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R-95-09-14-10A - 9/14/1995WHEREAS, the City Council, on the 24th day of August, 1995, in Ordinance No. G- 95- 0B- 24 -12C, created Reinvestment Zone No. Twelve in the City of Round Rock, Texas, and WHEREAS, in accordance with Chapter 312, Tax Code, V.A.T.S. as amended, the City desires to enter into a tax abatement agreement with Weed Instruments regarding property located in said Reinvestment Zone No. Twelve, and WHEREAS, the Council has determined that all requirements of the guidelines and criteria adopted by Ordinance No. G- 93- 12 -09 -9G have been complied with, Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS That the Mayor is hereby authorized and directed to execute on behalf of the City a Tax Abatement Agreement with Weed Instruments. RESOLVED this 14th day of September, 1995. ATTEST: NE LAND, City Secretary k; \resoluti \rs50914A /kg RESOLUTION NO. R- 95- 09- 14 -10A CHARLES C PPER, Mayor City of Round Rock, Texas THE STATE OF TEXAS COUNTY OF WILLIAMSON TAX ABATEMENT AGREEMENT This Tax Abatement Agreement ( "Agreement ") is entered into by and between the City of Round Rock, Texas, a home rule city and municipal corporation of Williamson County, Texas, duly acting herein by and through its Mayor, hereinafter referred to as "City "; Williamson County, duly acting herein by and through the County Judge, hereinafter referred to as "County "; and Weed Instrument Co., Inc., a Texas corporation, duly acting by and through its President or any Vice President, hereinafter referred to as "Owner ". RECITALS WHEREAS, on the 24th day of August, 1995, the City Council of the City of Round Rock, Texas, adopted Ordinance No. G- 95- 08- 24 -12C establishing Reinvestment Zone No.12, City of Round Rock, Texas for commercial /industrial tax abatement, as authorized by Chapter 312, Tax Code, V.A.T.S. as amended, hereinafter referred to as the "Code "; and WHEREAS, the City has adopted Ordinance No. G- 93- 12- 09 -9G, which Ordinance adopted appropriate guidelines and criteria governing reinvestment zones and tax abatement agreements to be entered into by the City as contemplated by the Code; and WHEREAS, the contemplated use of the Premises (as hereinafter defined) and Improvements (as hereinafter defined) as well as the terms of this Agreement are consistent with encouraging development in said Reinvestment Zone No. 12 in accordance with the purposes for its creation and are in compliance with Ordinance No. G- 93- 12 -09 -9G and the guidelines and criteria adopted by the City and all applicable laws; and WHEREAS, the Improvements constitute a major investment within Reinvestment Zone No. 12 that will substantially increase the appraised value of property within the zone and will contribute to the retention or expansion of primary and secondary employment within the City and County; and WHEREAS, the City and County find that there will be no substantial adverse effects on the provision of governmental services or on their tax bases and that the planned use of the Premises will C: \uPn.s\c TY \A BATF N\W_o\TT, .WPOis s 1 not constitute a hazard to public safety, health, or welfare, NOW THEREFORE, the parties hereto do mutually agree as follows: 1. Property subject to Agreement. The property to be the subject of this Agreement shall be that property included within Reinvestment Zone No. 12 which is more fully described in Exhibit "A" which is made a part hereof and shall be hereinafter referred to as the "Premises." 2. Construction of Improvements. The Owner shall promptly commence construction of its facility as described in Exhibit "B" on the Premises (said facility hereinafter referred to as "Improvements ".) The total construction cost of the Improvements is approximately One Million Six Hundred Thousand and no /100 Dollars ($1,600,000.00), which Improvements are to be substantially complete on or about December 31, 1995; provided that Owner shall have such additional time to complete the Improvements as may be required in the event of "force majeure" if Owner is diligently and faithfully pursuing completion of the Improvements. For this purpose, "force majeure" shall mean any contingency or cause beyond the reasonable control of Owner including, without limitation, acts of God or the public enemy, war, riot, civil commotion, insurrection, governmental or de facto governmental action (unless caused by acts or omissions of Owner), fires, explosions or floods, and strikes. The date of completion of the Improvements shall be defined as the date a Certificate of Occupancy is issued by the City. 3. Completion of Improvements. The Owner agrees and covenants that it will diligently and faithfully in a good and workmanlike manner pursue the completion of the Improvements as a good and valuable consideration of this Agreement. Owner further covenants and agrees that all construction of the Improvements will be in accordance with all applicable state and local laws and regulations or valid waiver thereof. In further consideration, Owner shall thereafter, from the date a Certificate of Occupancy is issued until the expiration of this Agreement, continuously operate and maintain the Premises as a manufacturing facility. 