2005-088-RES APPROVING TAX ABATEMENT AGREEMENT WITH TURNER INDUSTRIS GROUP

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of the AGREEMENT, and OWNER shall provide evidence as to the creation of the ten (10) new, permanent, full time jobs described in this AGREEMENT. All inspections will be made only after giving the OWNER notice at least seventy-two (72) hours in advance, and such inspections shall be . conducted in such a manner so as not to interfere with the operation of the facility, Representatives of the CITY inspecting the PROPERTY and improvements shall be accompanied by one (I) or more representatives of the OWNER and shall sign an agreement promising to maintain the confidentiality of any information they obtain in connection therewith except for the purposes of assessing and collecting ad valorem taxes and verifying or enforcing compliance with this AGREEMENT, Said representative shall also be required to observe any facility rule and regulation applicable to the PROPERTY. Nothing herein shall be construed as limiting the CITY's ability to perform inspections or to enter the PROPERTY the subject of this AGREEMENT. XI. Initial and Annual Reporting 11.1 The OWNER further agrees that it will, within thirty (30) days of completion of the IMPROVEMENTS, provide CITY with a sworn report, written on company letterhead and signed by a designated representative of OWNER, which contains the following information: (a) Copy of the printout from the Lamar County Appraisal District showing the market value of the PROPERTY prior to the construction of the IMPROVEMENTS; (b) Detailed description ofIMPROVEMENTS; (c) Detailed description of any miscellaneous items of office equipment and the actual cost of such added office equipment; (d) Copy of or identification of plans and specifications of constructed improvements and the location of the same for inspection by CITY's certification team; (e) Detailed list of and 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 ten (10) new, permanent, full time jobs are still in existence and filled, and (c) the name of the current employee in the newly created job, date of hire, and place of residence of the hiree, Additionally, OWNER shall certify, in writing, that it is in compliance with each applicable term of this AGREEMENT, Such annual report shall be fumished on the forms provided by the City and TAX ABATEMENT AGREEMENT - Page 6