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

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STATE OF TEXAS COUNTY OF LAMAR AMENDMENT TO TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF PARIS, TEXAS AND LIONSHEAD PARIS, LLC DATED JUNE 27, 2022 This Amendment (the "Amendment") to a Tax Abatement Agreement (the "Agreement") to a tax abatement granted by the City Council of the City of Pairs is entered into by and between the CITY OF PARIS, TEXAS, a municipal corporation, situated in Lamar County, Texas, acting by and through its authorized officer whose signature appears below (hereinafter called "City"), and LIONSHEAD PARIS, LLC, acting by and through its authorized officer whose signature appears below (hereinafter referred to as "Owner"). WITNESSETH: WHEREAS, the City Council of the City of Paris, Texas did heretofore, on the 27th day of June, 2022, in Resolution No. 2022-047 grant to Owner the Agreement attached hereto as Exhibit A and attached hereto by reference as if fully set forth herein; and, WHEREAS, Owner has requested an extension of the deadline to complete the Improvements required therein; WHEREAS, construction of the Improvements is substantially complete; and WHEREAS, the City Council finds that it is in the best interest of the City of Paris and its citizens to extend deadline by which Owner must complete all Improvements from December 31, 2023 to December 31, 2024 and to extend the Abatement Period so as provide owner with the full Abatement Period contemplated in the Agreement; NOW, THEREFORE, pursuant to Chapter 312 of the Texas Tax Code and the Guidelines and Criteria for Tax Abatement adopted in Resolution No. 2022-002, the parties hereto do mutually contract and agree as follows: Section 1.1 of the Agreement shall be amended to read as follows: 1.1 The effective date of this Agreement is the 27th day of June 2022, with the tax abatement being effective from and after January 1, 2034 2025, or January 1St of the year immediately following the completion of construction, and terminating on December 31, 2030 2031 (an abatement period of seven (7) years (the "Abatement Period")). Said Abatement Period will terminate on December 31, 2030 2031, regardless of when Owner completes the Improvements described in Sections II and III herein below. Section 10.1 and 10.2 of the Agreement shall be amended to read as follows; 10.1 Initial �Re ort: The Owner further agrees that it will, by April 15, 2-024 2 02 5, provide the City with a sworn report, written on Owner's letterhead and signed by