4. Provision of jobs. The Owner agrees and covenants that it will provide and /or retain at least the number of jobs on the Premises from the completion date of the Improvements throughout the term of this Agreement according to the following schedule: Date Retain New Total On December 31, 1995 109 0 109 On December 31, 1996 109 15 124 On December 31, 1997 124 10 134 On December 31, 1998 134 10 144 2 The Owner shall provide to the City and County annual manpower reports in the form attached hereto as Exhibit "E" and made a part hereof, within sixty (60) days following the end of each calendar year. Regardless of anything contained herein to the contrary, the failure by Owner to provide the number of jobs set out in the above schedule shall not be considered an event of default as defined in paragraph 10 below unless the number of jobs actually provided is less than seventy -five percent (75 %) of the number set out in the schedule. If the actual number of jobs provided at the end of any year is less than the scheduled number but is seventy -five percent (75 %) or more, then the percentage of tax abatement for the following year as provided in paragraph 7 below shall be reduced. The percentage of tax abatement shall be reduced by the same percentage that the actual number of jobs bears to the scheduled number of jobs. By way of illustration, if on December 31, 1996 Owner has provided ten percent (10 %) fewer jobs than is required, then its abatement shall be reduced by ten percentage points (i.e. the 75% abatement shall be reduced ten percentage points to a 65% abatement.) Failure of the Owner to provide at least seventy -five percent (75 %) of the number of jobs required by this Agreement shall be considered an event of default. 6. Application for tax abatement. The Owner agrees and covenants that the attached application for tax abatement (Exhibit "C ") is a part of this Agreement, and Owner further warrants that the information provided in that application is true and correct. If any materially false or misleading information is provided in said application, City or County shall have the discretion to declare this Agreement to be in default and City and /or County shall be entitled to the remedies provided for in paragraph 10. 7. Portion of taxes abated. Subject to the terms and conditions of this Agreement, and subject to the rights of the holders of any outstanding bonds of the City and County, a portion of ad valorem real property taxes from the Premises otherwise owed to the City and County shall be abated. City and County hereby acknowledge that they are not aware of any terms or conditions of any outstanding bonds which would invalidate this Agreement. Said abatement shall be an amount equal to the below- stated percentages assessed upon the increased value of the Premises and Improvements over the value in the year in which this Agreement is executed, in accordance with the terms of this Agreement and all applicable state and local regulations. The percentage of abatements are as follows: Tax Year 1996 Tax Year 1997 Tax Year 1998 3 75% abatement 50% abatement 25% abatement These abatements shall be for three (3) tax years beginning January 1, 1996. 8. Right of inspection. The Owner further agrees that the City and County, their agents and employees shall have the right to enter upon the Premises at any reasonable time to inspect the Improvements in order to determine whether the construction of the Improvements is in accordance with this Agreement and all applicable Federal, state, and local laws, ordinances, and regulations or valid waiver thereof. After completion of the Improvements, the City and County shall have the continuing right to enter upon and inspect the Premises at any reasonable time to determine whether the Premises are thereafter maintained and operated in accordance with this Agreement and all applicable Federal, state, and local laws, ordinances, and regulations. If the City or County determine that a violation of a Federal, state or local law, ordinance or regulation exists on the Premises, the City or County may, in addition to any other authorized enforcement action, provide to the Owner written notice of such violation. For the purposes of this Agreement, the Owner shall have ten (10) days from the date of the notice to cure or remedy such violation. If the Owner fails or refuses to cure or remedy the violation within the ten (10) day period, the Owner is subject to the forfeiture, at the discretion of the City and /or County, of any right to any tax abatement for a portion of the period or the entire period covered by this Agreement. In addition, the failure or refusal to cure or remedy the aforesaid violation shall be considered a default of this Agreement under paragraph 10. 