24 - Amendment to Residential Tax Abatement Agreement - We're Going to Paris

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Item No. 24 L Ufflffr7mu"I' TO: City Council Grayson Path, City Manager FROM: Stephanie H. Harris, City Attorney SUBJECT: Amendment to Residential Tax Abatement Agreement with We're Going to Paris, LLC (Westgate property) DATE: December 11, 2023 BACKGROUND: On May 9, 2022, City Council approved a residential tax abatement agreement with We're Going to Paris, LLC ("Owner") relating to the renovation of the property commonly known as the Westgate Apartment Complex. Under the terms of that agreement, the Owner was to have completed the improvements within 12 months of the effective date of the agreement, or by May 8, 2023. STATUS OF ISSUE: Due to some issues related to financing and other concerns, the Owner has not commenced construction and has requested that the city extend the deadline to complete the improvements. City Council has indicated its willingness to do so on the condition that the Owner either commence construction or secure the property no later than February 12, 2024. The attached amendment extends the deadline for completion of the improvements to May 31, 2025, and adds the condition regarding commencement of construction or securing of the property. BUDGET: No budgetary impact other than that contained in the original tax abatement agreement. RECOMMENDATION: Motion to adopt a resolution approving an amendment to the residential tax abatement agreement between City of Paris and We're Going to Paris, LLC in substantial conformance with the attached and authorize the mayor to execute same on behalf of the city.