10-APPROVE ABATEMENT REQUEST OF T&K MACHINE

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Paris, Texas Economic Development Corporation POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT facility to determine if the terms and conditions of the agreement are being met. All inspections will be made only after the giving of at least twenty-four {24) hours' prior notice and wil I oniy be conducted in such a manner as to not unreasonably interfere with the construction and/or operation of the authorized faciiity. All inspections will be made with one ar mare representatives of the company or individual and in accordance with its safety standards. Upon completion of construction, the City shall annually evaluate each authorized facility receiving abateroent to ensure compliance with the agreement and report possible vio[ations of the a reement to the Ci Council. Modifications At any time before the expiration of an agreement made under these Guidelines and Criteria, the of Agreement agreement may be modified by the parties to the agreement to include other provisions that could have been included in original agreement or to delete provisions that were contained in the origina] agreement. The modification must be made by the same procedure by which the original agreement was approved and executed. The original agreement, however, may not be modified to extend the term of the agreement or the term of the abatement granted therein be ond the time ermitted b State law. Assignment An agreement may be assigned to a new owner or lessee of the authorized facility only with the prior written consent of ihe City. Any assignment shall provide that the assignee shall irrevocably and unconditionally assume alI the duties and obligations of the assignor upon the same terms and conditions as seE out in the agreement, and the City's approval shaIl be subject to the determination of the financial capability of such assignee. Any assignment of an agreement shall be to an entity that contemplates the same improvements or repairs to the property, except to the e�ctent such improvements or repairs have been completed. No assignment shall be approved if the assignor or the assignee is indebted to the City for ad valorem taxes or other obligations, or if an event of default under the a reement remains uncured. Administration, 1. The Paris EDC shall be primarily responsible for the administration, review, and monitoring Contract of t� abatement agreements authorized by the City under these Guidelines and Criteria. Review, These responsibilities sha11 include verifying that participants in tax abatement agreements Monitoring and are in full compliance with the terms of the agreement. Reporting 2. The Paris EDC shall expeditiously advise the City in writing of any instances of contract non-compliance by tax abatement participants. In addition, the Paris EDC shall, on an annual basis, conduct a performance review of the activities of each ta�c abatement participant and report the findings of such review to the City Council_ 3. The City shall retain the right to independently review and audit the activities of tax abatement participants. 4. The City shall be responsible for enforcement of the terms of any tax abatement agreement authorized hereunder. �## 10 (