9. Additional assessed value of the Premises. The Owner agrees and covenants that upon completion of the Improvements, the Premises shall contain additional assessed value of not less than $1,600,000.00. Owner shall provide to the City and County a statement of the value of taxable real property, personal property and equipment within sixty (60) days following completion of the Improvements. The City and /or County shall have the option of conducting an appraisal by an appraiser acceptable to City and /or County to verify the value of said property and equipment. If the value determined is one hundred and five percent (1050) or more of the value certified by the Owner, then the Owner shall bear the cost of the appraisal; otherwise the cost shall be borne by the City or County requesting such appraisal. The taxable value shall be determined on a uniform and equal basis of assessment by the methods used by the Williamson County Tax Appraisal District. 10. Events of default. In the event that (1) the Improvements for which an abatement has been granted are not completed in accordance with this Agreement or (2) Owner allows its ad valorem taxes owed the City or County to become delinquent and fails to 4 timely and properly follow the legal procedures for protest and /or contest of any such ad valorem taxes; or (3) Owner breaches any of the terms or conditions of this Agreement, then this Agreement shall be in default. In the event that the Owner defaults in its performance of (1), (2), or (3) above, then the City or County shall give the Owner written notice of such default and if the Owner has not cured such default within thirty (30) days of said written notice, this Agreement may be terminated by the City or County by written notice to Owner. Such notice shall be in writing and shall be delivered by personal delivery or certified mail to: 12. Authorizations. Geoff Leighton Controller, Secretary /Treasurer 707 Jeffrey Way P.O. Box 300 Round Rock, Texas 78680 As liquidated damages in the event of default and in accordance with Section 312.205, Tax Code, V.A.T.S., as amended, all taxes which otherwise would have been paid to the City and County without the benefit of abatement (without the addition of penalty, but interest will be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Tax Code) shall become a debt owed by Owner to the City and County and shall be due, owing and paid to the City and County within sixty (60) days of the expiration of the above mentioned applicable cure period. The City and County shall have all remedies for the collection of the recaptured tax revenue as provided generally in the Tax Code for the collection of delinquent property taxes. 11. Agricultural land. It is understood and agreed by the City, County, and the Owner that if the Premises have been designated and taxed as agricultural land pursuant to Chapter 23, Subchapter C, Tax Code, V.A.T.S., this Agreement shall not be effective and no abatement will be granted until Owner has removed the agricultural use designation and all taxes due pursuant to Section 23.55, Tax Code, V.A.T.S., as amended, (roll back taxes) have been paid. a) City. This Agreement was authorized by Resolution of C the City Council at its council meeting on the /1 day of 50 ,11die/, 1995, authorizing the Mayor to execute the Agreement on behalf of the City. b) Commissioners Court. This Agreement was authorized by Resolution or Order of the Williamson County Commissioners Court at its meeting on the 4,4' day of S.ts}.....,a 1995, authorizing the County Judge to execute the Agreement on behalf of the County. 5 c) Weed. This Agreement was authorized by Weed Instrument Co., Inc. pursuant to authority granted by its Board of Directors on the 21st day of July, 1995, whereby the president was authorized to execute this Agreement on behalf of Weed Instrument Co., Inc., a copy of which authorization is attached hereto as Exhibit "D ". 13. Miscellaneous provisions. a) City and County representations. The City and the County each represent and warrant that the Premises does not include any property that is owned by a member of their respective councils or boards, agencies, commissions, or other governmental bodies approving, or having responsibility for the approval of, this Agreement. b) Agreement binds successors. The terms and conditions of this Agreement are binding upon the successors and assigns of all parties hereto. c) Assignment. This Agreement cannot be assigned by Owner unless written permission is first granted by the City and County, which permission shall not be unreasonably withheld; provided however, Owner may assign its rights under this Agreement to an entity which is wholly owned by Owner. No assignment shall be approved if the assignor or assignee are indebted to the