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Texas has been a top priority project for the North East Texas Mobility Council and the
<br />Authority; and
<br />WHEREAS, pursuant to Minute Order No. 113074, the Department will undertake and
<br />complete a highway improvement generally described as the widening of State Highway 24 from
<br />FM 64 southwest to FM 904 in Delta County, Texas (the "Project"); and
<br />WHEREAS, the Project, from the Authority's perspective, will require $745,125 in
<br />federal participation, a cash contribution from Delta County of $132,144, and an estimated
<br />$3,732,731 of local participation to pay for rights-of-way acquisition and utility relocation; and
<br />WHEREAS, the Authority expects to incur additional costs in the amount of $695,308
<br />relating to the Project; and
<br />WHEREAS, the Authority has a commitment for a cash contribution from the Board of
<br />Directors of the Paris Economic Development Corporation of $1,426,813 and a contribution
<br />from the Commissioners Court of Delta County of $877,269 that will be contributed as a cash
<br />contribution in the amount of $132,144 and a federal participation earmark of $745,125 for the
<br />costs relating to the Project; and
<br />WHEREAS, the Authority has requested the City of Paris, Texas, the City of Cooper,
<br />Texas, Lamar County, Texas, Delta County, Texas and the Paris Economic Development
<br />Corporation (collectively, the "Participants") to support the Authority by entering into separate
<br />resolutions, ordinances, or orders evidencing the local participation of up to the total of
<br />$5,305,308 being the SIB Loans (hereinafter defined) of $3,001,226 in the aggregate, the Paris
<br />Economic Development Corporation cash contribution of $1,426,813, the federal participation of
<br />$745,125, and a Delta County cash contribution of $132,144 for the Project; and
<br />WHEREAS, the Autharity has also requested the City of Paris, Texas ($1,426,813),
<br />Lamar County, Texas ($1,426,813), and the City of Cooper, Texas ($147,600) to provide their
<br />share of the local participation for the Project; and
<br />WHEREAS, many business and industry leaders in the City of Paris, City of Cooper,
<br />Lamar County, Delta County, and the Paris Economic Development Corporation areas have
<br />contacted their local elected officials about how important the completion of the Project is to the
<br />continued growth and success of their businesses in the City of Paris, City of Cooper, Lamar
<br />County, and Delta County, and within jurisdiction of the Paris Economic Development
<br />Corporation; and
<br />WHEREAS, the City Council (the "City Council") of the City of Paris, Texas (the
<br />"City") has recognized and approved its payment obligations as established in the Interlocal
<br />Cooperative Agreement (the "Interlocal Cooperative Agreement"), to be effective as of
<br />October 10, 2012, among the Participants and the Authority; and
<br />WHEREAS, the City Council of the City acknowledges that its payment to the Authority
<br />of the City's payment obligations set forth in the Interlocal Cooperative Agreement (the "City
<br />Obligations") will be used by the Authority to pay Authority obligations set forth in the State
<br />Infrastructure Bank Loan Agreements (the "SIB Loans"); and
<br />95604560.7 -2'
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