06-MOTION TO APPROVE RESOLUTION FOR FUNDING OF PORTION OF RIGHT-OF-WAY ACQUISITION COSTS WITH TXDOT

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Thousand Dollars ($4,500,000.00) of local participation for the project to pay for right-of-way acquisition and utility relocation; and WHEREAS, the Sulphur River Regional Mobility Authority ("SuRRMA") has requested the City of Paris, Texas, Lamar County, Texas and the Paris Economic Development Corporation to support one-third each the total $4.5 Million local participation match for the SH 24 widening project; and WHEREAS, many business and industry leaders in the Paris, Lamar County, Texas area have contacted their local elected officials about how important the completion of the SH 24 widening project is to the continued growth and success of their businesses in Paris, Lamar County, Texas; and WHEREAS, the City Council of the City of Paris, Texas, has determined that the upgrade and widening of the final 10.4 mile stretch of SH 24 from Cooper southwest to the Hunt/Delta County line is of vital importance to the growth and retention of business and industry in Paris, Lamar County, Texas and to the growth and retention of primary jobs at these local businesses and industry in Paris, Lamar County, Texas; and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION OF PARIS, LAMAR COUNTY, TEXAS: Section 1. That the City Council of the City of Paris, Texas, hereby pledges its financial support of the SH 24 widening project from Cooper city limits southwest to the Delta/Hunt county line in a present value dollar amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000.00) payable over an amortized loan period subject to loan agreement finalization between the Texas State Infrastructure Bank and SuRRMA. Section 2. This pledge of financial support by the City of Paris, Texas is contingent upon TXDOT entering into an agreement to construct the SH 24 widening project and receipt of signed and duly authorized financial commitments from the other public entities participating in the SH 24 widening project. Section 3. This resolution shall be effective from and after the date of passage. PASSED AND APPROVED this 28th day of November, 2011. A.J. Hashmi, M.D., Mayor 00I