1998-046-RES WHEREAS, CITY COUNCIL HAS BEEN PRESENTED A PROPOSED

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XII. Initial and Annual Reporting 12.1 The OWNER further agrees that it will, immediately upon completion of the IMPROVEMENTS, provide CITY with a sworn report which contains the following information: (a) Copy of the appraisal showing the market value without the IMPROVEMENTS as required in paragraph 7.1; (b) Detailed description of IMPROVEMENTS; (c) Description of any miscellaneous items of office and plant equipment; (d) Identification of plans and specifications of constructed improvements and the location of the same for inspection by City's certification team; (e) Actual cost of added machinery and equipment; (f) Actual cost of capital IMPROVEMENTS; and, (g) Date of substantial completion of the IMPROVEMENTS as defined in paragraph 3.1 hereof. 12.2 The OWNER further agrees that it will provide CITY with an annual, sworn report which contains the following information: (a) the name of original hiree in the newly created job, date of hire, and place of residence of the hiree, and (b) statement as to whether or not the twenty- two (22) new, permanent jobs are still in existence and filled, and (c) the name of current employee in the newly created job, date of hire, and place of residence of the hiree. Additionally, OWNER shall certify, in writing, that it is in compliance with each applicable term of this agreement. XIII. Authority to Contract 13.1. This AGREEMENT was authorized by resolution of the City Council at its regularly scheduled meeting on the 13th day of April, 1998, authorizing the Mayor to execute the AGREEMENT on behalf of the City. 13.2. This AGREEMENT was entered into by H-W COMMERCIAL WAREHOUSE, INC. pursuant to authority granted to Chip Harper, President. TAX ABATEMENT AGREEMENT - Page 6