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OWNER shall thereafter, from the date a Certificate of Completion is issued, or that the <br />IMPROVEMENTS are completed as agreed, until the expiration of this AGREEMENT, <br />continuously operate and maintain the PROPERTY, including the specific units of new <br />machinery and equipment as identified herein, as a food production plant. <br />V. <br />Consideration <br />(Jobs) <br />5.1 The City has provided in its Guidelines and Criteria for Tax Abatements, for tax <br />abatement for the benefit of its existing employers, such as the OWNER herein, to improve their <br />respective businesses and industries, as well as their profitability, even though no new jobs are <br />created as a result thereof. The Guidelines and Criteria provide substantially as follows in this <br />regard: If an existing Employer owns or leases an Authorized Facility (such as the PROPERTY of <br />the OWNER herein), and it has plans to improve such property by constructing new <br />improvements on its real property or to add new personal property (which includes equipment, <br />such as that to be constructed by OWNER herein within the PROPERTY), such existing <br />employer may be eligible for tax abatement with respect to such improvements to its real property <br />or its new personal property even though no new jobs or newly created minimum annual payroll <br />are created. In such cases, however, the Owner is encouraged to retain as many jobs and as much <br />existing annual payroll as is economically feasible for the existing employer to do and remain <br />competitive in its industry. <br />5.2 The Owner agrees to retain sufficient employment levels to efficiently operate <br />and support its plant operations during the term of this Tax Abatement Agreement. <br />VI. <br />Default <br />6.1 In the event that (a) the IMPROVEMENTS for which an abatement has been <br />granted are not completed in accordance with this AGREEMENT or the expenditure for the <br />IMPROVEMENTS does not meet the amount required herein; or (b) OWNER allows its ad <br />valorem taxes owed the CITY to become delinquent and fails to timely and properly follow the <br />legal procedures for protest or contest of any such ad valorem taxes; or (c) OWNER materially <br />breaches any of the other terms and conditions of this AGREEMENT, then this AGREEMENT <br />shall be in default. In the event the OWNER defaults in its performance of either (a), (b) or (c) <br />above, then the CITY shall give the OWNER written notice of such default and if the OWNER <br />has not cured such default within sixty (60) days of said written notice, this AGREEMENT <br />may be modified or terminated by the CITY. Notice shall be in accordance with paragraph <br />13.3. As liquidated damages in the event of default, and in accordance with the requirements of <br />Section 312.205 (a)(4) of the Property Tax Code of the State of Texas, all taxes which <br />otherwise would have been paid to the CITY without the benefit of abatement, together with <br />interest to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 <br />of the Property Tax Code of the State of Texas, with all penalties permitted by the Property <br />Redevelopment and Tax Abatement Act and the Property Tax Code of the State of Texas, shall <br />be recaptured and will become a debt to the CITY and shall be due, owing, and paid to the <br />CITY within sixty (60) days of the expiration of the above-mentioned applicable cure period as <br />