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

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AMENDMENT TO RESIDENTIAL TAX ABATEMENT AGREEMENT We're Going to Paris, LLC WHEREAS, the City of Paris, Texas ("City"), a Texas home rule municipal corporation, and We're Going to Paris, LLC, a Texas limited liability company ("Owner"), acting by and through their respective authorized officers, have entered into a Residential Tax Abatement Agreement (the "Agreement") with an effective date of May 9, 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 rehabilitation of property in Northwest Paris commonly referred to as the Westgate Apartment Complex (the "Property"), provided that as consideration for said tax abatement, the Owner was to have completed the required improvements to the real property within twelve (12) months of the Effective Date; and WHEREAS, twelve months from the Effective Date was May 8, 2023; and WHEREAS, due to issues with financing and other considerations, the Owner has not begun construction on the improvements; and WHEREAS, the City continues to believe that the restoration of the Property will lead to additional economic development in the Northwest quadrant of the City and provide valuable housing opportunities for its residents, and thus desires to provide additional time to the Owner to complete the improvements; and WHEREAS, in consideration for this extension of the deadline for completion of the improvements, the City will require that either construction is commenced or the property is properly secured by February 12, 2024; WITNESSETH: Section 1. The recitals contained hereinabove are incorporated herein for all purposes. Section 2. The effective date of this Amendment shall be December 11, 2023. Section 3. Article I, Sec. A ("Term"), paragraph 1.1 (incorrectly labeled as 4.1 in the Agreement) is hereby amended to read as follows: 1.1 The Effective Date of this Agreement is May 9, 2022. The five (5) year abatement period set forth herein shall commence on January 1st, '� of the year following City's issuance of a Certificate of Completion and is contingent upon Owner's completion of all the Improvements required herein byMay 31„ 2025. Said tax abatement is also contingent ugion Owner's completing of one of the followipg_ conditions on or