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<br />2000, it will not reduce below twenty (20) the number of permanent jobs related <br />to or in support of the two-piece can manufacturing operation." <br /> <br />"VII. <br />"Tax Abatement <br /> <br />"7.1 It is understood and agreed among the parties that the PROPERTY, <br />also known as Tax Reinvestment Zone Number Four, shall be appraised at market <br />value prior to the construction and installation of the IMPROVEMENTS for the <br />purposes of property tax assessment effective January 1, 1994, and continued at <br />market value without said IMPROVEMENTS until the expiration of this <br />AGREEMENT. The CITY, acting under and pursuant to the said Texas Property <br />Redevelopment and Tax Abatement Act, hereby covenants and agrees to abate: <br /> <br />"(a) all CITY real property taxes that would otherwise be <br />payable with respect to the IMPROVEMENTS, and <br /> <br />"(b) all CITY personal property taxes that would otherwise be <br />payable with respect to all personal property, save and except <br />inventory and supplies, that is brought onto the PROPERTY <br />described by metes and bounds and depicted on the plat attached <br />hereto as Exhibit "A," as a part of the improvement project herein <br />described, <br /> <br />"for a period of seven (7) years, beginning January 1, 1994, and ending December <br />31,2000." <br /> <br />EXECUTED on this the 8th day of June, 1998. <br /> <br />CITY OF PARIS, PARIS, TEXAS <br /> <br />By: <br /> <br />Charles H. Neeley, Mayor <br /> <br />ATTEST: <br /> <br />Mattie Cunningham, City Clerk <br /> <br />Page 2 of 3 <br />