2017-021 - Addendum to Tax Abatement Agreement with JS Baking, LLC

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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 PROPERTY described herein shall continue to be abated at 100% of their assessed value for each year of the ten (10) year term of this AGREEMENT over and above the value of the PROPERTY appraised as of January 1, 2013, as adjusted by the result of any protest proceeding brought by OWNER, if any. This tax abatement shall be implemented and enforced in accordance with all applicable state and local laws and 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, Buildings and tangible Personal Property, if any, as of January 1, 2013. The tax abatement which is the subject of this AGREEMENT shall extend for a period of time beginning on January 1, 2014, and terminating on December 31, 2023. 7.2 The abatement granted herein shall be subject to and governed by the POLICY STATEMENT CRITERIA AND GUIDELINES for TAX ABATEMENT, 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. 5