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Item No. 11 UVTSV� I ff M 1, M TO: City Council Rose Beverly, City Manager FROM: Stephanie H. Harris, City Attorney SUBJECT: Second Amendment to Residential Tax Abatement Agreement with We're Going to Paris, LLC (Westgate property) DATE: February 23, 2026 BACKGROUND: On May 9, 2022, City Council approved a residential tax abatement agreement with We're Going to Paris, LLC ("Owner") relating to the renovation of the property commonly known as the Westgate Apartment Complex. Under the terms of that agreement, the Owner was to have completed the improvements within 12 months of the effective date of the agreement, or by May 8, 2023. Due to some issues related to financing and other concerns, the Owner requested that the city extend the deadline to complete the improvements. On December 11, 2023, City Council agreed to an extension until May 31, 2025 to complete all improvements on the condition that the Owner either commence construction or secure the property no later than February 12, 2024. STATUS OF ISSUE: Owner did secure the property in a timely manner; however, it was unable to begin the renovation in time to complete construction by the May 31, 2025 deadline. Owner has requested an additional extension for completion until June 15, 2027. As of this writing, the Owner has pulled permits on each of the buildings in the complex, has begin renovations to several of them, and currently projects that it will be able to complete the leasing office building and one of the residential buildings in April of 2026. Retention of the abatement is important to the financing of the renovation. BUDGET: No budgetary impact other than that contained in the original tax abatement agreement. RECOMMENDATION: Move to adopt a resolution approving the second amendment to the residential tax abatement agreement between City of Paris and We're Going to Paris, LLC in substantial conformance with the attached and authorize the mayor to execute same on behalf of the city.