O-2006-2955 - Laserfiche WebLink

Browse Search

and Lessee each agree to maintain the facility in good repair and condition during the Abatement period, and that construction of the Improvements shall be done in conformity with the Investment Budget included in Exhibit C. E. The Lessor and Lessee each represent and warrant they will invest at least $10,400,000 in Improvements, of which $9,900,000 is subject to the fifty percent (50%) abatement calculation as defined in Section V (B), by December 31, 2008. Furthermore, the Lessor and Lessee each represent and warrant that the certified appraised value of the Improvements, as determined by HCAD, shall be at least $9,900,000 by January 1, 2009. F. The Lessee represents and warrants that it will create thirty-five (35) new employment positions in the Reinvestment Zone on a permanent, full-time basis no later than December 31, 2009 and continuing through the remaining term of this Agreement. If at any time the Lessee fails to meet the total employment requirement, all taxes previously abated by virtue of this Agreement may be recaptured by the County and in such event such taxes shall be paid to the County, and the other political subdivisions that are parties to this Agreement, within sixty (60) days from demand. G. The Lessor and Lessee each represent and warrant that they are not indebted to the County for any past due ad valorem taxes or other obligations. H. The Lessor and Lessee each represent and warrant that they are in compliance with all state and federal laws designed to protect human health and welfare. The construction of the Improvements and operation of the facility shall be in compliance with all applicable federal, state and local laws, rules and regulations, including those designated to protect the environment from environmental hazards and degradation. V. VALUE AND TERM OF AGREEMENT A. The Lessor and Lessee shall make the Improvements in conformity with this Agreement as set out in the Investment Budget in Exhibit C, attached hereto and made a part of hereof for all purposes. Upon completion of the Improvements, the Lessor and Lessee shall use the Improvements as set forth in Section III of this Agreement. The Lessor and Lessee shall further maintain the Improvements in good repair and condition during the Abatement Period. B. The term of this tax abatement shall be for a period of ten (10) years beginning on January 1, 2007 ("Effective Date of Abatement"). In no case shall the terms of this abatement exceed ten (10) years from the Effective Date of Abatement. In no case shall the value of the Eligible Property subject to abatement exceed $4,950,000 (50% of the abatable value). The value of the Eligible Property shall be abated as follows: Improvements are eligible for abatement of new value, subject to an abatement cap, to be calculated as: $1,000,000 per job created/retained times the number of such jobs as required in the Abatement Agreement. 9