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E. Medical Office Building No. 4 ( "MOB 4 ") with a minimum of 16,000 square feet <br />of finished space, which will include: an urgent care center, physician offices, a <br />leasing office and related fixtures, equipment, furniture and landscaping, parking <br />and ingress and egress roads; <br />If PLMC, fails to complete all improvements listed above by June 1, 2018, the tax abatement <br />will automatically drop down to seven -year tax abatement with standard scale percentage <br />abatement as set out in the chart below. In other words, if PLMC completes only a couple of <br />medical office buildings by June 1, 2018, the term of the Tax Abatement Agreement shall <br />automatically revert to a seven -year tax abatement at a lower percentage scale as set out below: <br />For Capital Investment ($1M minimum investment AND 10 jobs for new <br />employers.) <br />Amount of Investment <br />Year 1 <br />Year 2 <br />Year 3 <br />Year 4 <br />Year 5 <br />Year 6 <br />Year 7 <br />$1,000,000 to $5,000,000 <br />70% <br />60% <br />50% <br />40% <br />30% <br />20% <br />10% <br />$5,000,001 to <br />$20,000,000 <br />80% <br />70% <br />60% <br />50% <br />40% <br />30% <br />20% <br />$20,000,001 to <br />$25,000,000 <br />90% <br />80% <br />70% <br />60% <br />50% <br />40% <br />30% <br />STATUS OF ISSUE: Upon City Council approval and execution of Tax Abatement Agreement, <br />PLMC will move forward with building permit approval and begin construction. <br />BUDGET: N/A <br />RECOMMENDATION: Motion to approve tax abatement agreement between City of Paris and <br />Paris Lakes, LLC. <br />