2012-075 RES APPROVING AND AUTHORIZING TAX ABATEMENT AGREEMENT WITH CAMPBELL SOUP

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the sole remedy of the CITY, subject 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. Personal Property 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 the ad valorem property taxes assessed upon the IMPROVEMENTS and otherwise owed to the CITY shall be abated as is provided for in the Property Tax Abatement Schedule attached hereto as Exhibit D. Said abatement shall be an amount equal to one hundred percent (100%) of the taxes assessed upon the completed value of the IMPROVEMENTS on January 1, 2014, with this tax abatement continuing at such rate of one hundred percent (100%) for each year during the seven (7) year term of this AGREEMENT, through and including December 31, 2020. This tax abatement shall be in accordance with 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 of the OWNER that is not subject to tax abatement AND WHICH DOES NOT INCLUDE THE IMPROVEMENTS (as defined herein) shall be deemed to be the values as shown on the tax rolls of the Lamar County Appraisal District as of January 1, 2013, which values are not known as of the date of this AGREEMENT, but the values as of 7anuary 1, 2012, are stipulated to be $15,051,220.00 far Land and Buildings, and $115,912,802 for tangible Personal Property. This current abatement, which is the subject of this AGREEMENT, shall extend for a period of seven (7) years beginning January 1, 2014. 7.2 The abatement granted herein shall be subject to and governed by the POLICY STATEMENT CRITERIA AND GUIDELINES for TAX ABATEMENT, a copy of which is attached hereto as Exhibit E. OWNER shall comply with the requirements of Exhibit E in the performance of this AGREEMENT, save and except that, in the event of a conflict between the requirements of Exhibit E and this AGREEMENT, this AGREEMENT shall control. VIII. No Conflict of Interest 8.1 The OWNER represents and warrants that neither the PROPERTY nor the IMPROVEMENTS include any real or personal 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. IX. Conditions 9.1 The terms and conditions of the AGREEMENT are binding upon the successors and assigns of all parties hereto.