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<br /> <br /> <br /> <br /> <br /> <br /> THE STATE OF TEXAS § <br /> <br /> COUNTY UF LAr1AR § <br /> <br /> <br /> TAX ABATEMENT AGREEMENT <br /> This agreement is entered into by and between the City <br /> of Paris, Paris, Texas, a municipal corporation of Lamar <br /> County, Texas duly acting herein by and through is Mayor, <br /> hereinafter referred to as CITY: and NIERICO, INC., duly <br /> acting by and through its President, hereinafter referred to <br /> as OWNER. <br /> WITNESSETH: <br /> <br /> WHEREAS, on the 14th day of September, 1992, the City <br /> Council of the City of Paris, Paris, Texas, passed an <br /> Ordinance establishing Reinvestment Zone No. Three in the <br /> City of Paris for commercial and industrial tax abatement, <br /> hereinafter referred to as ORDINANCE, as authorized by the <br /> Property Redevelopment and Tax Abatement Act, as amended; <br /> and, <br /> tiJHEREAS, the CITY has previously adopted a policy on tax <br /> abatement incentives; and, <br /> <br /> WHEREAS, the policy on tax abatement incentives <br /> constitutes appropriate guidelines and criteria governing tax <br /> abatement agreements to be entered into by the CITY as <br /> required by the Property Redevelopment and Tax Abatement Act, <br /> as amended; and, <br /> WHEREAS, the CITY has adopted a resolution stating that <br /> it elects to be eligible to participate in offering tax <br /> abatement agreements; and, <br /> WHEREAS, in order to maintain or enhance the commercial <br /> and industrial economic and employment base of the Paris area <br /> for the long term interest and benefit of the CITY: and, <br /> WI'.EREAS, the contemplated use of the property, as <br /> hereinafter defined, the contemplated improvements to the <br /> property in the amount as set forth in this AGREEMENT and the <br /> other terms hereof are consistent with encouraging <br /> development of said Reinvestment Zone No. Three in accordance <br /> with the purposes for its creation and are in compliance with <br /> the CITY'S policy on tax abatement incentives and the <br /> ordinance creating such reinvestment zone adopted by the CITY <br /> and all applicable laws; <br /> NUW THEREFORE, the Parties hereto do mutually agree as <br /> follows: <br /> <br /> MERICO, INC. TAX ABATEMENT AGREEMENT - Page 1 <br /> <br /> <br /> EXHIBiTB <br />