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

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"Bankruptcy or Insolvency" shall mean the dissolution or termination of a party's existence as a going business, insolvency, appointment of a receiver for any part of such party's property and such appointment is not terminated within ninety (90) days after such appointment is initially made, any general assignment for the benefit of creditors, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against such party and such proceeding is not dismissed within ninety (90) days after the filing thereof. "City" shall mean the City of Paris, Texas. "Company" shall mean Audax Enterprises, LLC, a Texas limited liability corporation. "Consummated" shall have the same meaning assigned by Texas Tax Code, Section 321.203 or its successor. "Expiration Date" shall mean June 1, 2029. "Force Majeure" shall mean any contingency or cause beyond the reasonable control of a party including, without limitation, acts of God or the public enemy, war, riot, civil commotion, insurrection, government or de facto government action, fires, explosions or floods, strikes, slowdowns, or work stoppages (unless caused by the intentionally wrongful acts or omissions of the party). "Future Retailer" or "Future Retailers" shall mean new retail tenant or tenants which sign leases to occupy the Leased Premises after the effective date of this Agreement. "Grant Period" shall mean a full calendar year. The first Grant Period shall commence on January 1, 2024 through and including December 31, 2024. Additional Grant Periods for the Annual Property Tax Grants will be the calendar years 2025, 2026, 2027, and 2028. Additional Grant Periods for the Annual Sales Tax Grants will be the calendar years 2025 and 2026. "Impositions" shall mean all taxes, assessments, use and occupancy taxes, excises, license and permit fees, and other charges, by public or governmental authority, general and special, ordinary and extraordinary, foreseen and unforeseen, which are or may be assessed, charged, levied, or imposed by any public or government authority on the Company or any property or any business owned by Company within the City. "Leased Premises" shall mean the retail spaces vacant as of the effective date of this Agreement to be occupied by Future Retailers, as follows: