2022-047 - Approviing a Tax Abatement Agreement With Lionshead Paris, LLC

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as the sole remedy of the City, subject to any and all lawful offsets, settlements, deductions, or credits to which Owner may be entitled. VI. Tax Abatement 6.1 Subject to the terms and conditions of this Agreement, and subject to the rights and holders of any outstanding bonds of the City, a portion of ad valorem Property taxes from the Property otherwise owed to the City shall be abated. Said abatement shall be an amount equal to the following percentages of the taxes assessed upon the increased value of the Improvements made by Owner to the Property described in Section III of this Agreement, over the value in the year which this Agreement is executed (the "Base Value"), in accordance with the terms of this Agreement and all applicable state and local regulations or valid waivers thereof; provided that the Owner shall have the right to protest or contest any assessment of the Property and said abatement shall be applied to the amount of taxes finally determined to be due as a result of any such protest or contest: Year 1 100% Year 2 100% Year 3 75% Year 4 75% Year 5 50% Year 6 50% Year 7 25% For the purposes of this Agreement, the Base Value of the existing real property shall be deemed to be the value as shown on the tax rolls of the Lamar County Appraisal District as of January 1, 2022. 6.2 The abatement granted herein shall be subject to and governed by the Criteria and Guidelines for Tax Abatement, a copy of which is attached hereto as Exhibit 4 and incorporated herein by reference, save and except that, in the event of a conflict between the requirements of Exhibit 4 and this Agreement, this Agreement shall control. 6.3 Owner covenants and agrees that subsequent to the date of this Agreement, any application by Owner for a new tax abatement for equipment or real property located within the Property and the Enterprise Zone applicable to this Agreement shall be subject to and governed by the City's Criteria and Guidelines for Tax Abatement in effect at the time of the new application. VII. No Conflict of Interest 7.1 The Owner represents and warrants that the Property does not include any Property that is owned or leased by a member of the Planning and Zoning Commission of the 4