Laserfiche WebLink
ECONOMIC DEVELOPMENT AGREEMENT <br />Williamsburg Shopping Center <br />This Economic Development Agreement ("Agreement") is made by and between <br />the City of Paris, Texas ("City"), a Texas home rule municipal corporation, and Audax <br />Enterprises, LLC., a Texas limited liability corporation ("Company"), acting by and through <br />their respective authorized officers. <br />WITNESSETH: <br />WHEREAS, the Company is the owner of certain developed real property <br />("Property") in the City, which property is known as the Williamsburg Shopping Center <br />(the "Shopping Center"); and <br />WHEREAS, prior to the Company's purchase of the Shopping Center, it was in a <br />state of disrepair and required extensive renovations in order to retain existing tenants <br />and fill vacant retail spaces; and <br />WHEREAS, the Property currently has several vacant retail spaces totaling 29,200 <br />square feet, which vacancies are detrimental to both the viability of the Property as a <br />whole and to the general retail economy of the City; and <br />WHEREAS, the Company has made a capital investment of one million dollars <br />($1,000,000.00) to renovate said Shopping Center to attract new retail tenants and retain <br />existing tenants; and <br />WHEREAS, the City wishes to incentivize the Company to lease vacant retail <br />spaces on the Property to new retail tenants (sometimes individual and collectively <br />referred to as "Future Retailer" or "Future Retailers") and to support the Company to <br />conduct recruitment of Future Retailers; and <br />WHEREAS, the Company has advised the City that an agreement with the City to <br />provide economic incentives to the Company as set forth herein would be a contributing <br />factor that would assist the Company in inducing new Future Retailers to lease vacant <br />spaces on the Property; and <br />WHEREAS, the City has adopted programs for promoting economic development <br />and this Agreement and the economic development incentives set forth herein are given <br />and provided by the City pursuant and in accordance with those programs; and <br />WHEREAS, the City is authorized by Article 52-a of the Texas Constitution and <br />Chapter 380 of the Texas Local Government Code to provide economic development <br />