2018-024 Master Economic Development Agreement between the City, PEDC and American Spiralweld Pipe

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action, unless caused by acts or omissions of American, fires, explosions, accidents, floods, and labor disputes or strikes. "FTE" or "FTE Position" shall mean one or more persons performing the equivalent work of one permanent, full-time (at least 32 hours per week), benefit -eligible employee working for American at the Facility. An FTE Position does not include positions filled by temporary employees, or positions filled by employees of employment agencies or services. "Master Agreement" shall mean this Master Economic Development Agreement in its entirety and in its component parts as set forth herein. "Performance Agreement" shall mean the agreement between American and PEDC set forth herein as Article III and entered into pursuant to TEX. Loc. GOVT CODE CHAPS. 501 AND 504 relating to a transfer of land and funds from PEDC to American, American's duties and obligations associated therewith, and other agreements between PEDC and American. "The Property" shall mean each of the tracts of land conveyed to American by the City or PEDC pursuant to the terms herein (whether such conveyance occurs simultaneously with the execution of this Master Agreement or thereafter pursuant to the terms herein) for the purposes of the construction and operation of a spiral weld pipe mill. Said Property is located on Northwest Loop 286 and is more particularly described in the diagrams attached hereto as Exhibit B and incorporated by reference as if fully set forth herein. "Tax Abatement Agreement" shall mean an agreement authorized by TEX. TAX CODE CHAP. 312 between the City and American and attached hereto as Exhibit C and incorporated by reference as if fully set forth herein. Article III—Performance Agreement between PEDC and American The PEDC and American enter into the following Performance Agreement pursuant to the Texas Economic Development Act, TEX. Loc. GOVT CODE CHAPTERS 501 AND 504, and agree as follows: 3.1 Term The term of this Agreement shall begin on the Effective Date and shall continue until the Expiration Date, unless sooner terminated as provided herein. 3.2 Recitals Regarding the Investment A. As consideration for the grants of land and funds made herein by PEDC, American will construct and operate a state of the art spiral weld steel pipe plant (the "Facility") to service large diameter water transmission projects in 3230089100 5