City or County for ad valorem taxes or other obligations. d) Owner acting independently. It is understood and agreed between the parties that the Owner, in performing its obligations hereunder, is acting independently, and the City and County assume no responsibilities or liabilities in connection therewith to third parties. e) Owner's Indemnity. During the term of this Agreement, Owner agrees to indemnify and hold City and County harmless from any and all kinds of claims, losses, damages, injuries, suits, or judgments which may accrue to Owner, City, County, or third parties arising out of Owner's this Agreement. f) Venue. This Agreement is performable in Williamson County, Texas, and venue for any suit arising hereunder shall be in Williamson County, Texas. Witness our hands this '3-43 h 19 95 . 6 day of AT EST: 1 1 //i/i J N E LAND, ity Secretary Jerk CITE OF ROUND ROCK, TEXAS CHARLES CU`LPEPPER, Mayor WILLIAMSON COUNTY COMMISSIONERS COURT 7 , County Judge EXHIBIT "A" Page 1 of 1 Property Description 6.996 acres of land out of the David Curry Survey, Abstract 130, Round Rock, Williamson County, Texas. Also being Lot 2A, Replat of AmorRon Park II, Lotl and DKRC Subdivision, Lot 2. Phase 1: EXHIBIT "5" Description of Improvements To Be Constructed Addition of 26,780 sq. ft. to existing 18,200 sq. ft. building, located in Amorron Park II, Lot 2 -A. Address is 707 Jeffrey Way. Existing building will have extensive remodeling work performed. The new building will be primarily of tilt -wall construction and be attached to the south and west sides of the existing building. The site will have approximately 175 parking spaces, with 6 designated for handicapped use. A perimeter loop road (unpaved for Phase 1) will be provided for emergency vehicles. The site allows for future building expansion of approximately 24,000 sq. ft., with additional parking for about 75 vehicles. EXHIBI r "C" Company Name: Weed Instrument Co., Inc. APPLICATION FOR TAX ABATEMENT This is to certify that the statements contained herein are true and correct. The signers hereof are authorized to make these statements on behalf of the applicant. The filing of this document acknowledges familiarity and conformance with guidelines and criteria for granting tax abatement. This application will become part of the agreement which shall be enforceable and binding on the applicant. False representations will be grounds for terminating the agreement. Any such false statements shall be considered a default which renders the agreement void. This application should be filed with the City Manager of the City of Round Rock, 221 East Main Street, Round Rock, Texas 78664. I. APPLICANT INFORMATION: DATE: July 20, 1995 Address: 707 Jeffrey Way, P.O. Box 300 II. PROTECT INFORMATION: txabmt.3.14.95 Round Rock, TX 78680 A. Description of area to be designated as reinvestment zone: (attach map) Lot 2 -A, 6.996 acre lot in Amorron Park II out of the David Curry survey, abstract 130. B. Description of eligible improvements (real property) to be constructed: Purchase of 3.28 acres from DKRC Venture to allow addition of 26,780 se. ft. building to existing 18,200 sa. ft. building. C. Current assessed value: Land and building $837,426 Inventorv.machines. vehicles and equipment 52.954,131 D. Estimated value of eligible improvements: $1.6 Million Page 1 Local 1 Transfer 1 Total Est. Salaries 22 1 0 1 22 $25,000 10 1 0 1 10 $25,000 10 1 0 1 10 $25,000 E. Description of ineligible (taxable) property to be included in project: Lot 2 -_1. 5.996 acre lot in Amorron Park LI our of the David Curry Survey, vh�rrarr F. Estimated value of ineligible property: 52,954,131 G. Estimated value of site as of January 1 preceding abatement agreement: Land: 5483.224 (includes purchase of land in May, 1995 for S200028) Improvements: S554,230 Personal Property: 52,954,131 H. This project is: ( ) A New Plant If Modernization: Estimated economic life of existing plant: N/A years Added economic Life from modernization: \ /A years Tax abatement requested: 75 of eligible property for year 1. 50 of eligible property for year 2. 25 of eligible property for year 3. 0 of eligible property for year 4. ry of eligible property for year 5. III. ECONOMIC INFORMATION: A. Construction Estimates: 1 Commencment Date: Completion Date: txabmt.3.14.95 B. Estimated number of jobs to be created: 1. December 31, 199 2. December 31, 1993 3. December 31, 1999 ( X) An Expansion ( ) A Modernization e of Construction Jobs July 17, 1995 1 Dec. 31, 1995 J 50 Page 2 4. December 31, 2000 5. December 31, 2001 C. Other estimated taxes generated by project: Other (Identify): D. The proposed reinvestment zone is located in: City: Round Rock County: Williamson School District: Round Rock Independent Schooi District (RRISD) Other Taxing Water Control & Improvement District #3 of Williamson, Jurisdiction: Milam and Lee Counties ( r Sales Tax: s25,000 Signalire of Authorized Company Official