2020-006 - Approving And Authorizing A Tax Abatement Agreement With Lionshead Specialty Tire & Wheel, LLC.

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inspect the Property to insure that it is thereafter maintained and operated in accordance with the Agreement during the term of the Agreement. All inspections will be made only after giving the Owner written notice at least seventy-two (72) hours in advance, and such inspections shall be conducted in such a manner so as not to interfere with the operation of the facility. Representatives of the City inspecting the Property and Improvements shall be accompanied and by one (1) or more representatives of the Owner and shall sign an Agreement promising to maintain the confidentiality of any information they obtain in connection therewith except for the purposes of assessing and collecting ad valorem taxes and verifying or enforcing compliance with this Agreement, or as otherwise required by law. Said representative shall also be required to observe any facility rule and regulation applicable to the Property. Nothing herein shall be construed as limiting the City's ability to perform inspections or to enter the Property the subject of this Agreement. X. Reporting Requirements 10.1 Initial or: The Owner further agrees that it will, by April 15, 2020, provide the City with a sworn report, written on Owner's letterhead and signed by a designated representative of Owner, which contains the following information relating to the improvements completed in the year 2020: (a) A copy of the printout from the Lamar County Appraisal District showing the market value of the Property as of January 1, 2018, prior to the construction of the Improvements; (b) Detailed description of the Improvements; (c) A detailed description of any miscellaneous items of office equipment and the actual cost of such added office equipment; (d) A copy of or identification of plans and specifications of constructed improvements and the location of the same for inspection by City's certification team; (e) A detailed list of and the actual cost of added machinery and equipment; (f) The actual cost of capital Improvements; and, (g) The date of substantial completion of the Improvements as defined in paragraph 3.1 hereof. 10.2 Annual Re ort on Comnliance for Each Year of the Abatement Period: In addition to the report required in Paragraph 10.1 hereinabove, Owner further agrees that by A '1 -thi of each year of this Agreement beginning in the year 2021, it will provide the City with an annual sworn report which shall certify, in writing, that it is in compliance with each applicable term of this Agreement. Such annual report shall be furnished in the form attached hereto as Exhibit 5 and incorporated herein by reference and shall reflect the prior fiscal year. Owner shall attach thereto copies of the employer 0