08-A Tax Abat Agree-Paris Wareh - Laserfiche WebLink

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default, and in accordance with the requirements of Section 312.205 (c) of the Property Tax Code of the State of Texas, all taxes which otherwise would have been paid to the CITY without the benefit of abatement, together with interest to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of Texas, with all penalties permitted by the Property Redevelopment and Tax Abatement Act and the Property Tax Code of the State of Texas, shall be recaptured and will become a debt to the CITY and shall be due, owing, and paid to the CITY within sixty (60) days of the expiration of the above-mentioned applicable cure period as the sole remedy of the CITY, subj ect to any and all lawful offsets, settlements, deductions, or credits to which OWNER may be entitled. The parties acknowledge that actual damages in the event of default and termination would be speculative and difficult to determine. VII. Tax Abatement 7.1 Subject to the terms and conditions of this AGREEMENT, and subject to the rights and holders of any outstanding bonds of the CITY, a portion of ad valorem real property taxes from the Property otherwise owed to the CITY shall be abated. Said abatement shall be an amount equal to one hundred percent (100%) of the taxes assessed upon the increased value of the IMPROVEMENTS (including real and personal property, but excluding inventory and supplies) over the value in the year in which this AGREEMENT is executed and in accordance with the terms of this AGREEMENT and all applicable state and local regulations or valid waiver thereof; provided that the OWNER shall have the right to protest or contest any assessment of the property and said abatement shall be applied to the amount of taxes finally determined to be due as a result of any such protest or contest. For the purposes of this Agreement, the initial value of the existing property (not subject to abatement) shall be deemed to be the value as shown on the tax rolls of the Lamar County Appraisal District as of January 1 of the year in which the Agreement is executed, said amount being $ (Base Year Value), not including inventory and supplies. Said abatement shall extend for a period of seven (7) years beginning January 1, 2005. 7.2 The abatement granted herein shall be subj ect to and governed by the Guidelines and Criteria for Tax Abatements, a copy of which is attached hereto as Exhibit D, and owner shall comply with the requirements of Exhibit D in the performance of this Agreement, save and except that, in the event of a conflict between the requirements of Exhibit D and this Agreement, this Agreement shall control. VIII. No Conflict of Interest 8.1 The OWNER represents and warrants that the PROPERTY does not include any property that is owned or leased by a member of the Planning and Zoning Commission of the City of Paris, nor by a member of the City Council approving, or having responsibility for the approval of, this AGREEMENT. TAX ABATEMENT AGREEMENT - Page 4