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<br />FOREIGN TRADE ZONE AGREEMENT FOR THE PAYMENT OF AD VALOREM TAXES <br />BETWEEN THE CITY OF LA PORTE, TEXAS <br />AND PORT CROSSING LAND, L.P. <br /> <br />THIS AGREEMENT (this "Agreement") is entered into by and between Port Crossing Land, L.P. <br />("Company") and City of La Porte, Texas ("City"). <br /> <br />A. Recitals <br /> <br />1. The Port of Houston Authority is grantee of Foreign Trade Zone No. 84; <br /> <br />2. The Company is the owner and operator of the 289.94+/- acre Port Crossing Industrial Park site <br />(upon full build-out the site will house approximately four million square feet of distribution and <br />warehouse facilities), located along McCabe Road and State Highway 146 in La Porte, Texas <br />77571, on a tract ofland more particularly described in Exhibit A hereto, <br /> <br />3. Company desires to participate in the foreign trade zones program, and that an application be <br />filed to the Foreign Trade Zone's Board to create an Expansion of the Houston Foreign Trade <br />Zone No. 84 to include the property encompassing the Facility into the Zone; <br /> <br />4. A letter of non-objection from the City will aid in the efforts to obtain this modification from the <br />Foreign Trade Zone Board; <br /> <br />5. 19 U.S.C. ~ 810(e) provides a federal exemption from state and local ad valorem taxes on <br />tangible personal property imported from outside the United States, and held in a foreign trade <br />zone for the purpose of storage, sale, exhibition, repackaging, assembly, distribution, sorting, <br />grading, cleaning, mixing, display, manufacturing or processing and tangible personal property <br />produced in the United States and held in a foreign trade zone for exportation, either in its <br />original form or as altered by any of the above processes; <br /> <br />6. Inventory qualifying under 19 U.S.C. ~ 810(e) and held at the Facility in foreign trade zone space <br />that is activated by U.S. Customs pursuant to 19 C.F.R. ~146 is exempt from state and local ad <br />valorem taxes; and <br /> <br />7. Company and the City desire that the foreign trade zone designation cause no financial hann or <br />net loss of revenue to the City Taxing Jurisdictions; <br /> <br />NOW, THEREFORE, in consideration of the mutual promises expressed in this Agreement, the parties <br />agree as follows. <br />