15 - Agreement to terminate a tax abatement with T& K Machine, Inc. (Aequs Aero Machine, Inc)

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Paris, Texas EcOuOtniv Development Corporation POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT Abatement Agreement Terms and Coladitions Afte'r WrOval, the CitY Shull fOMW r an order Or res Ir q.Td I"t, �—Jj ", F511o.,45RAF-Till.vol Emynl I ...... Description The following projw-t specifics will k inef .......... .. . ........ . . ............ I The base year value. 2- Percent of increased value to be abated each year. 3. 7be com-encement date and the termination date ofabatement. 4. A -mount Of investment and average number Ofjobs involved during the term of the 8grWnenL 5. IMP. pmpowd use Of the authorized facility, rmture of construction, time schedule, plat mpetty description, and 11WOVenient list, as provided in the applicaflon, 6 A ]left ofthe kind, uumber� locetior, and coots of all propmd improvements of the property. 7. A statement Ihniting the uses Of the Property Ponsistent with the general purpose of encouraging development or redgvelopment of the reinvestment zone during the period that property tax abetment is in affact. B. That WMIS to the Pytect is provided to allow for the inspection by City Inspecton and officials in order to ensure that the improvements or MPalm am in&& according to the Speccations and conditions of the %neingnt 9. rilat property t" revenue lost as dLresult of the tax Abatement Wtftmc#t will be recaptured by the, City Ifthe owner of the property fails to make the irnproverneuts or repairs as provided Vy tie agreement, 10. Bub term agmd to by the owner of the prop". requirement that the owner ofthe properly shall Certify W=zlly to the City tbar the owner in compliance with each applicable term afthe agreemeryL is 12. Conbutual obligations in the event of depiult; vjohflori ofterms or condi6ons, dplinquent tBxe% recaptum adroinistation and assignment, or other provisions that may be required by state law, or in the arrerion of the City Council. 13. 11W the City may camel or modify thr agreginern if (he property ownetr fails 10 emply with the &urt-"r,,t.t . ....... ..... I — -- .�' Y dd-- It 12c C4etermines: that the Person Or entity reaCivin g an abdembnt is in efoult Re mg to the terms and conditions of its Rgrement. the City shall no* the pompqny or h4vidW a wriflng at the address stated ln the agreement and ifMA default is not rated within a reasonable time $PecW1Cd in str-h n0licP ("Cure period"), then the egrftment may be modified Or te=inated without further notice, 11) the event the company or Individual allows its ad valorein taxes owed to the City to become delhquent and "s to timety and properly fbilow the legal procMures for their prolat andfor contes; or violates any Of the terms and conditiODS ofthe ag;rement and Wls to cure dwitig the cure period, the Sgresmentthm May be moded or terininated without firther notice, I/ agreement may provide a fbMull for mcapture of all or pad of the tan &baW. At any fte belbre the eViration, any teit gb=nept agrement may be terminated by r 00rtsellt of all parties Involved in do nutull 'some niariner thw the to a taking unit in appikation or i4 i(W of Proprietary abaterneot under these Guidelines and Marla and that describes the sperific processes or busine,ss Wormation tif: be conducted or the equipment or ollm Property to f ori the prop" for which tax abstenulnt is $ought is coffideivia] and not subject to public disclosure Una] the agreemc;rt is executed. f8uch infixuiation in the Custody Of the City after the agymment is vod not ecuteIs . ......... e! The� ... .. ...... ... ... . .. . Stemployeasen ordesigoatedrepresentativesof" t t4 inswa a