17-N - Sesaco Amendment One - Laserfiche WebLink

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AGENDA INFORMATION SHEET PROJECT: A resolution approving and authorizing an Amendment No. One to the Tax Abatement Agreement between the City of Paris and Sesaco Corporation dated March 12, 2001. BACKGROUND: On March 12, 2001, the City of Paris authorized a Tax Abatement Agreement with Sesaco Corporation for the expansion of its existing facilities located in Paris, Texas. In accordance with the terms of said Agreement, Sesaco was to complete such expansion, costing in excess of $820,400.00, by no later than July 10, 2001, which is the date provided to the City as the date upon which Sesaco believed its expansion could be completed. Shortly after signing the Agreement, Sesaco verbally requested the City to extend its completion deadline. Such verbal request was subsequently followed with a written request specifying a new completion date, same being October 1, 2001. DESCRIPTION: The attached resolution would extend the completion deadline for expansion of the existing Sesaco facilities from July 10, 2001, to October 1, 2001. All other terms of the tax abatement agreement, including the length of the abatement, same being seven (7) years, will continue in effect as originally approved. RECOMMENDED ACTION: Consideration and approval of the resolution and proposed amendment extending the completion deadline for expansion of the existing Sesaco facilities to October 1, 2001. STAFF CONTACT: Larry W. Schenk, City Attorney COST: There is no cost incurred by the City in granting this extension. SCHEDULE: Granting of this extension will now require Sesaco Corporation to complete its expansion by no later than October 1, 2001. COUNCII, DATE: Consider for approval at City Council's Monday, June 11, 2001, regular Council meeting. ADDITIONAL MATERIALS: See enclosed draft resolution and proposed Amendment Number One, along with a copy of the letter from Sesaco Corporation requesting the extension of the deadline to complete its expansion.