O-2006-2955 - Laserfiche WebLink

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III. SUBJECT PROPERTY The Project Site is in La Porte, Texas, generally described as 10.15 acres of land situated in the Enoch Brinson Survey, Abstract 5, Harris County, Texas and as more fully described in Exhibit C, attached hereto and made a part hereof for all purposes. Upon completion of the Improvements to be constructed and further described in Exhibit B, the Project will consist of a Public Cold Storage Distribution Center. In accordance with TEXAS TAX CODE Arne. §312.204(a), HCAD shall determine the Base Year Value of real property subject to the Abatement Agreement. The Chief Appraiser of HCAD shall annually certify the appraised value of the Project Site and any improvements to the Project Site subject to abatement under this Agreement. IV. REPRESENTATIONS AND CONTEMPLATED IMPROVEMENTS A. The Lessor and Lessee represents that Under Bear, LLC, presently owns fee simple title to the project site more fully described in Exhibit C, attached hereto and made a part hereof, and that the Improvements will be constructed on the project site within the boundaries of the Reinvestment Zone. . B. The Lessor and Lessee each represent that: (1) Preferred Freezer Services Houston Port, LLC. is the lessee of the real property located at 10000 Porter Road in LaPorte, Texas; and (2) the property is located within the boundaries of the zone. C. The Lessor and Lessee each represent and warrant that they have executed a valid Lease Agreement in Exhibit D for the construction of the Improvements described in the Investment Budget in Exhibit B, which will begin on or after August 16, 2006. D. The Lessor and Lessee represents and warrants that the proposed use of the Project is a Public Cold Storage Distribution Center. Additionally, the Lessor and Lessee agrees to maintain the Improvements in good repair and condition during the Abatement Period, and that construction of the Improvements shall be done substantially in conformity with the Investment Budget included in Exhibit B. E. The Lessor and Lessee represents and warrants they will invest at least $10.4 million in the Improvements by December 31, 2008, and that the certified appraised value of the Improvements, as determined by HCAD, shall be at least $9.9 million by January 1, 2009. F. The Lessee represents and warrants that they will create at least 35 new full-time, permanent employment positions on the Project Site no later than December 31, 2008. 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 City and in such event such taxes shall be paid to the City, and the other political subdivisions that are parties to this Agreement, within sixty (60) days from demand.