2012-072 RES AUTHORIZING CITY TO BECOME ELIGIBLE TO PARTICIPATE IN TAX ABATEMENT

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XIV. Modifications of Agreement. At any time before the expiration of an agreement made under these Guidelines, the agreement may be modified by the parties to the agreement to include other provisions that could have been included in original agreement or to delete provisions that were contained in the original agreement. The modification must be made by the same procedure by which the original agreement was approved and executed. The original agreement, however, may not be modified to extend the term of the agreement or the term of the abatement granted therein beyond the time permitted by state law. XV. Assignment. An agreement may be assigned to a new owner or lessee of the Authorized Facility only with the prior written consent of the City. Any assignment shall provide that the assignee shall irrevocably and unconditionally assume all the duties and obligations of the assignor upon the same terms and conditions as set out in the ageement, and the City's approval shall be subject to the determination of the financial capability of such assignee. Any assignment of an agreement shall be to an entity that contemplates the same improvements or repairs to the Property, except to the extent such improvements or repairs have been completed. No assignment shall be approved if the assignor or the assignee is indebted to the City for ad valorem taxes or other obligations, or if any event of default under the agreement remains uncured. XVI. Administration, Contract Review and Monitoring, and Reporting. a) The Paris Economic Development Corporation shall be primarily responsible for the administration, review, and monitoring of tax abatement agreements authorized by the City under these Guidelines. These responsibilities shall include verifying that participants in tax abatement agreements are in full compliance with the terms of the agreement. b) The Paris Economic Development Corporation shall expeditiously advise the City in writing of any instances of contract non-compliance by tax abatement participants. In addition, the Paris Economic Development Corporation shall, on an annual basis, conduct a performance review of the activities of each tax abatement participant and report the findings of such review to the City Council. c) The City shall retain the right to independently review and audit the activities of tax abatement participants. d) The City shall be responsible for enforcement of the terms of any tax abatement agreement authorized hereunder. XVII. Amendments. These Guidelines are effective for a two (2) year period from the date of their adoption, unless amended or repealed by the affirmative vote of three-fourths (3/4) of the members of the City Council.