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the South Central United States. The plant when completed will contain <br />approximately 250,000 square feet under roof. The process requires <br />substantial land dedicated to pipe laydown or storage prior to shipment. Flat <br />rolled steel coil will be shipped into the plant and converted to steel pipe. At <br />this time, American envisions the majority of the finished product will be <br />shipped within a 250 to 500 mile radius of the plant. <br />B. American will construct the Facility in stages. The first stage of the Facility <br />construction is the subject of this Performance Agreement and will include <br />the land, production facility, office building, and equipment to manufacture <br />steel pipe on a single shift operation. This first stage will require a minimum <br />investment of $72,000,000.00, with an estimated total investment on the <br />Property of over $91,000,000.00. <br />C. Future stages may include ramping up capacity with the addition of a second <br />manufacturing shift and the addition of a building for the fabrication of large <br />diameter pipe fittings and appurtenances. <br />D. The process is considered heavy industrial and which typically includes <br />professional managers, equipment operators, certified welders, quality <br />control, mobile equipment operators and skilled maintenance crafts. <br />3.3 Land Grant <br />A. Within five (5) business days of notice from American, PEDC shall convey to <br />American fee simple title to the approximately 88 acres of land located on <br />Northwest Loop 286, Paris, Texas 75460, which land is more particularly <br />described by metes and bounds in the legal description attached as Exhibit A <br />(the "First Phase Property"). In connection with the conveyance, PEDC shall <br />deliver to American a duly executed and acknowledged Warranty Deed <br />conveying the First Phase Property to American. <br />B. The Parties agree that the Property comprises three "Phases:" (1) the "First <br />Phase Property" or greenfield land; (2) the "Second Phase Property," land <br />that is environmentally compromised and/or has developmental limitations <br />and is more fully described on Exhibit B hereto; and (3) the "Third Phase <br />Property," which contains wetlands, and is more fully described on Exhibit B <br />hereto. PEDC shall be financially responsible for having the Property cleaned <br />and/or permitted in accordance with the Environmental Remediation <br />Requirements. <br />32300891x10 6 <br />