2015-027 - Approving a Tax Abatement Agreement with Paris Lakes Medical Center, LLC

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Owner and the City inspectors will observe any facility rule or safety regulations applicable to the Property or Improvements. Nothing herein shall be construed as limiting the City's authority or right to enter the Property and Improvements to perform other inspections, such as: site inspection, building inspection, fire inspection, code enforcement inspection or any other review or inspection required by state law or city ordinance. X. Initial Report and Annual Reporting 10.1 Owner agrees that it will, within sixty (60) days of completion of any Improvements to the Property, provide the City with a completion report, written on Owner's letterhead signed by the Owner, Owner's Chief Executive Officer or Chief Financial Officer, which includes the following information: (a) Detailed description of Improvements completed to date, including spreadsheets providing specifics of Owner's capital investment in those Improvements; (b) A detailed description of any fixtures, furniture, equipment, machinery or other taxable personal property added to the Property and the actual cost of said personal property; (c) A copy of the building plans and specifications for all constructed Improvements, fixtures and the location of the same for inspection by City's tax abatement compliance review team; (d) The actual cost of all capital Improvements and any documents necessary to verify the actual cost of Improvements; and, (e) The appraised value of the Improvements as of date of completion; (f) The date of substantial completion of each building or facility on the Property which is subject to this tax abatement agreement. (g) A copy of the printouts from the Lamar County Appraisal District showing the appraised value of the Property prior to the construction of any Improvements and prior to the effective date of this Agreement; 10.2 Beginning January 31, 2016, and on or before January 31St of each year thereafter, throughout the term of this Agreement, Owner, or Owner's Chief Executive Officer or Chief Financial Officer shall sign and swear out an Annual Compliance Report, in a form to be approved by City, which states that Owner is in compliance with each applicable term of Tax Abatement Agreement as of the date of the Report. City shall have sixty (60) days to review the information provided in the Annual Compliance Report and request additional information or documents from Owner before accepting or rejecting said report. If City rejects the Report as incomplete or inaccurate, Owner shall have sixty (60) days to correct and resubmit the Report or Owner shall be considered in Default of this Agreement. VA