNESSETH: Article III, Sec. 3.1, subsection (c) is hereby amended to read as follows in its entirety as follows: (c) In consideration for this ad valorem tax -based incentive, the Company Agrees to make or cause to make the Required Capital Investment, complete the Improvements, and open for business no later than 8ri1j, 2024 withiR eighteen (18) months of the Effe6tive Date of this AgFeement. On or before the April 5, , the Company shall present the City with an affidavit affirming that it has made or caused to have been made the required improvements and the total capital amount of said improvements. All 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.