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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING A SECOND AMENDMENT TO THE RESIDENTIAL TAX ABATEMENT AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS AND WE'RE GOING TO PARIS, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, on May 9, 2022, the City Council of the City of Paris adopted Resolution No. 2022-033 approving a Residential Tax Abatement Agreement (the "Agreement") by and between the city and We're Going to Paris, LLC ("Owner") relating to the renovation and redevelopment of the property in Northwest Paris commonly referred to as the Westgate Apartment Complex comprising 20 separate buildings; and WHEREAS, said Agreement provides that the Owner was to have completed the project within 12 months of the effective date thereof, and WHEREAS, due to issues with financing and other concerns, Owner was unable to commence the improvements required under the Agreement and requested additional time to complete same; and WHEREAS, on December 11, 2023, by Resolution No. 2023-051, the City Council approved an amendment to the Agreement (the "Amendment") extending the deadline for completion of the improvements to May 31, 2024 providing certain other conditions were met; and WHEREAS, Owner was not able to commence the improvements in time to complete same by the May 31, 2025 deadline and has asked for an additional extension until June 15, 2027;and WHEREAS, Owner has commenced the improvements, pulling permits on all 20 buildings, and hopes to have a leasing office on one of the residential buildings completed by the end of April, 2026; and WHEREAS, the City Council continues to believe that the renovation of the property will provide much needed housing for residents of the city and will contribute to the economic redevelopment of the Northwest quadrant of the city; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved and incorporated herein by reference for all purposes.