15 - Tax Abatement Agreement for Ametsa Packaging

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NOW, THEREFORE, pursuant to Chapter 312 of the Texas Tax Code and the Guidelines and Criteria for Tax Abatement adopted in Resolution No. 2020-002, the parties hereto do mutually contract and agree as follows: I. Term 1.1 The effective date of this Agreement is the 24th day of April, 2023, with the tax abatement being effective from and after January 1, 2024, or January 1St of the year immediately following completion of the installation of BPP set forth herein, and terminating on December 31, 2030 (an abatement period of seven (7) years (the "Abatement Period")). Said Abatement Period will terminate on December 31, 2030, regardless of when Owner completes the Improvements described in Sections II and III herein below. II. The "Property" = Area to be Improved 2.1 The Improvements defined in paragraph III below and made the subject of this Agreement shall be located on the Property located in Paris, Lamar County, Texas and described in Exhibit 2. attached hereto and incorporated herein by reference, which Property is within the Enterprise Zone. III. Consideration: Installation of BPP 3.1 The Owner shall convert and operate an existing facility into a facility for the manufacturing and packaging of sweeteners and sugars via the installation of specialized, high-speed equipment, packaging lines, and ancillary equipment (herein called the "Equipment" or the "BPP") at the Property located in Paris, Lamar County, Texas, which BPP is more particularly described in Exhibit 3 attached hereto and incorporated herein by reference. Owner commits herein to invest no less than THREE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($3,500,000.00) to construct the Improvements and install BPP. All of said improvements shall be described in the City's Certificates of Completion defined in Section X, "Reporting Requirements." For the purposes of the default provision of this Tax Abatement Agreement (Section V), the installation of the Equipment will be deemed completed upon the issuance by the City of a Certificate of Occupancy for the structure in which the Equipment has been installed. Once Owner has applied for said Certificate of Occupancy, the City shall not unreasonably delay the issuance of same. Notwithstanding the foregoing, however, Owner shall have such additional time to complete the installation of the Equipment as may be required in the event of "force majeure" if Owner is diligently and faithfully pursuing completion of thereof. For this purpose, "force majeure" shall mean any contingency or cause beyond the reasonable control of Owner including, without limitation, acts of God, any natural disaster, war, riot civil commotion, insurrection, governmental or de facto governmental action unless caused by acts or omissions of Owner, fires, explosions, accidents, floods, and labor disputes or strikes. 2