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<br />and the ordinance creating such reinvestment zone adopted by <br />the CITY and all applicable laws; NOW THEREFORE, the Parties <br />hereto do mutually contract and agree as follows: <br /> <br />I. <br />Term <br /> <br />1.1. The term of this AGREEMENT shall begin on the May <br />17, 1993, with, as hereinafter provided, tax abatement <br />granted herein beginning with the tax year beginning January <br />1, 1994, and expiring on December 31, 1998, subject to the <br />option to extend hereinafter described. <br /> <br />II. <br />Area to be Improved <br /> <br />2.1. The property to be the subject of this agreement <br />shall be that property as described by metes and bounds and <br />depicted on the plat attached hereto as Exhibit A, which is <br />made a part hereof and shall be hereinafter referred to as <br />PROPERTY. <br /> <br />III. <br />Improvements <br /> <br />3.1. CAMPBELL shall make improvements to the PROPERTY <br />as follows: Expansion of existing building to include an <br />additional 67,760 square feet to be constructed upon the <br />herein described PROPERTY which will house the state of the <br />art two-piece can manufacturing equipment which will replace <br />the existing three-piece can manufacturing equipment for the <br />standard 211 x 400, No. 1 size can, all of which will be <br />particularly described in CITY'S Certificate of Completion <br />prepared after the completion and installation of the <br />improvements and machinery herein descr ibed which shall be <br />furnished to and filed with the Chief Appraiser of Lamar <br />County and the Tax Assessor and Collector of the City of <br />Paris. Said Certificate shall be duly executed by the Mayor <br />of the City of Paris. The improvements described in this <br />paragraph shall be hereinafter referred to as IMPROVEMENTS. <br />The IMPROVEMENTS will be at a cost in excess of $19,032,000, <br />and shall be substantially completed on or about January 1, <br />1995; provided, that CAMPBELL shall have such additional time <br />to complete the IMPROVEMENTS as may be required in the event <br />of "force majeure" if CAMPBELL is diligently and faithfully <br />p,ursuing completion of the IMPROVEMENTS. For this purpose, <br />'force majeure" shall mean any contingency or cause beyond <br />the reasonable control of CAMPBELL includ ing, wi thout <br />limitation, acts of God, or the public enemy, any natural <br /> <br />TAX ABATEMENT AGREEMENT - Page 2 <br />