1990-063-RES WHEREAS, the City Council of the City of Paris has been presented a proposed agreement by and between

Home Browse Search

valorem taxes; or (c) OWNER breaches any of the terms and conditions of this AGREEMENT, then this AGREEMENt, shall be in default. In the event the OWNER defaults in its performance of either (a), or (b) or (c) above, then the CITY shall give the OWNER written notice of such default and if the OWNER has not cured such default with thirty (30) days of said written notice, or, if such default cannot be cured by the payment of money and cannot with due diligence be cured within a 90-day period due to cause beyond the control of the OWNER, this AGREEMENT may be terminated by the CITY, Notice shal1 be in accordance with paragraph 13,3. As liquidated damages in the event of default, all taxes which otherwise would have been paid to the CITY without the benefit of abatement, together with interest to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of Texas, with all penalties permitted by the Property Redevelopment and Tax Abatement Act and the Property Tax Code of the State of Texas, will become a debt to the CITY and shall be due, owing and paid to the CITY within sixty (60) days of the expiration of the above mentioned applicable cure period as the sole remedy of the CITY subject to any and all lawful offsets, settlements, deductions, or credits to which OWNER may be entitled. The parties acknowledge that actual damages in the event of default and termination would be speculative and difficult to determine. Vll, Tax Abatement 7.1. It is understood and agreed among the parties that the PROPERTY, also known as Tax Reinvestment Zone Number Two, shall be appraised at market value prior to the construction and installation of the IMPROVEMENTS for the purposes of property tax assessment effective January 1, 1991, and continued at market value without said IMPROVEMENTS until the expiration of this AGREEMENT, The CITY, acting under and pursuant to the said Texas Property Redevelopment and Tax Abatement Act, hereby covenants and agrees to abate, (a) all CITY real property taxes that would other wise be payable with respect to the IMPROVEMENTS, and (b) All CITY personal property taxes that would otherwise be payable with respect to all personal property, save and except inventory and supplies, that is brought onto the PROPERTY descr i bed in Exh ib i t "A" and "B" as a par t of the improvement project herein described, for a primary period of five (5) years beginning January 1, 1991, with an option to extend said period for an additional two (2) years beginning January 1, 1996, as hereinafter provided. -4-