1999-024-TURNER INTERNATIONAL PIPING SYSTEMS, TAX ABATEMENT AGREEMENT

Home Browse Search

consideration of this AGREEMENT, OWNER further covenants and agrees that all construction of the IMPROVEMENTS will be in accordance with all applicable state and local laws, codes and regulations or will procure a valid waiver thereof. In further consideration, OWNER shall thereafter, from the date a Certificate of Occupancy is issued until the expiration of this AGREEMENT, continuously operate and maintain the PROPERTY as a pipe fabrication facility. V. Consideration Jobs 5.1. Not later than June 1, 2000, OWNER will create at least two hundred ninety-two (292) new, permanent jobs at the Paris Plant for work to be performed substantially either (a) at the site of the Improvements, or (b) in support of operations performed by others at the site of the IMPROVEMENTS, Such jobs to be filled with priority being given to promote among equally qualified job applicants the hiring of employees first from within the Enterprise Zone, second from within the corporate limits of the City of Paris, and third from within the County of Lamar, State of Texas, subject to the laws and regulations of the United States of America and the State of Texas and subject to any labor contracts currently in effect and any successive contracts or past practices, 5.2. OWNER agrees that, during that portion of the term of the AGREEMENT occurring subsequent to January 1, 2007, it will not reduce below two hundred ninety-two (292) the number of such new, permanent jobs so created. VI. Default 6.1. In the event that (a) the IMPROVEMENTS for which an abatement has been granted are not completed in accordance with this AGREEMENT or (b) OWNER allows its ad valorem taxes owed the CITY to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any such ad valorem taxes; or (c) OWNER breaches any of the terms and conditions of this AGREEMENT, then this AGREEMENT shall be in default, In the event the OWNER defaults in its performance of either (a), or (b) or (c) above, then the CITY shall give the OWNER written notice of such default and if the OWNER has not cured such default with thirty (30) days of said written notice, or, if such default cannot be cured by the payment of money and cannot, with due diligence, be cured within a ninety (90) day period due to cause beyond the control of the OWNER, this AGREEMENT may be modified 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 the 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 TAX ABATEMENT AGREEMENT, Page 3