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<br />IV. <br /> <br />Tax Abatement <br /> <br />4.1. The land described on "Exhibit A" is part of the Paris <br /> <br />Enterprise Zone, created under the Texas Enterprise Zone Act. By <br /> <br />reason of having been so created said land became eligible to be <br /> <br />designated by ordinance of the City of Paris, a "Reinvestment <br /> <br /> <br />Zone" under the Texas Property Redevelopment and Tax Abatement <br /> <br />Act, Chapter 312 of the Tax Code, Vernon's Texas Codes Annotated. <br />The CITY, acting under and pursuant to the said Texas Property <br /> <br />Redevelopment and Tax Abatement Act, hereby covenants and agrees <br /> <br />to abate, <br /> <br />(a) all CITY real property taxes that would otherwise be <br />payable with respect to the Improvements, and <br /> <br />(b) all CITY personal property taxes that would otherwise <br />be payable with respect to all personal property, save and <br />except inventory and supplies, that is brought onto the land <br />described on "Exhibit A" on or after the beginning of the <br />term of this Agreement, <br /> <br />for a primary period of five (5) years with an option to extend <br /> <br />for an additional two (2) years as hereinafter provided, <br /> <br />commencing with the tax year beginning January 1 , 1990. <br /> V. <br /> Term <br /> 5.1. The term of this Agreement shall begin on the 2nd day <br />of October, 1989, with, as aforesaid, tax abatement granted <br /> <br />herein beginning with the tax year beginning January 1, 1990, and <br /> <br />expiring on December 31, 1994, subject to the option to extend <br /> <br />hereinafter described. <br /> <br />-4- <br />