HomeMy WebLinkAboutRES 17-176RESOLUTION NO. 17-176
WHEREAS, the City of Beaumont has been approached by Enterprise Refined
Products Company, LLC with a proposal for the construction of new crude oil storage
tanks, pipeline interconnects and distribution system at its existing Beaumont facility;
and,
WHEREAS, this project is intended to bolster local economic development by
stimulating business and commercial activity within the city; and,
WHEREAS, the developers have approached the City seeking economic
development incentives in the form of tax abatements and have filed an application with
the City for Chapter 312 economic development incentives; and,
WHEREAS, the application has been reviewed and it has been determined that
the proposed project does satisfy the purpose and goals of the program in that it will
enhance the City's economic base and diversify and expand job opportunities; and,
WHEREAS, in order to maintain sufficient controls to ensure that the public
purpose is carried out, it is necessary to enter into a tax abatement agreement with the
developer establishing the expectations and terms of the transaction; and,
WHEREAS, the City Council is of the opinion that approval of an application for
Chapter 312 economic development incentives and entering into a tax abatement
agreement with Enterprise Refined Products Company, LLC for the construction of new
crude oil storage tanks, pipeline interconnects and distribution system at its existing
Beaumont facility are in the best interest of the City of Beaumont and its citizens;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the statements and findings set out in the preamble to this resolution are hereby,
in all things, approved and adopted; and,
THAT approval of an application for Chapter 312 economic development
incentives for Enterprise Refined Products Company, LLC for the construction of new
crude oil storage tanks, pipeline interconnects and distribution system at its existing
Beaumont facility is hereby approved; and,
BE IT FURTHER RESOLVED THAT the City Manager be and he is hereby
authorized to execute a tax abatement agreement with Enterprise Refined Products
Company, LLC for the construction of new crude oil storage tanks, pipeline
interconnects and distribution system at its existing Beaumont facility. The agreement is
substantially in the form attached hereto as Exhibit "A," and made a part hereof for all
purposes.
The meeting at which this resolution was approved was in all things conducted in
strict compliance with the Texas Open Meetings Act, Texas Government Code, Chapter
551.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 22nd day of
August, 2017.
STATE OF TEXAS §
COUNTY OF JEFFERSON §
CHAPTER 312
TAX ABATEMENT AGREEMENT
between
CITY OF BEAUMONT, TEXAS
and
ENTERPRISE REFINED PRODUCTS COMPANY LLC
This Tax Abatement Agreement (AGREEMENT) .is made, entered, and
executed in duplicate originals between the CITY OF BEAUMONT, TEXAS, acting through
its City Council (CITY), and ENTERPRISE REFINED PRODUCTS COMPANY LLC, a Texas
limited liability company (ENTERPRISE), the owner of taxable property within the
CITY located within the Gatsby Reinvestment Zone as more particularly described
below (Reinvestment Zone).
AUTHORIZATION
1.01 This AGREEMENT is authorized by the Texas Property Redevelopment
and Tax Abatement Act, Texas Property Tax Code (Tax Code), Chapter 312, as
amended, and by authorization of the Jefferson County Commissioners Court
(County) following its designation of the Reinvestment Zone, and is effective on
January 1, 2018 (Effective Date).
1.02 ENTERPRISE filed an application for tax abatement for the Project with
the CITY on July 11, 2017, and the CITY authorized the abatement proposed by this
this AGREEMENT on , 2017.
Chapter 312 Tax Abatement Agreement 1
EXHIBIT "A"
Enterprise/City of Beaumont
II. DEFINITIONS
2.01 As used in this AGREEMENT, the following terms shall have the
meanings set forth below:
a. "Ad Valorem Taxes" means with respect to any property tax year, all ad
valorem taxes collected by the CITY on the Eligible Property for that tax
year. For the purposes of this AGREEMENT, Ad Valorem Taxes
collected by the CITY shall not include penalties, interest, or attorneys'
fees.
b. "Affiliate" of any specified person or entity means any other person or
entity, which, (i) directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or (ii) is under direct or
indirect common control with such specified person or entity. For the
purposes of this definition, "control" when used with respect to any
person or entity means (a) the ownership, directly or indirectly, of fifty
percent (50%) or more of the voting securities of such person or entity;
or (b) the right to direct the management and operations of such person
or entity, directly or indirectly, whether through the ownership of (directly
or indirectly) of securities, by contract or otherwise, and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.
