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<br />"5.2 OWNER agrees that, during that portion of the term of this <br />AGREEMENT occurring subsequent to January 1, 1992, and ending December <br />31, 1997, it will not reduce below twenty (20) the number of such new, <br />permanent jobs so created." <br /> <br />VII. Tax Abatement <br /> <br />"7.1 It is understood and agreed among the parties that the PROPERTY, <br />also known as Tax Reinvestment Zone Number Two, shall be appraised at market <br />value prior to the construction and installation of the IMPROVEMENTS for the <br />purposes of property tax assessment effective January 1, 1991, and continued at <br />market value without said IMPROVEMENTS until the expiration of this <br />AGREEMENT. The CITY, acting under and pursuant to the said Texas Property <br />Redevelopment and Tax Abatement Act, hereby covenants and agrees to abate, <br /> <br />(a) all CITY real property taxes that would otherwise be payable with <br />respect to the IMPROVEMENTS, and <br /> <br />(b) all CITY personal property taxes that would otherwise be payable <br />with respect to all personal property, save and except inventory and <br />supplies, that is brought onto the PROPERTY described in Exhibits" A " <br />and "B" as a part of the improvement project herein described, <br /> <br />for a period of seven years, beginning January I, 1991, and ending December 31, <br />1997." <br /> <br />Executed on the 12th day of June, 1995. <br /> <br />CITY OF PARIS <br /> <br />By: <br /> <br />i <br /> <br />Eric S. Clifford, Mayor <br /> <br />ATTEST: <br /> <br />Mattie Cunningham, City Clerk <br /> <br />APPROVED AS TO FORM: <br /> <br />T. K. Haynes, City Attorney <br /> <br />~~U'st Amendment to Tax Abatement Al!I'eement - page 2 <br /> <br />\ ' <br />I <br />