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program and will: (i) further the objectives of the City; (ii) benefit the City and the City's inhabitants; and (iii) promote local economic development and stimulate business and commercial activity in the city; and WHEREAS, the area surrounding the Shopping Center is somewhat distressed, and the Shopping Center, when fully occupied, will be an economic catalyst to a part of the City that has not seen much development in recent years; 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. Section 2. That the terms of the Economic Development Agreement and the property the subject thereof meet the City's Chapter 380 Retail Economic Development Program adopted by the City of Paris by Resolution No. 2022-014 and will lead to the economic development of the Program Area described in said Resolution No. 2022-014. Section 3. That the terms and conditions of the proposed Agreement attached hereto as Exhibit A, having been reviewed by the City Council of the City of Paris and found to be acceptable and in the best interests of the City of Paris and its citizens, be, and the same are hereby, in all things approved. Section 4. That the City Manager is hereby authorized to execute the Agreement and all other documents in connection therewith on behalf of the City of Paris substantially according to the terms and conditions set forth in the Agreement attached hereto as Exhibit A. Section 5. That the planned use of the property the subject of the economic development agreement will not constitute a hazard to public safety, health, or morals. Section 6. That this approval and execution of the agreement on behalf of the City is not conditioned upon approval and execution of any other tax abatement agreement by any other taxing entity. PASSED AND APPROVED this 13th day of January, 2024. Mihir Pankaj, Mayor ATTEST: Janice Ellis, City Clerk