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

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ItiMMV01- This Residential Tax Abatement Agreement (hereinafter the "Agreement) is entered in's by and bemeen the CITY OF PARIS, TEXAS, a home rule municipality, situated in Lam". County, Texas, acting by and througli its authorized officer whose signature appears belol (hereinafter called "CITY"), and WE'RE GOING TO PARIS, LLC (hereinafter referred to, "Ownee'). WHEREAS, on February 10, 2020, the City Council passed Ordinance No.2020-' creating Reinvestment Zone 2020-1, designating certain areas inside the city limits to be eligibi for the Residential Tax Abatement Program; and WHEREAS, after a public hearing on April 12, 202 1, the City Council of the City Paris, Texas pai%ed Resolution No. 2021-012 reauthorizing the city to become eligible participate in residential tax abatements and approving guidelines and criteria for the progri, and 0 WHEREAS, Owner has submitted an application for a residential tax abatement relate-� to its purchase and rehabilitation (the "Improvements") of the property located at 635 St,, commonly referred to as the Westgate Apartments (the "Property"); and WHEREAS, city staff has reviewed the application and the location of the abo%M described improvements (hereinafter "Improvements") and has determined that the property located within the boundaries of Reinvestment Zone 2020-1 and meets the requirements Improvements set forth in guidelines and criteria as set forth in Resolution No. 2021-012; and WHEREAS, the Property has long been an a dilapidated condition and thi I-ifQrovewt-n-, )2,To MOT" WHEREAS, furthermore, the restoration of the Property will help to alleviate a housing shortage within the city; NOW, THEREFORF,, in consideration of the terms and conditions referenced here!1 and other good and - valuable consideration, the receipt and sufficiency of which is herela fei7ed to as "R?.vies-) Yerel*