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

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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 RESIDENTIAL TAX ABATEMENT AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS AND WE'RE GOING TO PARIS, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, on May 9, 2022, the City Council of the City of Paris adopted Resolution No. 2022-033 approving a Residential Tax Abatement Agreement (the "Agreement") by and between the city and We're Going to Paris, LLC ("Owner") relating to the renovation and redevelopment of the property in Northwest Paris commonly referred to as the Westgate Apartment Complex comprising 20 separate buildings; and WHEREAS, said Agreement provides that the Owner was to have completed the project within 12 months of the effective date thereof, and WHEREAS, said 12 month deadline fell on May 8,2023; and WHEREAS, due to issues with financing and other considerations, Owner has not commenced the improvements required in the Agreement and has asked for an extension of the deadline to complete same until May 31,2025; and WHEREAS, the City Council continues to believe that the renovation of the property will provide much needed housing for residents of the city and will contribute to the economic redevelopment of the Northwest quadrant of the city; and WHEREAS, in consideration for the Amendment to Residential Tax Abatement Agreement (the "Amendment") attached hereto and incorporated herein by reference as Exhibit A, the city will require Owner to either commence construction of the improvements or secure the property by no later than February 12, 2024; 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 Residential Tax Abatement Agreement as amended by the Amendment attached hereto as Exhibit A and the property the subject thereof meet the city's Guidelines and Criteria for residential tax abatements adopted by the City of Paris by Resolution No. 2021-012 (in effect at the time of the approval of the Agreement) and as readopted on April 10, 2023 by Resolution No. 2023-018, and will lead to the economic development of the city..