2006-072-RES-Tax Abatement Kimberely Clark Tax Abatement

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Property, and the contemplated improvements to the Property in the amount as set forth in this Agreement, and the other terms hereof are consistent with encouraging development of said Reinvestment Zone in accordance with the purposes for which it was created and are in compliance with the City's policy on tax abatement incentives and the ordinance creating such Reinvestment Zone adopted by the City and all applicable laws; NOW, THEREFORE, The Parties hereto do mutually contract and agree as follows: I. Term 1.1 The term of this Agreement shall begin on the 8th day of May, 2006, with, as hereinafter provided, tax abatement granted herein beginning with the tax year beginning January 1, 2008, and expiring on December 31, 2014, subject to the right of the Owner to extend the term of this tax abatement for an additional three (3) years (i.e. until December 31,2017), as is provided for in Article VII, below. II. Area to be Improved 2.1 The Property to be the subject of this Agreement shall be that Property described in Exhibit A, attached hereto, which is made a part hereof and shall be hereinafter referred to as Property (which Property is the same property as that contained within the Reinvestment Zone). III. Improvements 3.1 The Owner's current facilities consist of land, buildings, and other structural improvements, all as shown on Exhibit B, attached hereto. The Owner shall make improvements to the Property in the locations shown on Exhibit A attached hereto, as follows: The Owner will provide for the construction of approximately 450,000 square feet of conventional warehouse space and a new truck lot. The expansion will include space required for Baby Care operations to support 2010 forecasted rate of operations, replacing the current storage capacity of the existing ASRS, and future space for potential Baby and Child Care robotic cells. The ASRS will be removed from the site and the footprint converted into conventional warehouse space (described by survey in Exhibit C attached hereto), all of which will be particularly described in City's Certificate of Completion prepared for City by Owner and verified by City after the completion and installation of the improvements herein described, which shall be furnished to and filed with the Chief Appraiser of the Lamar County Appraisal District. Said Certificate shall be duly executed by the Mayor of the City of Paris in the form attached hereto as Exhibit D. The purpose of the improvements is to improve the effectiveness of the Paris Operations and Distribution functions by removing the Automated Storage and Retrieval System (ASRS) and replacing it with conventional warehousing. The improvements described in this paragraph shall be 2