Laserfiche WebLink
one hundred percent (100%) per year.* <br />*Abatement is applied only to increased value of the residential improvements that <br />exceeds the base year value as determined by the Lamar County Appraisal District. The base <br />year value being the assessed value of any improvements that were on the property as of <br />January 1, 2015, the year that this Agreement is signed. <br />3.2 Said abatement shall be an amount equal to the percentage referenced in the <br />table above for the applicable year but subject, however, to Owner's rights to protest such <br />value and cause it to be adjusted as is provided for under the applicable laws of the State of <br />Texas. This tax abatement shall be implemented and enforced in accordance with all <br />applicable state and local laws and regulations or valid waiver thereof, provided that the <br />Owner shall have the right to protest or contest any assessment of the Property, and said <br />abatement shall be applied to the amount of taxes finally determined to be due as a result of <br />any such protest or contest. <br />3.3 This abatement is granted in accordance with the City's Guidelines and Criteria <br />for Residential Tax Abatements a copy of which is attached hereto as ExhibitM2 provided, <br />however, in the event of any conflict between this Agreement and the Guidelines and Criteria <br />for Residential Tax Abatement this Agreement shall control. <br />4.1 If (a) the Improvements for which an abatement is being granted are not <br />completed and maintained in accordance the terms of this Agreement; or (b) the appraised <br />value of the Improvements does not satisfy the City's Guidelines and Criteria for Residential <br />Tax Abatement; or (c) Owner allows its property taxes owed the City or any other local taxing <br />entity to become delinquent without a timely protest or appeal; or (d) Owner materially <br />breaches any of the other terms, provisions or conditions of this Agreement, then Owner shall <br />be considered in default of this Agreement. In the event the Owner defaults in its performance <br />of either (a), (b), (c), or (d) above, then the City shall give the Owner written notice of such <br />default and if the Owner has not cured such default within sixty (60) days of said written <br />notice, this Agreement may be terminated by the City. Notice of default shall be given in <br />accordance with Article XI of this Agreement. <br />4.2 As damages in the event of default in accordance with the requirements <br />Section 312.205(a)(4) of the Property Tax Code of the State of Texas, all taxes whi <br />otherwise would have been paid to the City without the benefit of abatement, together wi <br />interest to be charged at the statutory rate for delinquent taxes as determined by Section 33.0 <br />of the Property Tax Code of the State of Texas, with all penalties permitted by the Propert <br />Redevelopment and Tax Abatement Act and the Property Tax Code of the State of Texas, sha <br />0 <br />_t <br />a <br />be recaptured and will become a debt to the City and shall be due, owing, and paid to the Ci <br />within sixty (60) days of the expiration of the above-mentioned applicable cure period as t <br />sole remedy of the City, subject to any and all lawful offsets, settlements, deductions, <br />credits to which Owner may be entitled. The parties acknowledge that actual damages in t <br />event of default and termination would be speculative and difficult to determine. <br />3 <br />