2026-011 - Amending the tax abatement agreement, as previously amended, with We’re Going to Paris, LLC on the property located at 6354 Northwest 7th Street, Martin St., Addition Block A, Lots

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SECOND AMENDMENT TO RESIDENTIAL TAX ABATEMENT AGREEMENT We're Going to Paris, LLC WHEREAS, the City of Paris, Texas ("City"), a Texas home rule municipal corporation, and We're Going to Paris, LLC, a Texas limited liability company ("Owner"), acting by and through their respective authorized officers, have entered into a Residential Tax Abatement Agreement (the "Agreement") with an effective date of May 9, 2022 (the "Effective Date"), a copy of which is attached hereto as Exhibit 1 and incorporated herein by reference; and WHEREAS, said Agreement related to the rehabilitation of property in Northwest Paris commonly referred to as the Westgate Apartment Complex (the "Properly"), provided that as consideration for said tax abatement, the Owner was to have completed the required improvements to the real property within twelve (12) months of the Effective Date; and WHEREAS, twelve months from the Effective Date was May 8, 2023; and WHEREAS, as of December 11, 2023, due to issues with financing and other considerations, the Owner had not begun construction on the improvements; and WHEREAS, on December 11, 2023, the City approved and executed an Amendment to Residential Tax Abatement Agreement (the "First Amendment"—attached to Exhibit 1 hereto) to provide for a five (5) year abatement period to begin on January 1" of the year following the City's issuance of a certificate of completion contingent upon Owner's completion of certain milestones by February 12, 2024; and WHEREAS, Owner failed to timely meet those milestones, but in the intervening period has pulled permits for all of the buildings in the complex, has begun substantial work, and is due to complete construction of the leasing office and one residential building in April of 2026; and WHEREAS, the City continues to believe that the restoration of the Property will lead to additional economic development in the Northwest quadrant of the City and provide valuable housing opportunities for its residents, and thus desires to provide additional time to the Owner to complete the improvements; and WHEREAS, an extension of the timelines set forth in the First Amendment will allow Owner to retain financing and complete the entire project, improving the neighborhood and substantially increasing the number of rental units available in West Paris; CAA "►��-SV-M W Section 1. The recitals contained hereinabove are incorporated herein for all purposes.