08-B Turner Ind Tax Abatement - Laserfiche WebLink

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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 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, 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 485 employees at the existing site. Not later than December 1,2005, OWNER will create at least ten (10) new, permanent, full time jobs at the Paris Plant for work to be performed substantially either (a) at the site of the IMPROVEMENTS, or (b) in support of operations performed by others at the site of the IMPROVEMENTS. Suchjobs shall be filled with priority being given to promote and/or retain among equally qualified job applicants the hiring of employees first from within the Enterprise Zone, second from within the corporate limits of the City of Paris, and third from within the County of Lamar, State of Texas, subject to the laws and regulations of the United States of America and the State of Texas and subject to any labor contracts currently in effect and any successive contracts or past practices. The OWNER agrees that it will not fill the new, permanent, full time jobs with employees from among its current employees at the existing site without immediately filling the positions vacated by such employees. 5.2 OWNER agrees that, during that portion of the term of the AGREEMENT occurring subsequent to January 1,2006, it will not reduce below ten (10) the number of such new, permanent, full time jobs so created. 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) the jobs required herein are not TAX ABATEMENT AGREEMENT - Page 3 I