Bobby Vernengo /President Printed Name and Title of Authorized Company Official Company Representative to be contacted: txabmt.3.14.95 Address: 707 „effrev cloy, P.O. Box 300 Round Rock, T`.: 78680 Telephone No.: 312- 255 -7043 Fax 3S8 -52 $25,000 0 1 $25,000 Name: David Matthews Title: 7 acilities Manager Upon receipt of the application, the City of Round Rock may also require copies of the latest annual stockholders report, audited financial statements, bank references, and any other information required to evacuate the application. Page3 STATE OF TEXAS COUNTY OF WILLIAMSON . BEFORE ME, the undersigned Notary Public, on this day personally appeared 6.bb , Wes /dent (title) of /4e"- -0- Cns7lumelr -6., e, (Owner), being by me duly sworn on his oath deposed and said that he is duly qualified and authorized in all respects to make this affidavit; that he has read the above and foregoing Application For Tax Abatement; and that every statement contained in the Application is within his knowledge and true and correct. SUBSCRIBED AND SWORN TO BEFORE ME on the GtM day of t?ursf 19 95, to certify which witness my hand and official seal. txabmt.3.14.95 • • VERIFICATION Not y u ic, State of TExas Pri -d Name: ti'ud' < ad /ey My Commission Expires: o - z V- 9 7 Page 4 EXHIBIT D fr Weed Instrument ' Temperature and Pressure Technology NOW, THEREFORE, BE IT: TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF ROUND AND WEED INSTRUMENT CO., INC. WHEREAS, the officers of Weed Instrument Company, Inc. (the "Corporation ") have engaged in preliminary negotiations with the authorized representative of the City of Round Rock, Texas to enter into a Tax Abatement Agreement with the City of Round Rock, Texas. WHEREAS, the Directors of the Corporation hereby find and determine that it is in the best interest of the Corporation to enter into such Agreement. RESOLVED, that the Board authorize the management of Weed Instrument Company, Inc. to enter into an agreement with the City of Round Rock, Texas for abatement of commercial/industrial property taxes. WEED INSTRUMENT COMPANY, INC. 707 Jeffrey Way P.O. Box 300 Round Rock, TX 78680 -0300 (512) 255-7043 Fax (512) 388-4362 Year Abatement % Contracted Expenditures Value of Abatement* 1996 75% $ 1,600,000 $ 5,868 1997 50% $ 1,600,000 3,912 1998 25% $ 1,600,000 1,956 $11,736 DATE: September 12, 1995 SUBJECT: City Council Meeting, September 14, 1995 ITEM: 10.A Consider a resolution authorizing the Mayor to enter into a tax abatement agreement with Weed Instruments. (Reinvestment Zone #12.) Staff Resource Person: Joe Vining Staff Recommendation: Approval Weed Instruments manufactures industrial temperature instrumentation products and electronic fiber optics for the industrial market and has been a part of the Round Rock industrial base since 1981. Weed also has a nuclear division that manufactures products to sell to nuclear energy power plants. This is their first major expansion. The existing facility will be increased by 26,780 feet and thirty five new employees will be added over the course of the contract. This is a three year tax abatement beginning January 1, 1996 for improvments of $1.6 million dollars that will have the following estimated economic impact: ECONOMIC IMPACT: *calculated at current tax rate of .48896/$100 AV Nlayor Charles Ca!pepper Mayor Pro -tem Earl Palmer Council Members Robert Sdaka Rod Morgan Rick Stewart Murtha Chavez Jimmy Joseph City Manager Robert L Bennett. Jr City Attorney Stephan L Sheer+ September 20, 1995 Mike Heiligenstein County Commissioner Precinct #1 307 E. Main Street Round Rock, Texas 78664 Re: Weed Instruments Tax Abatement Agreement Dear Commissioner Heiligenstein: Attached are three originals of the above noted tax abatement agreement. Please place this on the next Commissioner Court agenda for the Judge's signature. After action has been taken, please ask Jane Tableriou to return two originals to me. Thank you for your assistance. Sincerely, THE CITY OF ROUND ROCK 221 East Main Street Round Rock, Texas 78664 512. 255.3612 07 Mona Ryan, P1 ng Technician Planning and mmunity Development City of Round Rock, Texas enclosure mr/bhs Fax 512- 255 -6676 1 -800- 735 -2989 (TDD) 1 -800- 735 -2988 (Voice) RESOLUTION NO. R- 97- 08- 14 -13H WHEREAS, in accordance with Chapter 312, Tax Code, V.A.T.S., as amended, and as authorized by Resolution No. R- 95- 09- 14 -10A, dated September 14, 1995, the City entered into a tax abatement agreement with Weed Instrument Co., regarding property in Reinvestment Zone No. Twelve; and WHEREAS, the City, the Williamson County Commissioners Court, and Weed Instruments Co., intended for the agreement to include the abatement of personal property taxes; and WHEREAS, the parties desire to amend the agreement to include language evidencing their intentions; Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS That the Mayor is hereby authorized and directed to execute on