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DRAFT RESOLUTION NO. A RESOLUTION OF ~ CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, APPROVING AND AUTHORIZING ~ CITY MANAGER TO EXECUTE AND ~ CITY CL~RK TO ATTEST TO AN EXTENSION OF CONTRACT OF PURCHASE BY AND BETWEEN ~ CITY OF PARIS AND OTi~.R TAXING ENTITIES AND THE. PARIS IHSTORICAL ASSOCIATION, L.L.C., TO PROVIDE A NINETY (90) DAY EXTENSION TO THE. ORIGINAL CONTRACT FOR PURCHASE OF ~ PARIS GRAND THRATER; M~K~i'G OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris, Paris, Texas, approved and adopted Resolution No. 2002-198 on December 23, 2002, accepting a proposal for the purchase of the Paris Grand Theater and authorizing the City Manager to negotiate and execute a Purchase Contract in a form approved by the City Attorney; and, WHEREAS, as a consequence of said authorization, the City Manager of the City of Paris, along with other appropriate officials of other affected taxing entities, the same being the Paris Independent School District, Lamar County, Texas, and Paris .Junior College, as Sellers of said property, entered into a Contract of Purchase, hereinafter referred to as the "Original Contract", with the Paris Historical Association, L.L.C., as Purchaser, for the sale of the Paris Grand Theater; and, WHE~REAS, Section 3e of the aforesaid Original Agreement extended the Purchaser the opportunity to conduct due diligence and complete inspections on the aforesaid property for a period of time referred to therein as the Inspection Period, ending March 14, 2003; and, WHEREAS, contingent on said Inspection Period, the aforesaid Original Agreement likewise provided at Section 6a for a closing date of April 1, 2003; and, WHEREAS, the Purchaser has provided information sufficient to the City Council of the City of Paris to justify the grant of an extension of ninety (90) days for completion of the due diligence and inspection process and the subsequent closing on the property; and, WHEREAS, the Purchaser has likewise proposed as additional compensation to the City of Paris and the other taxing entities that should the Purchaser be unable to complete the transaction, then the Purchaser shall provide to the City and other interested taxing entities ail due diligence reports and other materials associated with the due diligence and inspection period for future use by the City and other interested taxing authorities; and,