10-APPROVE ABATEMENT REQUEST OF T&K MACHINE

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THE STATE OF TEXAS ) ) COUNTY OF LAMAR ) TAX ABATEMENT AGREEMENT This agreement is entered into by and between the CITY OF PARIS, PARIS, TEXAS, a municipal corporation, situated in Lamar County, Texas, acting by and through its authorized officer whose signature appears below (hereinafter called "CITY"), and T& K MACHINE, INC., a Texas corporation, acting by and through its authorized officer whose signature appears below (hereinafter referred to as "OWNER"). WITNESSETH: WHEREAS, the City Council of the City of Paris, Texas, did heretofore, on the 13th day of August, 2012, in Resolution No. 2012-072, (1) elect to be eligible to participate in tax abatement agreements in order to maintain and enhance the commercial and industrial economic and employment base of the Paris area for the long term interest and benefit of the City and its citizens; and (2) pass and adopt appropriate Guidelines and Criteria governing Tax Abatement Agreements to be entered into by the CITY as required by the Property Redevelopment and Tax Abatement Act, as amended; WHEREAS, under the Texas Enterprise Zone Act (Government Code Chapter 2303), the designation of an area as an Enterprise Zone also constitutes designation of the area as a reinvestment zone; and pursuant to the 2010 United States Government Census, the IMPROVEMENTS which are the subject of this AGREEMENT situated upon the Land (hereinafter defined) within City of Paris, Texas, are included within an ENTERPRISE ZONE, as is shown in the print-out of such ENTERPRISE ZONE from the Office of the Governor of the State of Texas on its website, as shown in Exhibit A, attached hereto and made a part hereof for all purposes; and WHEREAS, the use of the IMPROVEMENTS, the addition by the OWNER of additional employees as is herein described, and the other terms hereof are consistent with encouraging development of said ENTERPRISE ZONE in accordance with the purposes for which it was created and are in compliance with the CITY's policy on tax abatement incentives and the ordinance creating such ENTERPRISE ZONE adopted by the CITY and all applicable laws; and WHEREAS, the City of Paris, Texas, is on this date entering into this Tax Abatement Agreement with the OWNER to abate the taxes assessed by the City of Paris over a period of seven (7) years, commencing January l, 2013, and ending December 31, 2019, under the provisions of the CITY's Guidelines and Criteria for Tax Abatements pertaining to the IMPROVEMENTS to be made to the OWNER's existing plant located at 2220 West Park Street in Paris, Lamar County, Texas; 1 �- 39