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THE STATE OF TEXAS ) <br />COUNTY OF LAMAR ) <br />TAX ABATEMENT AGREEMENT <br />This agreement is entered into by and between the CITY OF PARIS, TEXAS, a home - <br />rule municipal corporation, situated in Lamar County, Texas, acting by and through its <br />authorized officer whose signature appears below (hereinafter called "City "), and TURNER <br />INDUSTRIES GROUP, L.L.C., acting by and through its authorized officer whose signature <br />appears below (hereinafter referred to as "Owner "). <br />WITNESSETH: <br />WHEREAS, on May 11, 2015, following notice and a public hearing, the City Council <br />of the City of Paris, Texas enacted Ordinance No. 2015 -016 creating Reinvestment Zone No. <br />2015 -2 on land owned and occupied by Turner Industries inside the city limits of the City of <br />Paris, Texas as further described in a copy of said Ordinance attached hereto and incorporated <br />herein as Exhibit A in accordance with Chapter 312 of the Texas Tax Code; and <br />WHEREAS, on May 11, 2015, the City Council of the City of Paris, Texas approved <br />Resolution No. 2015 -023 reaffirming the City's intent to be eligible to participate in tax <br />abatement Agreements in order to maintain and enhance the commercial and industrial economic <br />and employment base of the Paris area for the long term interest and benefit of the City and its <br />citizens; and, <br />WHEREAS, through Resolution No. 2015 -023, the City Council also approved and <br />adopted new Guidelines and Criteria for commercial and industrial Tax Abatement in the City of <br />Paris, Texas as required by the Property Redevelopment and Tax Abatement Act, Chapter 312, <br />Texas Tax Code; and <br />WHEREAS, the Improvements to be constructed by Owner in Reinvestment Zone No. <br />2015 -2, in the capital amounts referenced in this Agreement and attached Exhibits and upon and <br />within the Property (the Improvements and the Property together herein called the "Project ") and <br />the other terms hereof are consistent with encouraging development of said Reinvestment Zone <br />in accordance with the purposes for which it was created and are in compliance with the City's <br />policy on tax abatement incentives and the ordinance creating such Reinvestment Zone adopted <br />by the City and all applicable laws. <br />NOW, THEREFORE, <br />The Parties hereto do mutually contract and agree as follows: <br />1 <br />1, ll <br />EXHISIT-A <br />