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I. <br />Term <br />1.1 The effective date of this AGREEMENT is the 14'' 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 as depicted in the Site Plan attached hereto as Exhibit B. <br />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 with appropriate <br />office furnishings no less than 25,400 square feet in size, at a minimum capital investment of <br />SIX MILLION AND NO 1100 DOLLARS ($6,000,000.00) (hereinafter "Improvements "). The <br />office building will be constructed in compliance with all local, state and federal codes and <br />regulations; all required permits shall be obtained by Owner prior to beginning construction of <br />the Improvements and all required inspections shall be timely scheduled and completed by <br />Owner in accordance with City Building Codes, International Building Codes and all other <br />applicable state and federal laws and 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 />