10-APPROVE ABATEMENT REQUEST OF T&K MACHINE

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IMPROVEMENTS shall be reflected in the Certificate of Completion issued by the City of Paris, Texas, referred to above. IV. Consideration (Improvements) 4.1 The OWNER agrees and covenants that it will diligently and faithfully, in a good and workmanlike manner, pursue the completion of the IMPROVEMENTS. As a good and valuable consideration for this AGREEMENT, OWNER further covenants and agrees that all construction of the IMPROVEMENTS will be in accordance with all applicable state and local laws, codes and regulations or will procure a valid waiver thereof. In further consideration, OWNER shall thereafter, from the date a Certificate of Completion is issued, or that the IMPROVEMENTS are completed as agreed, until the expiration of this AGREEMENT, continuously operate and maintain the PROPERTY, including the specific units of new machinery and equipment as identified herein, as a food production plant. V. Consideration (Jobs) 5.1 OWNER is adding twenty-two (22) new full-time jobs to its employment base over the first five (5) years of the term of this tax abatement, and may hire more employees as OWNER'S customer demands require. OWNER currently employs sixty-five (65) persons at an annual payroll of $2,542,000.00. 5.2 The OWNER agrees to retain sufficient employment levels to efficiently operate and support its plant operations during the term of this Tax Abatement Agreement. The City has provided in its Guidelines and Criteria far Tax Abatements, for tax abatement for the benefit of its existing employers, such as the OWNER herein, to improve their respective businesses and industries, as well as their profitability, even though no new jobs are created as a result thereof. The Guidelines and Criteria provide substantially as follows in this regard: If an existing Employer owns or leases an Authorized Facility (such as the PROPERTY of the OWNER herein), and it has plans to improve such property by constructing new improvements on its real property or to add new personal property (which includes equipment, such as that to be constructed by OWNER herein within the PROPERTY), such existing employer may be eligible for tax abatement with respect to such improvements to its real property or its new personal property even though no new jobs or newly created minimum annual payroll are created. In such cases, however, the Owner is encouraged to retain as many jobs and as much existing annual payroll as is economically feasible for the existing employer to do and remain competitive in its industry. !! �� 42