23 - Tax Abatement Agreement for Lionshead Speciality Tire & Wheel

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-i,TATE OF TEXAS ,, COUNTYOF LAMAR, CITY OF PARIS, The City of Paris, Texas has executed and delivered a Tax Abatement Agreement (the "Agreement") dated October 23, 2017, with LIONSHEAD SPECIALTY TIRE & WHEEL, LLC, for certain improvements and other equipment (the "Improvements") to be installed on property plant located in Paris, Lamar County, Texas, said Improvements described in Exhibit A attached hereto, which property is located within an Enterprise Zone established by the United States Census in 2010. Based on information provided by Company and verified by the City, the City of Paris herein verifies that the Improvements agreed to be built, installed and used in the calendar year 2020 have in fact been completed as provided for in the Agreement and that the Company has complied with all other terms of the Agreement including those related to employment levels. NOW, THEREFORE, the City of Paris authorizes that the property described in Exhibit A attached hereto shall receive a tax abatement during each year through the end of the term the Tax Abatement Agreement equal to 100% in years 2021 and 2022; 75% in years 2023 and 2024; 50% in years 2025 and 2026; and 25% in the year 2027, of the taxes assessed upon the increased value of the real and personal property of the Company located in Paris, Texas, over the value at which the property was last appraised on January 1, 2020, which is the year in which the Tax Abatement Agreement was executed, as recited in the Agreement. The tax abatement will extend for a duration of seven (7) years, with the tax abatement beginning January 1, 2021, and ending December 31, 2027. APPROVED this y _.._. Mayor Janice Ellis, City Clerk.mmmmmmmm..........mm,