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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Section 2. The effective date of this Second Amendment shall be February 23, 2026. Section 3. Article I, Sec. A ("Term"), paragraph 1.1 (incorrectly labeled as 4.1 in the Agreement) as amended is hereby further amended to read as follows: 1.1 The Effective Date of this Agreement is May 9, 2022. The five (5) year abatement period set forth herein shall commence on January 1st, 2024, of the year following City's issuance of a Certificate of Completion and is contingent upon Owner's completion of all the Improvements required herein by May 31, 202 -June 15, 2027. tax abatement is also eeiAiagei# upon OA%er's oempleting of one ef the felloA4ag eendifiens on or before- Febraar 12, 22024: .,m...,neing .,enstruetion o .... hnprevemeift er- (2) seeur4ag the entire Property by boar -ding up the buildings die-Foon so buildings up tbretigh eempletien of the This Agreement shall terminate upon the expiration of the abatement period unless otherwise terminated by default or agreement of the Parties. Section 4. Article III, Section 3.5 is hereby amended to read as follows: 3.5 Owner agrees and covenants that it will diligently and faithfully complete construct the Improvements referenced herein in a good and workmanlike manner no later than May 31, 2025. June 15, 2027. Owner further covenants and agrees that construction of the Improvements will be in accordance with all applicable state and local laws, codes, and regulations or Owner will procure a valid waiver or variance thereof. Section 5. Article IV, Section B ("Default"), paragraph 4.5 is hereby amended to read as follows: 4.5 If (a) the Improvements for which an abatement has been granted are not completed in accordance with this Agreement no later- tha May 31, 205 by June 15, 2027); or (b) Owner allows its taxes owed the City to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any such; or (c) Owner materially breaches any of the other terms, provisions or conditions of this Agreement, then Owner shall be considered in default of this Agreement. In the event Owner defaults in its performance of either (a), (b), or (c) above, then City shall give Owner written notice of such default and if Owner has not cured such default within sixty (60) days of said written notice, this Tax Abatement Agreement may be terminated by the City. Notice of default shall be given in accordance with Article V of this Agreement.