09-JS Baking LLC Tax Abatement Amendment

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installation of the IMPROVEMENTS. For this purpose, 'force majeure" shall mean any contingency or cause beyond the reasonable control of OWNER including, without limitation, acts of God, or the public enemy, any natural disaster, war, riot, civil commotion, insurrection. governmental or do facto governmental action, unless caused by acts or omissions of OWNER, fires, explosions, accidents, floods, and labor disputes or strikes. The date of completion of the IMPROVEMENTS shall be reflected in the Certificate of Completion issued by the City of Paris, Texas, referred to above. B. Section V, "Consideration (Jobs)" is hereby amended in its entirety to read as follows: V. Consideration (Jobs) 5.1 OWNER agrees that it will employ full -time employees to operate the new lines of production described above to be conducted at the PROPERTY, provided, however, that the number of employees projected below may vary one way or another by a few employees as this PROJECT proceeds to be implemented. OWNER will employ a 117 total full -time employees to work at the PROPERTY by the end of the year 2013; will employ 93 total full -time employees to work at the PROPERTY by the end of the year 2014; and will employ 116 total full -time employees by the end of the year 2015. The number of employees shall then increase to 171 full -time employees by the end of the year, 2017. 5.2 OWNER agrees maintain a minimum of 171 full -time employees at the PROPERTY from the end of calendar year 2017 through the end of this Tax Abatement Agreement (December 31, 2023) and thereafter to retain sufficient employment levels to efficiently operate and support its plant operations going forward. C. Section VII, "Real and Personal Property Tax Abatement," is hereby amended in its entirety to read as follows: VII. Real and Personal Property Tax Abatement 7.1 Subject to the terms and conditions of this AGREEMENT, and subject to the rights and holders of any outstanding bonds of the CITY, a portion of the ad valorem property taxes assessed upon the IMPROVEMENTS and otherwise owed to the CITY shall be abated as is stated in this Section. Said abatement shall be an amount equal to one hundred percent (100 %) of the taxes assessed upon the completed value of the IMPROVEMENTS, as they are completed from year to year during the term of this tax abatement, minus the value of the PROPERTY appraised as of January 1, 2013 (which is the value for the year in which this AGREEMENT is executed), but subject, however, to OWNER'S rights to protest such value and cause it to be adjusted as is provided for under the applicable laws of the State of Texas. The ad valorem taxes assessed against the IMPROVEMENTS described herein shall continue to be abated at one hundred percent (100 %) of their assessed value for each year from 2014- 2017 (years 1 -7) of the abatement period in this AGREEMENT over and above the value of