2015-027 - Approving a Tax Abatement Agreement with Paris Lakes Medical Center, LLC

Home Browse Search

THE STATE OF TEXAS ) COUNTY OF LAMAR ) TAX ABATEMENT AGREEMENT This Agreement is entered into by and between the CITY OF PARIS, TEXAS, a municipal corporation, situated in Lamar County, Texas, acting by and through its authorized officer whose signature appears below (hereinafter called "CITY "), and PARIS LAKES MEDICAL CENTER LLC, a Texas limited liability company, acting by and through its Managing Member whose signature appears below (hereinafter referred to as "Owner "). WITNESSETH: WHEREAS, on December 8, 2014, following notice and a public hearing, the City Council of the City of Paris, Texas enacted Ordinance No. 2014 -029 creating Reinvestment Zone No. 2014 -1 on an approximately 40 acres of land inside the city limits of the City of Paris, Texas as further described in a copy of said Ordinance attached hereto and incorporated herein as Exhibit A in accordance with Chapter 312 of the Texas Tax Code; and WHEREAS, on May 11, 2015, the City Council of the City of Paris, Texas approved Resolution No. 2015 -023 reaffirming the City's intent to be eligible to participate in tax abatement Agreements in order to maintain and enhance the commercial and industrial economic and employment base of the Paris area for the long term interest and benefit of the City and its citizens; and, WHEREAS, through Resolution No. 2015 -023, the City Council also approved and adopted new Guidelines and Criteria for commercial and industrial Tax Abatement in the City of Paris, Texas as required by the Property Redevelopment and Tax Abatement Act, Chapter 312, Texas Tax Code; and WHEREAS, Paris Lakes Medical Center, LLC, a Texas Limited Liability Company ( "PLMC "), is the Owner of the 40 acres included in Reinvestment Zone 2014 -1 and PLMC intends to develop a minimum 64 -bed acute care hospital and four medical office buildings on the Property as shown on concept drawing attached hereto and incorporated herein as Exhibit B (hereinafter "Improvements "); and WHEREAS, the Improvements to be constructed by Owner in Reinvestment Zone No. 2014 -1, in the capital amounts referenced in this Agreement and upon the Property (the Improvements and the Property together herein called the "Project ") and the other terms hereof are consistent with encouraging development of said Reinvestment Zone in accordance with the purposes for which it was created and are in compliance with the City's policy on tax abatement incentives and the ordinance creating such Reinvestment Zone adopted by the City and all applicable laws; and 1 EXHIBIT .[L