|
e) "Construction" means a material and substantial improvement of the property, which
<br />represents a separate and distinct construction operation undertaken for the purpose of
<br />erecting the Improvements. The period of Construction ends when the facility is
<br />available for occupancy, or on December 31, 2008, whichever occurs first.
<br />f) "Eligible Property" means the construction commencing on or after August 16, 2006,
<br />of buildings, structures, fixed machinery, equipment and process units, site
<br />improvements, and that office space and related fixed improvements necessary to the
<br />operation and administration of the facility, as set forth in the Investment Budget in the
<br />Application. The value of all property shall be the certified appraised value as finally
<br />determined by HCAD each year.
<br />g) "Ineligible Property" means any construction commencing before August 16, 2006 and
<br />after December 31, 2008, land, inventories, supplies, tools, furnishings and other
<br />forms of movable personal property, vehicles, vessels, aircraft, housing, hotel
<br />accommodations, deferred maintenance investments, improvements for generation or
<br />transmission of electrical energy not wholly consumed by a new facility or expansion,
<br />any improvements which are not integral to the operation of the facility, property that
<br />has an economic life of less than fifteen (15) years, any Improvements that have an
<br />economic life of less than fifteen (15) years, or any Improvements exempted by local,
<br />state or federal law.
<br />h) "Lessee" means Preferred Freezer Services Houston Port, LLC. a Delaware
<br />Corporation.
<br />i) "Lessor" means Under Bear, LLC, a Delaware Corporation
<br />j) "Permanent Employee" means a person who works a minimum of 1,750 hours per
<br />year exclusively in the Project within the Zone (excluding any contract employee,
<br />seasonal employee, full-time equivalent, or part-time employee), whose employment is
<br />both permanent and full-time, who receives industry -standard benefits, and whose
<br />employment is reflected in the quarterly report filed with the Texas Workforce
<br />Commission ("TWC") by the Lessor and/or Lessee (or Contractor, if applicable).
<br />k) "Project" means the 167,381 Square feet Building and Improvements to be built on a
<br />10.15 acre tract of real property located at 10000 Porter Road, La Porte, Texas, known
<br />herein as the Project Site, and as more fully described in the Investment Budget
<br />included in Exhibit B, attached hereto and made a part hereof for all purposes.
<br />1) "Project Site" means the 10.15 acre tract of real property to be improved, as more fully
<br />described in Exhibit C attached hereto and made a part hereof for all purposes.
<br />m) "Reinvestment Zone "Zone C"" means the 10.15 acre tract of real property located at
<br />10000 Porter Road in La Porte, Texas, and as more fully described in Exhibit C
<br />attached hereto and made a part hereof for all purposes.
<br />
|