O-1998-2284 - Laserfiche WebLink

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e e ~@[j?))J/ STATE OF TEXAS { { COUNTY OF HARRIS { TAX ABATEMENT AGREEMENT PPG INDUSTRIES REINVESTMENT ZONE This Tax Abatement Agreement (the "Agreement") is made and entered into by and between the ci ty of La Porte, Texas, a municipal corporation (the "city"), and PPG Industries, Inc., a Pennsylvania corporation, with a permit to do business in the State of Texas, (the "Owner"), the owner of the real and personal property located within the Zone (defined below). WIT N E SSE T H: WHEREAS, the creation and retention of job opportunities in the City of La Porte is paramount to the City's continued economic development; and WHEREAS, the Owner desires to expand an existing manufacturing facility, including a new pharmaceutical intermediate production unit, a new isocyanate production unit, a thermal oxidizer for pollution control, and supporting projects for the manufacturing of advanced intermediate and active pharmaceutical ingredients, specialty isocyanate chemicals and other specialty chemicals, with an estimated building cost of at least Fifty Million and NO/100 Dollars ($50,000,000.00) and the owner has filed a written request for tax abatement, dated July 17, 1998; and WHEREAS, City Council, following a public hearing on the subject, designated the Zone; and WHEREAS, it is reasonably likely that this Agreement will contribute to the retention, expansion and creation of primary employment and will attract major investment in the Zone that would be of benefit to property within the Zone and that would contribute to the economic development of the City; and WHEREAS, the City Council finds that the Improvements are practical and are of benefit to the land within the Zone and to the City; and WHEREAS, City Council finds that there will be no substantial potential adverse effect on the provision of City services or on the tax base caused by this Agreement; and WHEREAS, the Owner represents that the facility will be designed and constructed to meet all applicable federal, state, and local environmental regulations, and that the construction and operation of the facility will not result in environmental degradation or hazard; and EXHIBIT "G"