2024-042 - Approving an Amendment to a Tax Abatement Agreement between the City and Lionshead

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RESOLUTION NO. 2024-042 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN AMENDMENT TO A TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF PARIS AND LIONSHEAD PARIS, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris did heretofore, on the 10th day of January, 2022, in Resolution No. 2022-002, elect to be eligible to participate in tax abatement agreements in order to maintain and enhance the commercial and industrial economic and employment base of the Paris area for the long term interest and benefit of the City and its citizens; and, WHEREAS, the City Council readopted said guidelines on January 8, 2024 in Resolution No. 2024-001; and WHEREAS, on or about June 27, 2022, the City entered into a Tax Abatement Agreement (Agreement) with Lionshead Paris, LLC ("Owner") pursuant to its authority under Chapter 212 of the Texas Tax Code; and WHEREAS, said Agreement provides a deadline of December 31, 2023 for Owner to complete of the improvements set forth therein; and WHEREAS, Owner has requested an extension of said deadline until December 31, 2024;and WHEREAS, the Owner has substantially completed said improvements; and WHEREAS, the City Council finds that it is in the best interest of the city and its citizens to amend the Agreement to provide said extension; 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 are incorporated herein for all purposes. Section 2. That the terms of the Amendment to the Tax Abatement Agreement between the city and Lionshead Paris, LLC and the property the subject thereof meet the City's Guidelines and Criteria for Tax Abatement adopted by the City of Paris by Resolution No. 2024-001 and will lead to the economic development of the Enterprise Zone. Section 3. That the terms and conditions of the proposed Amendment attached hereto as Exhibit A, having been reviewed by the City Council of the City of Paris and found