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program and will: (i) further the objectives of the City; (ii) benefit the City and the City's <br />inhabitants; and (iii) promote local economic development and stimulate business and <br />commercial activity in the city; and <br />WHEREAS, the area surrounding the Shopping Center is somewhat distressed, and <br />the Shopping Center, when fully occupied, will be an economic catalyst to a part of the City <br />that has not seen much development in recent years; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />PARIS, TEXAS, THAT: <br />Section 1. The findings set out in the preamble to this resolution are hereby in all <br />things approved. <br />Section 2. That the terms of the Economic Development Agreement and the <br />property the subject thereof meet the City's Chapter 380 Retail Economic Development <br />Program adopted by the City of Paris by Resolution No. 2022-014 and will lead to the <br />economic development of the Program Area described in said Resolution No. 2022-014. <br />Section 3. That the terms and conditions of the proposed Agreement attached <br />hereto as FXA, having been reviewed by the City Council of the City of Paris and found <br />to be acceptable and in the best interests of the City of Paris and its citizens, be, and the same <br />are hereby, in all things approved. <br />Section 4. That the City Manager is hereby authorized to execute the Agreement <br />and all other documents in connection therewith on behalf of the City of Paris substantially <br />according to the terms and conditions set forth in the Agreement attached hereto as EKhjUt <br />A. <br />Section 5. That the planned use of the property the subject of the economic <br />development agreement will not constitute a hazard to public safety, health, or morals. <br />Section 6. That this approval and execution of the agreement on behalf of the City <br />is not conditioned upon approval and execution of any other tax abatement agreement by <br />any other taxing entity. <br />PASSED AND APPROVED this 13th day of January, 2024. <br />1i1E1 Cl,?' <br />ATTEST: <br />_.. vw._.E, L.. 7, . <br />lice Ellis, City Clerk ,''',�9ks,'TEOS <br />//I 1111 I II0\\ <br />lix <br />ALI <br />Mihir Pan �. a. �.a.ww��_..............._.u.......n.......... <br />1r Y <br />