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

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NOW, THEREFORE, The Parties hereto do mutually contract and agree as follows: I. Term 1.1 This Agreement shall be effective upon the date last signed by all Parties to the Agreement ( "Effective Date "), but the first year in which taxes may be abated under this Agreement is 2016. The term of this Agreement shall be for ten (10) years, provided that Owner complies with all terms and conditions in this Agreement. The Improvements to Owner's Property will be eligible for tax abatement from January 1, 2016 until December 31, 2025 as further detailed herein. II. Area to be Improved 2.1 The Project will be constructed on forty (40) acres of land owned by PLMC and located inside the boundaries of Reinvestment Zone No. 2014 -1. All of the land is located entirely within the city limits of the City of Paris, Texas, and is depicted in the Final Plat attached hereto and incorporated herein as Exhibit C. The Improvements to be constructed by the Owner creating the Project will consist of (a) a minimum 64 -bed acute care hospital, (b) four medical office buildings, and (c) all of the hospital and medical machinery, equipment, computers, furniture, fixtures, beds and infrastructure necessary to enable the Improvements described in (a) and (b) above, to be used for the purposes for which they are intended. The Improvements upon which taxes will be abated will be constructed at the locations on the land shown in the concept drawing attached hereto as Exhibit B. III. Improvements 3.1 The construction of the Improvements will require design and supervisory architectural and engineering services and construction work, and the procurement of hospital and medical machinery, equipment, computers, furniture, fixtures, beds, infrastructure and utilities (together called the "fixtures ") to open the businesses and services and to operate them for the purposes intended. Owner will build and develop a first -class acute care hospital, medical office buildings, and other related facilities on the land located inside City Reinvestment Zone No. 2014 -1 to provide hospital and other related medical services to the citizens of Paris, Lamar County, Texas. 3.2 The Improvements to be constructed as a part of this Project are described in more detail as follows: A. A for profit acute care hospital with at least 64 beds and a minimum of 170,000 square feet of finished hospital space; B. Medical Office Building No. 1 ( "MOB 1 ") with a minimum 60,000 square feet of finished space which will include: an ambulatory surgical center, radiology, 2