10-APPROVE ABATEMENT REQUEST OF T&K MACHINE

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OWNER contemplates hiring twenty-two (22) new personnel as full-time employees of OWNER to work at OWNER'S facility in Paris, Texas. The additional building of 5,000 square feet and the 8 new machining centers which are the subject of this Abatement Agreement shall be called the "IMPROVEMENTS". III. Improvements 3.1 The construction and installation of the IMPROVEMENTS will require engineering and design work, procurement of equipment, infrastructure and utilities modifications and electrical and mechanical installations on the Land. The IMPROVEMENTS are being made to enable the OWNER to increase its capability to manufacture precision machined parts for the aerospace industry. The IMPROVEMENTS are more specifically described as follows, and are to be located as is shown in Exhibit C attached hereto: A. To the Land, building modifications to add 5,000 new square feet of building space to house the new machining centers and employees. B. New machining centers to be placed within the new building described as follows: 1) YCM NSV-156A 3 axis CNC machining center — Cost: $175,000.00. 2) YCM NSV-156A 3 axis CNC machining center— Cost: $175,000.00. 3) YCM NSV-156A 3 axis CNC machining center— Cost: $175,000.00. 4) YCM NSV-156A 3 axis CNC machining center— Cost: $175,000.00. 5) YCM NSV-156A 3 axis CNC machining center— Cost: $175,000.00. 6) YCM NSV-156A 3 axis CNC machining center— Cost: $175,000.00. 7) YCM NTV-156A 3 axis CNC machining center — Cost: $175,000.00. 8) YCM NTV-156A 3 axis CNC machining center — Cost: $175,000.00. The IMPROVEMENTS will be described in the CITY'S Certificate of Completion prepared after the completion and installation of the above described building modifications and improvements, personal property, machinery and equipment. The description shall be furnished to and filed with the Chief Appraiser of the Lamar County Appraisal District. Said Certificate shall be duly executed by the Mayor of the City of Paris in the form attached hereto as Exhibit D. The IMPROVEMENTS will be at a cost equal to or in excess of $1,560,000.00 to OWNER, and shall be substantially completed over the five (5) year term as shown in the tax abatement schedule attached hereto as Exhibit E, and made a part hereof for all purposes; provided, that OWNER shall have such additional time to complete the IMPROVEMENTS as may be required in the event of "force majeure" if OWNER is diligently and faithfully pursuing completion of the installation of the IMPROVEMENTS. For this purpose, "force majeure" shall mean any contingency or cause beyond the reasonable control of OWNER including, without limitation, acts of God, or the public enemy, any natural disaster, war, riot, civil commotion, insurrection, governmental or de facto governmental action, unless caused by acts or omissions of OWNER, fires, explosions, accidents, floods, and labor disputes or strikes. The date of completion of the 3 �- 41