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

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hereinafter referred to as the "Improvements", The Improvements will be at a cost equal to or in excess of $20,000,000.00, for building additions, for a total investment of $20,000,000.00, and shall be substantially completed on or about June 30, 2007; provided, that Owner shall have such additional time to complete the Improvements as may be required in the event of "force majeure" if Owner is diligently and faithfully pursuing completion of the Improvements. For this purpose, "force majeure" shall mean any contingency or cause beyond the reasonable control of Owner including, without limitation, acts of God, or the public enemy, 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. The date of completion of the Improvements shall be defined as the date a Certificate of Occupancy is issued by the City of Paris, or as otherwise agreed in writing by the parties. IV. Consideration Improvements 4.1 The Owner agrees and covenants that it will diligently and faithfully, in a good and workmanlike manner, pursue the completion of the Improvements. As a good and valuable consideration of this Agreement, Owner further covenants and agrees that all construction of the Improvements will be in accordance with all applicable state and local laws, codes and regulations, or Owner will procure a valid waiver thereof. In further consideration, Owner shall thereafter, from the date a Certificate of Occupancy is issued or the Improvements are completed as agreed, until the expiration of this Agreement, continuously operate and maintain the Property and the Improvements, including the specific units of new equipment as identified herein, as a production and manufacturing plant. V. Consideration Jobs 5.1 The Owner currently has in excess of 800 permanent full-time employees at the existing site. The Owner does not anticipate creating additional jobs as a result of the addition of the Improvements described herein. 5.2 The Owner will retain sufficient employment levels to efficiently support its plant operations. VI. Default 6.1 In the event that (a) the Improvements for which an abatement has been granted are not completed in accordance with this Agreement or the expenditure for the Improvements does not meet the amount required herein; or (b) Owner allows its ad valorem taxes owed the City to become delinquent and fails to timely and properly follow 3