22 - Amendment to Economic Development Agreement with Emerald Hospitality

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Article I—Term This Agreement shall be effective on the last date of execution hereof ("Effective Date") and shall continue until the Expiration Date, unless sooner terminated as provided herein. Article II—Definitions Annual Grants" or "Grants" may refer to Annual Property Tax Grants or Annual Sales Tax Grants or to both collectively. "Annual Property Tax Grants" shall mean five (5) annual grants each in an amount equal to one hundred percent (100%) of the City's maintenance and operations property taxes assessed on the incremental taxable value of the Property attributable to the Project over and above the Base Value in the calendar years 2024, 2025, 2026, 2027, and 2028. "Annual Sales Tax Grants" shall mean three (3) annual grants each in the amount equal to fifty percent (50%) of the Sales Tax Receipts for each applicable Grant Period, to be paid to the Company as set forth herein. The amount of each Annual Sales Tax Grant shall be computed by multiplying the Sales Tax Receipts received by the City by 50% for the given Grant Period, less an administrative fee charged to the City by the State of Texas. Annual Sales Tax Grants will be paid for the calendar years 2024, 2025, and 2026. "Bankruptcy or Insolvency" shall mean the dissolution or termination of a party's existence as a going business, insolvency, appointment of a receiver for any part of such party's property and such appointment is not terminated within ninety (90) days after such appointment is initially made, any general assignment for the benefit of creditors, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against such party and such proceeding is not dismissed within ninety (90) days after the filing thereof. "Base Value" shall mean the value of the Property as determined by the Lamar County Appraisal District on January 1, 2022. "City' shall mean the City of Paris, Texas. "Company" shall mean Emerald Hospitality, LLC, a Texas limited liability corporation. "Consummated" shall have the same meaning assigned by Texas Tax Code, Section 321.203 or its successor.