2017-033 - Kimberly-Clark Tax Abatement

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WHEREAS, the Property, as hereinafter defined, and the Project and Improvements to be made as described herein are situated within the Reinvestment Zone described or referred to in the Ordinance; and WHEREAS, the contemplated use of the Property, and the Improvements to be installed therein in the amounts set forth in this Agreement, and the other terms hereof are consistent with encouraging development of said Reinvestment Zone in accordance with the purposes for which it was created and are in compliance with the City's policy of tax abatement incentives and the ordinance creating such Reinvestment Zone adopted by the City and all applicable laws; NOW, THEREFORE, pursuant to Chapter 312 of the Texas Tax Code and the Guidelines and Criteria for Tax Abatement adopted in Resolution No. 2016-08, the parties hereto do mutually contract and agree as follows: I. Term 1.1 The effective date of this Agreement is the 25th day of September, 2017, with tax abatement being effective from and after January 1, 2019, and terminating on December 31, 2028 (an abatement period of ten (10) years (the "Abatement Period")). Said Abatement Period will terminate on December 31, 2028, regardless of when Owner completes the Improvements described in Sections II and III herein below. II. The "Property" Area to be Improved 2.1 The Improvements defined in paragraph III below and made the subject of this Agreement shall be located within that portion of the buildings (herein called the "Property") located at the Paris, Texas Plant (the "Plant") owned by the Owner and described in Exhibit A, attached hereto and Incorporated herein by reference, which Property is within the Reinvestment Zone and the Enterprise Zone. III. Consideration: Improvements 3.1 The Owner's current facilities consist of land, buildings, and other structural improvements at the Owner's Plant described in Exhibit B, attached hereto and incorporated herein by reference. The Owner shall make improvements and replacements (herein called the "Improvements") to the equipment within the Property in the locations shown on Exhibit A. The Owner's Plant in Paris, Texas is part of its Personal Care Division and manufactures disposable diapers, training and youth pants and swim pants. Over a period of five years beginning in 2018, Owner has determined to invest approximately $121,000,000.00 to significantly enhance its machinery and equipment at its Plant located at Loop 286 SW and FM 137 in Paris, Lamar County, K