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<br />XI. <br />Initial and Annual Reporting <br /> <br />11.1 The OWNER further agrees that it will, immediately upon completion of the <br />IMPROVEMENTS, provide CITY with a sworn report which contains the following information: <br /> <br />(a) Copy of the appraisal showing the market value without the IMPROVEMENTS as <br />required in paragraph 7.1; <br /> <br />(b) Detailed description of IMPROVEMENTS; <br /> <br />(c) Description of any miscellaneous items of office and plant equipment; <br /> <br />(d) Identification of plans and specifications of constructed IMPROVEMENTS and the <br />location of the same for inspection by CITY's certification team; <br /> <br />(e) Actual cost of added machinery and equipment; <br /> <br />(f) Actual cost of capital IMPROVEMENTS; and, <br /> <br />(g) Date of substantial completion of the IMPROVEMENTS as defined in paragraph <br />3.1 hereof. <br /> <br />11.2 The OWNER further agrees that it will provide CITY with an annual, sworn report <br />which contains the following information: (a) the name of original hiree in the newly created job, <br />date of hire, and place of residence of the hiree, and (b) statement as to whether or not the thirty <br />(30) new, permanent jobs are still in existence and filled, and (c) the name of current employee <br />in the newly created job, date of hire, and place of residence of the hiree. Additionally, OWNER <br />shall certify, in writing, that it is in compliance with each applicable term of this AGREEMENT. <br /> <br />XII. <br />Authority to Contract <br /> <br />12.1. This AGREEMENT was authorized by resolution of the City Council at its <br />regularly scheduled meeting on the 8th day of June, 1998, authorizing the Mayor to execute said <br />AGREEMENT on behalf of the CITY. <br /> <br />12.2. This AGREEMENT was entered into by Panda Paris Power, LLC, pursuant to <br />authority granted to the authorized official whose signature appears below. <br /> <br />12.3. This AGREEMENT shall constitute a valid and binding agreement between the <br />CITY and OWNER when executed in accordance herewith, regardless of whether any other taxing <br />unit executes a similar agreement for tax abatement. <br /> <br />TAX ABATEMENT AGREEMENT. Page 6 <br /> <br />- <br /> <br />,t <br /> <br />~HIBIT A <br />