2013-024 APPROVING AND AUTHORIZING A TAX ABATEMENT AGREEMENT WITH POTTERS INDUSTRIES, LLC

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The Parties hereto do mutually contract and agree as follows: I. Term 1.1 The effective date of this AGREEMENT is the 24th day of June, 2013, with tax abatement being effective from and after January 1, 2014, and terminating on December 31, 2023 (a term of ten (10) years). II. Area to be Improved 2.1 The IMPROVEMENTS consist of new buildings to be constructed upon the PROPERTY of OWNER and the addition and installation of manufacturing equipment and personal property described in Article III, below, within such buildings, all to be performed by OWNER at the OWNER'S plant in Paris, Lamar County, Texas. The IMPROVEMENTS shall be located upon and within the PROPERTY described in Exhibit B, attached hereto and made a part hereof for all purposes. The buildings being constructed as a portion of the IMPROVEMENTS are located as shown within the drawings also attached hereto as a part of Exhibit B. III. Improvements 3.1 The construction and installation of the IMPROVEMENTS will require engineering, design and construction work for the buildings where the new manufacturing equipment will be located, and the procurement and installation of the manufacturing equipment, utilities, electrical and mechanical facilities. The IMPROVEMENTS are being made to enable the OWNER to add an additional bead manufacturing unit operation to its Paris, Texas, facility. Following construction of the new buildings on the PROPERTY at a cost of $700,000.00, new machinery and equipment will be purchased and installed in the buildings, including a new glass furnace, product processing equipment and packaging equipment, at an additional cost of $17,000,000.00. A total of approximately $17,700,000.00 will be spent by OWNER in making these IMPROVEMENTS to the PROPERTY. All such IMPROVEMENTS will be described in the CITY'S Certificate of Completion prepared after the completion and installation of such IMPROVEMENTS. The description shall be furnished by OWNER to CITY in OWNER'S sworn report described in Section 11. 1, below and attached to CITY'S Certificate of Completion. The description shall also be 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 C. OWNER agrees that all such IMPROVEMENTS shall be completed by the end of year five (5) (i.e. 2018) of this AGREEMENT; 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 2