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I. <br />Term <br />1.1 The effective date of this AGREEMENT is the 10 day of September, 2015, with <br />tax abatement beginning with the tax year commencing January 1, 2016, and expiring on <br />December 31, 2025. <br />II. <br />Area to be Improved <br />2.1 The Project consists of a new office building to be constructed on Owner's land <br />inside Reinvestment Zone No. 2015 -2 a copy of which is attached hereto and incorporated herein <br />as Exhibit A. The land and proposed building are hereinafter referred to as the "Property." <br />III. <br />Improvements <br />3.1 Owner shall construct a first class office building on the Property, no less than <br />26,000 square feet in size, at a minimum capital investment of SIX MILLION AND NO /100 <br />DOLLARS ($6,000,000.00) (hereinafter "Improvements "). The office building will be <br />constructed in compliance with all local, state and federal codes and regulations; all required <br />permits shall be obtained by Owner prior to beginning construction of the Improvements and all <br />required inspections shall be timely scheduled and completed by Owner in accordance with City <br />Building Codes, International Building Codes and all other applicable state and federal laws and <br />regulations. <br />3.2 The Office Building described herein as the "Improvements" shall be completed, <br />furnished, and occupied within twenty -four (24) months of the effective date of this Agreement. <br />Owner shall provide City with a Certificate of Completion along with supporting documents as <br />described in Section 10.1 of this Agreement within sixty (60) calendar days of completion of the <br />Improvements. <br />IV. <br />Consideration <br />4.1 Owner agrees and covenants that it will diligently and faithfully, in a good and <br />workmanlike manner pursue the completion of the Improvements as described herein. As good <br />and valuable consideration for this Agreement, Owner further covenants and agrees that all <br />construction of the Improvements will be in accordance with all applicable state and local laws, <br />codes and regulations or will procure a valid waiver thereof. In further consideration for this <br />Agreement, Owner shall continue to operate an active and vibrant pipe fabrication, coating, <br />design and engineering and construction plant at Owner's current location in Paris, Texas <br />throughout the term of this Agreement. <br />2 <br />