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<br />THE STATE OF TEXAS ) <br />) <br />COUNTY OF LAMAR ) <br /> <br />TAX ABATEMENT AGREEMENT <br /> <br />This agreement is entered into by and between the CITY OF PARIS, PARIS, TEXAS, <br />a municipal corporation, situated in Lamar County, Texas, acting by and through its Mayor, <br />Charles H. Neeley, duly authorized, hereinafter called CITY, and PANDA PARIS POWER, <br />LLC, acting by and through its authorized officer whose signature appears below, hereinafter <br />referred to as OWNER. <br /> <br />WIT N E SSE T H: <br /> <br />WHEREAS, the Commissioners Court of Lamar County did heretofore, on the 26th day <br />of May, 1998, pass an order establishing Reinvestment Zone No. 1998-1 in the County of Lamar, <br />hereinafter called COUNTY, for commercial and industrial tax abatement, hereinafter referred <br />to as ORDER, as authorized by the Property Redevelopment and Tax Abatement Act, as <br />amended, being V.T.C.A. Tax Code, Chapter 312; and, <br /> <br />WHEREAS, the Commissioners Court of Lamar County did heretofore, on the 26th day <br />of May, 1998, by Resolution, pass and adopt a policy on tax abatement incentives; and, <br /> <br />WHEREAS, the policy on tax abatement incentives constitutes appropriate guidelines and <br />criteria governing tax abatement agreements to be entered into by the COUNTY as required by <br />the Property Redevelopment and Tax Abatement Act, as amended; and, <br /> <br />WHEREAS, the Commissioners Court of Lamar County did heretofore, on the 26th day <br />of May, 1998, by Resolution elect to be eligible to participate in tax abatement agreements in <br />order to maintain and enhance the commercial and industrial economic and employment base of <br />Lamar County for the long term interest and benefit of the COUNTY and its citizens; and, <br /> <br />WHEREAS, the contemplated use of the property, as hereinafter defined, the <br />contemplated improvements to the property in the amount as set forth in this AGREEMENT, and <br />the other terms hereof are consistent with encouraging development of said Reinvestment Zone <br />No. 1998-1 in accordance with the purposes for which it was created and are in compliance with <br />the COUNTY's policy on tax abatement incentives and the ordinance creating such reinvestment <br />zone adopted by the COUNTY and all applicable laws; NOW, THEREFORE, <br /> <br />The Parties hereto do mutually contract and agree as follows: <br /> <br />TAX ARATEMENT AGREEMENT. Page 1 <br /> <br />~: <br />.... <br /> <br />.....- <br />~HIBrT A <br />