13 - TAX ABATEMENT AGREEMENT FOR POTTERS INDUSTRIES, LLC

Home Browse Search

IMPROVEMENTS over the value in the year in which this AGREEMENT is executed, other than inventory and supplies, not previously located on the property in accordance with the terms of this AGREEMENT and all applicable state and local regulations or valid waiver thereof, provided that the OWNER shall have the right to protest or contest any assessment of the PROPERTY and said abatement shall be applied to the amount of taxes finally determined to be due as a result of any such protest or contest. For the purposes of this AGREEMENT, the initial value of the existing property of the OWNER that is not subject to tax abatement is the appraised value of the land, existing buildings and existing tangible personal property located upon the PROPERTY as of January 1, 2016, said amount being $4,660,850.00 (Base Year Value), the same consisting of $2,279,850.00 for Land and Buildings, and $2,381,000.00 for tangible personal property, with $17,700,000.00 of the existing tangible personal property consisting of property already abated through December 31, 2023 through a tax abatement agreement between CITY and OWNER dated June 24, 2013. The Abatement Period which is the subject of this AGREEMENT shall begin on January 1, 2017 and shall end on December 31, 2026 as set forth hereinabove in Section I. 7.2 The abatement granted herein shall be subject to and governed by the GUIDELINES, a copy of which is attached hereto as Exhibit D. OWNER shall comply with the requirements of Exhibit D in the performance of this AGREEMENT, save and except that, in the event of a conflict between the requirements of Exhibit D and this AGREEMENT, this AGREEMENT shall control. VIII. No Conflict of Interest 8.1 The OWNER represents and warrants that neither the PROPERTY nor the IMPROVEMENTS include any real or personal property that is owned or leased by a member of the Planning and Zoning Commission of the City of Paris, nor by a member of the City Council approving, or having responsibility for the approval of, this AGREEMENT. IX. Conditions 9.1 The terms and conditions of this AGREEMENT are binding upon the parties hereto and their successors and assigns. 9.2 It is understood and agreed between the parties that the OWNER, in performing its obligations hereunder, is acting independently, and the CITY assumes no responsibility or liability in connection therewith to third parties; and OWNER agrees to indemnify and hold harmless the CITY therefrom. It is further understood and agreed among the parties that the CITY, in performing its obligations hereunder, is acting independently, and the OWNER assumes no responsibility or liability in connection therewith to third parties and, to the extent permissible by law, the CITY agrees to indemnify and hold harmless the OWNER therefrom.