22 - Amendment to Economic Development Agreement with Emerald Hospitality

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ECONOMIC DEVELOPMENT AGREEMENT Home 2 Suites by Hilton This Economic Development Agreement ("Agreement") is made by and between 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. WITNESSETH: WHEREAS, the Company is the owner of certain undeveloped real property ("Property") in the City, upon which Company wishes to construct a hotel with event space, comprising a Home 2 Suites by Hilton (the "Project" or the "Hotel"); and WHEREAS, the City wishes to incentivize the construction of said Hotel development; and WHEREAS, the Company has advised the City that an agreement with the City to provide economic incentives to the Company as set forth herein would be a contributing factor that would assist the Company to develop the property; and WHEREAS, the Company has committed to cause a capital investment of FOURTEEN MILLION SEVEN HUNDRED AND FIFTY THOUSAND AND NO/100 DOLLARS ($14,750,000.00) to construct said Hotel; and WHEREAS, the City has adopted programs for promoting economic development and this Agreement and the economic development incentives set forth herein are given and provided by the City pursuant and in accordance with those programs; and WHEREAS, the City is authorized by Article 52-a of the Texas Constitution and Chapter 380 of the Texas Local Government Code to provide economic development incentives to promote local economic development and to stimulate business and commercial activity in the City; and WHEREAS, the City has determined that making economic development grants in accordance with this Agreement is in accordance with the City's economic development program and will: (i) further the objectives of the City; (ii) benefit the City and the City's inhabitants; and (iii) promote local economic development and stimulate business and commercial activity in the city; NOW, THEREFORE, in consideration of the foregoing, and on the terms and conditions hereinafter set forth, and other valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: