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

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XI. Initial and Annual Reporting 11.1 The OWNER further agrees that it will, immediately upon completion of the IMPROVEMENTS, provide CITY with a sworn report which contains the followipg information: (a) Copy of the appraisal showing the market value without the IMPROVEMENTS as required in paragraph 7.1; (b) Detailed pescription of IMPROVEMENTS; (c) Description of any miscellaneous items of office and plant equipment; (d) Identification of plans and specifications of constructed IMPROVEMENTS and the location of the same for inspection by CITY's certification team; (e) Actual cost of added machinery and equipment; (f) Actual cost of capital IMPROVEMENTS; and, (g) Date of substantial completion of the IMPROVEMENTS as defined in paragraph 3.1 hereof. 11.2 The OWNER further agrees that it will provide CITY with an annual, sworn report which contains the following information: (a) the name of original hiree in the newly created job, date of hire, and place of residence of the hiree, and (b) statement as to whether or not the thirty (30) new, permanent jobs are still in existence and filled, and (c) the name of current employee in the newly created job, date of hire, and place ofresidence of the hiree. Additionally, OWNER shall certify, in writing, that it is in compliance with each applicable term of this AGREEMENT. XII. Authority to Contract 12.1. This AGREEMENT was authorized by resolution of the City Council at its regularly scheduled meeting on the 8th day of June, 1998, and was re-authorized by resolution of the City Council at its special meeting on the 18th day of February, 1999, authorizing the Mayor to execute said AGREEMENT on behalf of the CITY. 12.2. This AGREEMENT was entered into by Panda Paris Power, L.P., pursuant to authority granted to the authorized official whose signature appears below. TAX ABATEMENT AGREEMENT - Page 6