2013-033 RES APPROVING AND AUTHORIZING AN ECONOMIC INCENTIVE AGREEMENT BY AND BETWEEN THE CITY OF PARIS AND THE RED RIVER REGION BUSINESS INCUBATOR (3bi)

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ECONOMIC DEVELOPMENT GRANT AGREEMENT This Economic Development Incentive Agreement ( "Agreement ") is made by and between the City of Paris, Texas (the "City "), and Red River Region Business Incubator Inc., a Texas Corporation, (hereinafter "R3bi" or "Company "), acting by and through their respective authorized officers and representatives. WITNESSETH: WHEREAS, the mission of the Red River Region Business Incubator ( "R3bi ") is to improve the economic viability of new and emerging businesses by fostering entrepreneurial growth and enterprise development. The R3bi recruits, trains and mentors entrepreneurial talent to encourage the growth of sustainable businesses in the City of Paris and Lamar County, Texas; and, WHEREAS, R3bi provides office space, utilities, internet access, conference room facilities and other business and training services to incubator clients at its facility located at 1445 Clarksville, Paris, Texas 75460; R3bi also provides services to some "virtual" clients that do not maintain office space at the facility; and, WHEREAS, R3bi is a Section 501(c)(3) non - profit organization that relies on public and private funding, donations and grants to operate the R3bi Incubator program and facility; and, WHEREAS, the City is authorized by TEX. Loc. Gov'T CODE §380.001 et seq. to provide economic development grants to promote local economic development and to stimulate business and commercial activity in the City of Paris; and WHEREAS, the City has determined that making an economic development grant to the Red River Regional Business Incubator in accordance with the terms and conditions set forth in this Agreement will further the objectives of the City, will benefit the City and its citizens and will promote local economic development and stimulate business and commercial activity in the City. NOW THEREFORE, in consideration of the foregoing and the premises, mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, hereby covenant and agree as follows: Article I Definitions For purposes of this Agreement, each of the following terms shall have the meaning set forth herein unless the context clearly indicates otherwise: "Company" shall mean Red River Region Business Incubator ( "R3bi ") Page 1 of 7