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Memorandum Item No. 14 TO: Mayor, Mayor Pro Tem, and Members of the City Council Rose Beverly, City Manager FROM: Stephanie H. Harris, City Attorney SUBJECT: Assignment of Economic Development Agreement between the City of Paris and Alpha Lake, Ltd. (Paris Towne Center) DATE: April 27, 2026 BACKGROUND: On March 2, 2022, the City entered into a Chapter 380 Economic Development Agreement (EDA) with Alpha Lake, Ltd. Out of College Station, Texas, for the redevelopment of the Paris Towne Center at Lamar Ave. and Loop 286. At that time, there were several vacant spaces in the shopping center. Alpha Lake renovated the center and quickly brought in Ulta Beauty, Ross, Big Lots (since replaced by Ivan Smith Furniture), and TJ Maxx. Alpha Lake is in the process of selling the property to Corsair Property Company, LLC, a Texas limited liability corporation located in Dallas, Texas and wishes to assign its rights under the EDA to the new owner. The EDA provides for five (5) annual property tax grants (which are 50% of the M & O portion of the city's ad velorem taxes attributable to the four spaces listed above) and three (3) annual sales tax grants (which are equal to 50% of the sales taxes attributable to the above -referenced retailers). The City has paid Alpha Lake the 2024 and 2025 property tax and sales tax grants leaving three (3) property tax grants and one (1) sales tax grant remaining under the agreement. Closing on the sale to Corsair is tentatively scheduled for 6/3/2026. STATUS OF ISSUE: Section 7.1 of the EDA provides that Alpha Lake may not assign the agreement without express written consent of the City. To that end, you have before you a document granting that consent. We have been told that there was a great deal of interest in the shopping center, and Alpha Lake had several offers, which is a testament both to their management of the property and the retail environment of Paris. BUDGET: N/A. The City's obligations under the EDA were set at the time it was executed. RECOMMENDATION: Move to authorize the Mayor to execute a consent for the assignment of the EDA from Alpha Lake, Ltd. To Corsair Property Company, LLC.