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

Home Browse Search

p1m The eftective date of this AGREEMENT is the 12'b day of November, 2012, with tax abatement begirining with the tax year commencinglasm . r. W 10777111 Will Cliteria for Tax Abatements in effect in the CITY. MnLitictill an 11. Area to be Improved TBEL LP, a Texas limited partnership CTaylor"') is the Owner of the real property (the "Land") upon which the IMPROVENIENTS are situated. Taylor, as landlord, has leased the land under the provisions of a long-term lease of 5 Yms (such lease terminating in the year, 2017), to T & K MACHINE, INC., as tenant (defined above as the OWNER for purposes- of convenience in documenting this AGREEMENT). The Land is described in E _A�b attached hereto and made a part hereof for all purposes, Under the terms of the lease OWNER is and has been in possession of the Land and OWNS 0 buildings and other improvements on the Land, and will continue to do so during and exceeding the tenn of this AGREEMENT, unless otherwise agreed to by all parties. OWNER is the party conducting the business on s-ach ALI MIM, Mail I W COT No 11 h O&W MO4 Fri '1{ -11 on '1*1 T machined to be supplied to the aerospace industry. OWNER'S existing facility at the time of exeoution of this AGREEMENT consists of a 27,000 squ= foot group of buildings composed of 15,000 square fed of production is and 12,000 square feet of office and support space. OWNER will over the first five (5) years of the term of this AaREEMENT purchase and install eight (8) uew machining centers at a total cost of $1,400,000.00, which will be placed within the additional 5,000 square foot building to be constructed. A possible additional seven (7) machining centers may later be purchased and placed within a contemplated second additionol building not included within this tax abatement, to be constructed on the Land. In addition, during the initial 5 -Year term of this AGREEMENT, iq