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Item No. 17 <br />M ,, . <br />_rR#T.. rii <br />TO: Mayor, Mayor Pro Tem, and City Council <br />Robert G. Vine, Interim City Manager <br />FROM: Stephanie H. Harris, City Attorney <br />SUBJECT: Amendment of Tax Abatement Agreement dated June 27, 2002 between the City and <br />Lionshead Paris, LLC <br />DATE: September 23, 2024 <br />BACKGROUND: The City entered into a Tax Abatement Agreement (the "Agreement") with <br />Lionshead Paris, LLC (the "Owner") on June 27, 2022. Under the terms of the Agreement, the <br />City grants the Owner a seven year de-escalating tax abatement on a $20,000,000.00 investment <br />in the construction of a manufacturing and distribution facility for the assembly and distribution <br />of tire and wheel assemblies. Owner also pledged to create 15 full-time equivalent positions. The <br />Agreement specifies that the improvements were to be completed by December 31, 2023. <br />STATUS OF ISSUE: The owner has requested an extension of the completion deadline from <br />December 31, 2023 to December 31, 2024. As of this writing, the improvements are substantially <br />complete. <br />BUDGET: No impact. <br />RECOMMENDATION: Move to adopt a resolution approving an amendment to the Tax <br />Abatement Agreement with Lionshead Paris, LLC extending the completion of improvements date <br />to December 31, 2024. <br />