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DRAFT
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<br />F:kAttorney\Lisahqesolutions\CURRENT~H-W - Option Res.wpd
<br /> May 30, 2003
<br />
<br />RESOLUTION NO.
<br />
<br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS,
<br />PARIS, TEXAS, AUTHORIZING THE EXECUTION OF THE FIRST
<br />AMENDMENT TO THE TAX ABATEMENT AGREEMENT BETWEEN
<br />THE CITY OF PARIS AND H-W COMMERCIAL WAREHOUSE, INC.
<br />DATED APRIL 13, 1998, ASSIGNED TO PARIS WAREHOUSE 107, INC. ON
<br />FEBRUARY 8, 1999; MAKING OTHER FINDINGS AND PROVISIONS
<br />RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE.
<br />
<br /> WHEREAS, the City Council of the City of Paris, Paris, Texas, did heretofore, on the 13th
<br />day of April, 1998, in Resolution No. 98-046, authorize the execution, delivery, and performance of
<br />an agreement with H-W Commercial Warehouse, Inc., pursuant to the Property Redevelopment and
<br />Tax Abatement Act, V.T.C.A., Tax Code Sec. 312.001, et seq. ("Act"), and the Guidelines and
<br />Criteria for Designation of Reinvestment Zones and Tax Abatement Agreements ("Guidelines"), to
<br />exempt a portion of the value of the property owned by H-W Commercial Warehouse, Inc. located
<br />in Reinvestment Zone No. Five from ad valorem taxation upon and subject to the terms, conditions,
<br />and provisions set forth in the Tax Abatement Agreement, dated effective as of January 1, 1999
<br />("Agreement"); and,
<br />
<br /> WHEREAS, during the course of negotiations for financing, H-W Commercial Warehouse,
<br />Inc. transferred ownership of the property the subject of the abatement to Paris Warehouse 107, Inc.,
<br />which companies have common ownership, and the City Council did heretofore, on the 8th day of
<br />February, 1999, in Resolution No. 99-018, authorize the execution of the Consent of Assignment of
<br />Tax Abatement Agreement from H-W Commercial Warehouse, Inc. to Paris Warehouse 107, Inc.;
<br />and,
<br />
<br /> WHEREAS, Section VIII of said Tax Abatement Agreement provides an option for a two
<br />(2) year extension of the term of said Agreement, and Paris Warehouse 107, Inc. has certified that
<br />it is in compliance with the terms of said Agreement and has requested such extension; and,
<br />
<br /> WHEREAS, the form of the First Amendment to Tax Abatement Agreement, attached hereto
<br />as Exhibit A, should, in all things be approved, and the Mayor should be authorized to execute the
<br />same; NOW, THEREFORE,
<br />
<br /> BE IT RESOLVED BY THE COMMISSIONERS COURT OF LAMAR COUNTY,
<br />TEXAS:
<br />
<br /> Section 1. That the findings set out in the preamble to this resolution are hereby in all things
<br />approved.
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