behalf of the City that certain Amendment No. 1 to the Tax Abatement Agreement with Weed Instrument Co. RESOLVED this 14th day of August, 1997. ATTEST; LAND, City Secretary K:\WPDO 8 \NSOLVII \PS7OPI4W.WPD /kah (1 ( CHARLES C PER MAYOR O CITY OF ROUND ROCK, TEXAS THE STATE OF TEXAS COUNTY OF WILLIAMSON • • • • AMENDMENT NO.1 TO TAX ABATEMENT AGREEMENT WITH WEED INSTRUMENT CO. This Amendment No. 1 is entered into this the /`f day of 1997 to amend that certain agreement authorized by City of Round Rock Resol on No. R -95- 09-14-10A on September 14, 1995, and by order of the Williamson County Commissioners Court on September 26, 1995, to abate certain property taxes of Weed Instrument Co., for the Tax Years 1996 - 1998, inclusive. WHEREAS, it was the intentions of all parties that said above referenced Tax Abatement Agreement was to include the abatement of personal property taxes; and WHEREAS, the parties desire to include language in said Agreement evidencing their intentions; NOW THEREFORE, the parties hereby do mutually agree to amend said Agreement as follows: 1. That Section 7, "Portion of taxes abated ", is amended to read as follows: 7. Portion of taxes abated. Subject to the terms and conditions of the Agreement, and subject to the rights of the holders of any outstanding bonds of the City and County, a portion of ad valorem real property taxes and personal property taxes assessed against the Premises otherwise owed to the City and County shall be abated. City and County hereby acknowledge that they are not aware of any terms or conditions of any outstanding bonds which would invalidate this Agreement. Said abatement shall be an amount equal to the below- stated percentages assessed upon the increased value of the Premises and Improvements over the value in the year in which this Agreement is executed, in accordance with the terms of this Agreement and all applicable state and local regulations. The percentage of abatements are as follows: Tax Year 1996 Tax Year 1997 Tax Year 1998 75% abatement 50% abatement 25% abatement These abatements shall be for three (3) tax years beginning January 1, 1996. 2. Section 10, "Events of Default. ", shall be amended to read as follows: 1:\ TEXT \C1TY \ROUNDROC \TAXABATE \A,ENDd1 . YEE /ksh 10. Events of default. In the event that (1) the Improvements for which an abatement has been granted are not completed in accordance with this Agreement or (2) Owner allows its ad valorem or personal property taxes owed the City or County to become delinquent and fails to timely and properly follow the legal procedures for protest and /or contest of any such ad valorem or personal property taxes; or (3) Owner breaches any of the terms or conditions of this Agreement, then this Agreement shall be in default. In the event that the Owner defaults in its performance of (1), (2), or (3) above, then the City or County shall give the Owner written notice of such default and if Owner has not cured such default within thirty (30) days of said written notice, this Agreement may be terminated by the City or County by written notice to Owner. Such notice shall be in writing and shall be delivered by personal delivery or certified mail to: David Matthews Facilities Manager Weed Instrument Co. 707 Jeffrey Way P.O. Box 300 Round Rock, Texas 78680 As liquidated damages in the event of default and in accordance with Section 312.205, Tax Code, V.A.T.S., as amended, all taxes which otherwise would have been paid to the City and County without the benefit of abatement (without the addition of penalty, but interest will be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Tax Code) shall become a debt owed by Owner to the City and County and shall be due, owing and paid to the City and County within sixty (60) days of the expiration of the above mentioned applicable cure period. The City and County shall have all remedies for the collection of the recaptured tax revenue as provided generally in the Tax Code for the collection of delinquent property taxes. 3. Retroactive application. It is the intentions of the parties that this Amendment No. 1, shall be effective as of the effective date of the original Tax Abatement Agreement, as if this amendment was fully wri tten therein at such time. Witness our hands this /' / day of , 1997. CI TI OF ROUND ROCK, TEXAS CHARLES ih Ar PPER, MAYOR 2. ATTEST: ATTEST: WILLIAMSON COUNTY COMMISSIONERS COURT 3. e.. e� , � p,. 9 - I(a - 9� , C UNTY JUDGE WEEDJNSTRUMENT CO. , ITS CLeT 0 D/cet.. DATE: August 12,1997 SUBJECT: City Council Meeting, August 14,1997 Item: 13.H. Consider resolution authorizing the Mayor to execute Amendment No. 1 to the Tax Abatement Agreement with Weed Instrument Co. Staff Resource Person: Joe Vining Staff Recommendation: Approval The attached Amendment No. 1 with Weed Instrument Company clarifies for the Williamson County Appraisal District our intention to include personal property in this agreement.