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<br />e <br /> <br />e <br /> <br />~@~W <br /> <br />audit prepared of the employment\employee count documentation and <br />shall submit the audit to the Director for use in complying with <br />the requirements of this section. The Director shall certify to <br />the Chief Appraiser of HCAD whether the Owner is in compliance with <br />the employment requirements of this Agreement. <br /> <br />(i) The term of this Agreement begins on January 1, 1999, and <br />ends at the conclusion of the Abatement Period, and further covers <br />all items of Abated Property and replacements thereof placed or <br />installed at the Real Property during the construction period <br />(defined below). <br /> <br />(j) This Agreement may be amended at any time upon the mutual <br />consent of all parties. <br /> <br />(k) The Owner shall annually file with HCAD the form 11.28 to <br />qualify for abatement under this Agreement. <br /> <br />6. Tax Abatement <br /> <br />(a) Abatement on the Improvements specifically listed on <br />Exhibit "c" shall be permitted only for the value of new "eligible <br />property" (but such abatement on the Improvements shall not exceed <br />Forty-two Million, Seven Hundred Fifty Thousand and NO/100 Dollars <br />[$42,750,000.00] of the Improvements) constructed or added on or <br />after the effective date of this Agreement, as provided in the <br />sections 66-144(b) and (d) of the La Porte Code of Ordinances, <br />subject to the limitations stated in section 5 (h) above. In <br />addition, this exemption from taxation is specifically subject to <br />the rights of the holders of outstanding bonds of the city. This <br />abatement shall be granted effective January 1, 1999 (the <br />"Effective Date of Abatement"). The portion of the value of new <br />eligible Improvements subject to the abatement shall be determined <br />in accordance with the following schedule for a period of eight (8) <br />years from the Effective Date of Abatement (the "Abatement <br />Period"): <br /> <br />Year Abated <br /> <br />peroentaqe of Value Abated <br /> <br />Year One* <br />Year Two* <br />Years Three through Eight <br /> <br />0% <br />50% <br />50% <br /> <br />*Years One and Two are the "Construction Period". <br /> <br />If construction extends beyond the two-year Construction <br />Period, the improvements shall be considered completed for purposes <br />of abatement and, in no case, shall the Abatement Period, inclusive <br />of the Construction Period, exceed eight (8) years from the <br />Effective Date of Abatement. <br /> <br />(b) From the Effective Date of Abatement to the end of the <br />Abatement Period, taxes shall be payable as follows: <br /> <br />(1) The value of ineligible property as defined in section <br /> <br />6 <br />