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<br />IIV. <br /> <br />"Consideration <br />"Jobs <br /> <br />" <br /> <br />"5.2 OWNER agrees that, during that portion of the term of the <br />AGREEMENT occurring subsequent to December 31, 1993, ending December 31, <br />1999, it will not reduce below fifty (50) the number of such new, permanent jobs <br />so created." <br /> <br />"VII. <br />"Tax Abatement <br /> <br />"7.1 It is also understood and agreed among the parties that the <br />PROPERTY, also known as Reinvestment Zone Number Two-A, shall be <br />appraised at market value prior to the construction and installation of the <br />IMPROVEMENTS for the purposes of property tax assessment effective January <br />1,1993, and continued at market value without said IMPROVEMENTS until the <br />expiration of this AGREEMENT. The CITY, acting under and pursuant to the said <br />Texas Property Redevelopment and Tax Abatement Act, hereby covenants and <br />agrees to abate: <br /> <br />"(a) all CITY real property taxes that would otherwise be payable <br />with respect to the IMPROVEMENTS, and <br /> <br />"(b) all CITY personal property taxes that would otherwise be <br />payable with respect to all personal property, save and except <br />inventory and supplies, that is brought onto the PROPERTY <br />described in Exhibits A-I, A-2, and A-3, and as depicted on Exhibit <br />B, as a part of the improvement project herein described <br /> <br />"for a period of seven (7) years, beginning January I, 1993, and ending December <br />31, 1999." <br /> <br />EXECUTED on this the 8th day of December, 1997. <br /> <br />CITY OF PARIS, PARIS, TEXAS <br /> <br />By: <br /> <br />Eric S. Clifford, Mayor <br /> <br />Page 2 of 3 <br />