2025-002 - Approving and authorizing an Economic Development Agreement by and between the City of Paris and AUDAX Enterprises

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RESOLUTION NO. _..__2025-002 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN ECONOMIC DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS AND AUDAX ENTERPRISES, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, Audax Enterprises, ("Company') is the owner of the Williamsburg Shopping Center (the "Shopping Center") located at 1313 to 1581 Clarksville St., Paris, Texas 75460 ("Property"); and, WHEREAS, prior to the Company's purchase of the Shopping Center, it was in a state of disrepair and required extensive renovations in order to retain existing tenants and fill vacant retail spaces; and WHEREAS, the Property currently has several vacant retail spaces totaling 29,200 square feet, which vacancies are detrimental to both the viability of the Property as a whole and to the general retail economy of the City; and WHEREAS, the Company has made a capital investment exceeding one million dollars ($1,000,000.00) to renovate said Shopping Center to attract new retail tenants and retain existing tenants; and WHEREAS, the City wishes to incentivize the Company to lease vacant retail spaces on the Property to new retail tenants (sometimes individual and collectively referred to as "Future Retailer" or "Future Retailers") and to support the Company to conduct recruitment of Future Retailers; and WHEREAS, the Company has advised the City that an agreement with the City to provide economic incentives to the Company as set forth herein would be a contributing factor that would assist the Company in inducing new Future Retailers to lease vacant spaces on the Property; and WHEREAS, the City has adopted programs for promoting economic development and this Agreement and the economic development incentives set forth herein are given and provided by the City pursuant and in accordance with those programs; and WHEREAS, the City is authorized by Article 52-a of the Texas Constitution and Chapter 380 of the Texas Local Government Code to provide economic development incentives to promote local economic development and to stimulate business and commercial activity in the City; and WHEREAS, the City has determined that making economic development grants in accordance with this Agreement is in accordance with the City's economic development