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value prior to the construction and installation of the IMPROVEMENTS for the <br />purposes of property tax assessment effective January 1, 1999, and continued at <br />market value without said IMPROVEMENTS until the expiration of this <br />AGREEMENT. The CITY, acting under and pursuant to the said Texas Property <br />Redevelopment and Tax Abatement Act, hereby covenants and agrees to abate: <br /> <br />(a) all CITY real property taxes that would otherwise be <br />payable with respect to the IMPROVEMENTS, and <br /> <br />(b) all CITY personal property taxes that would otherwise be <br />payable with respect to all personal property, save and except <br />inventory and supplies, that is brought onto the PROPERTY <br />described in Exhibit 'A' as a part of the improvement project herein <br />described, <br /> <br />for a period of seven (7) years, beginning January 1, 1999, and ending December <br />31, 2005." <br /> <br /> "XII. <br />"Initial and Annual Reporting <br /> <br /> "12.1 The OWNER further agrees that it will, immediately upon <br />completion of the IMPROVEMENTS, provide CITY with a sworn report which <br />contains the following information: <br /> <br />Copy of the appraisal showing the market value without the <br />IMPROVEMENTS as required in paragraph 7.1; <br /> <br />"(b) Detailed description of IMPROVEMENTS; <br /> <br />"(c) Description of any miscellaneous items of office and plant <br /> equipment; <br /> <br />"(d) <br /> <br />Identification of plans and specifications of constructed <br />improvements and the location of the same for inspection by City's <br />certification team; <br /> <br />"(e) Actual cost of added machinery and equipment; <br /> <br />"(f) Actual cost of capital IMPROVEMENTS; and, <br /> <br />"(g) Date of substantial completion of the IMPROVEMENTS as <br /> defined in paragraph 3.1 hereof. <br /> <br />Page 3 of 5 <br /> <br /> <br />