1999-025-PARIS PANDA POWER, REINVESTMENT ZONE 1998-I

Home Browse Search

subsequent to such thirty (30) day period if corrective action is instituted by the OWNER prior to or within such sixty (60) day period. If the default has not been corrected within the time frame specified above, this AGREEMENT may be modified by written agreement between CITY and OWNER or terminated by the CITY. Notice shall be in accordance with paragraph 13.3. As liquidated damages in the event of default, all taxes which otherwise would have been paid to the CITY without the benefit of abatement, together with interest to be charged at tlle statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of Texas, with all penalties permitted by the Property Redevelopment and Tax Abatement Act and the Property Tax Code of the State of Texas, will become a debt to the CITY and shall be due, owing, and paid to the ,CITY within sixty (60) days of the expiration of the above-mentioned applicable cure period as the sole remedy of the CITY subject to any and all lawful offsets, settlements, deductions, or credits to which OWNER may be entitled. In other words, pursuant to such liquidated damages, the parties agree that the CITY shall have the right to recapture property tax revenue lost as a result of this AGREEMENT if the OWNER fails to make the IMPROVEMENTS or repairs as provided hereby. The parties acknowledge that actual damages in the event of default and termination would be speculative and difficult to determine, VII. Tax Abatement 7.1. It is understood and agreed between the parties that the PROPERTY, also known as Reinvestment Zone Number 1998-1, shall be appraised at market value prior to the construction and installation of the IMPROVEMENTS for the purposes of property tax assessment effective January 1, 1999, and continued at market value without said IMPROVEMENTS until the expiration of this AGREEMENT. The CITY, acting under and pursuant to the said Texas Property Redevelopment and Tax Abatement Act, hereby covenants and agrees to abate: (a) all CITY real property taxes that would otherwise be payable with respect to the IMPROVEMENTS, and (b) all CITY personal property taxes that would otherwise be payable with respect to all personal property, save and except inventory and supplies, that is brought onto the PROPERTY described in Exhibits A and B as a part of the improvement project herein described, for a period of seven (7) years, beginning January 1, 1999, and ending December 31,2005, as herein provided. TAX ABATEMENT AGREEMENT - Page 4