C. "Commercially Reasonable Efforts" means, as to a Party hereto, an
undertaking by such Party to perform or satisfy an obligation or duty or
otherwise act in a manner reasonably calculated to obtain the intended
result by action or expenditure not disproportionate or unduly
burdensome under the circumstances, which means, among other
things, that such Party shall not be required to (i) expend funds other
than for payment of the reasonable and customary costs and expenses
of employees, contractors, counsel, consultants, representatives or
agents of such Party in connection with the performance or satisfaction
of such obligation, duty or other action or (ii) institute or settle any
litigation or arbitration as a part of its reasonable efforts.
d. "Eligible Property" means the buildings, structures, fixed machinery and
equipment, process units including all integral components necessary
for operations, site improvements, infrastructure, and that office space
and related fixed improvements necessary to the operations and
administration of the Project. During the construction phase of the
Eligible Property, ENTERPRISE and/or the Enterprise Affiliates may
er 312 Tax Abatement Agreement 2 Enterprise/City of Beaumont
make such Change Orders to the Eligible Property as are reasonably
necessary to accomplish its intended use.
e. "Enterprise Affiliates" means those Affiliates of ENTERPRISE that own
the portions of the Project and/or the Property that are not owned by
ENTERPRISE.
f. "Force Majeure" means an event or occurrence caused by (a) provisions
of law, or the operation or effect of rules, regulations or orders
promulgated by any governmental authority having jurisdiction over
ENTERPRISE, the applicable Enterprise Affiliates, or the Project; (b)
any demand or requisition, arrest, order, request, directive, restraint or
requirement of any government or governmental agency whether
federal, state, military, local or otherwise; (c) the action, judgment or
decree of any court; (d) floods, storms, hurricanes, evacuation due to
threats of hurricanes, lightning, earthquakes, washouts, high water,
fires, acts of God or public enemies, wars (declared or undeclared),
blockades, epidemics, riots or civil disturbances, insurrections, strikes,
labor disputes (it being understood that nothing contained in this
AGREEMENT shall require ENTERPRISE or the applicable Enterprise
Affiliates to settle any such strike or labor dispute), explosions,
breakdown or failure of plant, machinery, equipment, lines of pipe or
electric power lines (or unplanned or forced outages or shutdowns of
the foregoing for inspections, repairs or maintenance), inability to obtain,
renew or extend franchises, easements or rights of way, licenses or
permits, loss, interruption, curtailment or failure to obtain electricity, gas,
steam, water, wastewater disposal, waste disposal or other utilities or
utility services, inability to obtain or failure of suppliers to deliver
equipment, parts or material, or inability of ENTERPRISE or the
applicable Enterprise Affiliates to receive product into, or to ship or
transport product out of their respective facilities; or (e) any other cause
(except financial), whether similar or dissimilar, over which
ENTERPRISE or the applicable Enterprise Affiliate(s) have no
reasonable control and which forbids or prevents performance.
g. "Parties" means collectively the CITY and ENTERPRISE, and "Party"
means the CITY or ENTERPRISE, as the case may be.
h. "PILOT Payment" means the amounts provided'in Section 3.05 of this
AGREEMENT.
Chapter 312 Tax Abatement Agreement 3 Enterprise/City of Beaumont
"Pro'ect" means the new hydrocarbon storage and distribution facilities
to be constructed by ENTERPRISE on the Property described in Exhibit
"A." The Project will be constructed adjacent to but separate from
existing hydrocarbon storage and distribution facilities owned by
Enterprise.
"Property" means the land on which the Project will be developed as
described in the legal descriptions and depicted on the plats and maps
of the Reinvestment Zone attached hereto as Exhibit "A."
k. "Term" means the period commencing on the Effective Date and ending
on the Termination Date.
"Termination Date" means December 31, 2027.
2.02 The Reinvestment Zone Tax Abatement Policy created by The City of
Beaumont were adopted by the CITY and are incorporated herein by reference. All
definitions set forth therein are applicable to this AGREEMENT.
III. ENTERPRISE REPRESENTATIONS / OBLIGATIONS
ENTERPRISE agrees as a condition of receiving the benefits of this
AGREEMENT:
3.01 Proiect: To construct, and/or to cause the Enterprise Affiliates to
construct the Project on the Property described on Exhibit "A" at the estimated
construction cost (based upon current estimated costs of labor and materials) set forth
below:
Total Estimated Construction Cost: $ 209,500,000
3.02 Employment: To maintain from the date of completion of the Project until
the Termination Date an employment level of not less than five (5) full-time employees
at the Project.
3.03 Reporting: To certify annually to the CITY that ENTERPRISE is in
compliance with each applicable term of this AGREEMENT within 30 days after the
end of each calendar year, commencing January 30, 2019.
3.04 Local Sourcing: To make Commercially Reasonable Efforts, with
respect to any contracts for the purchase of supplies and services in connection with
construction of the Project that are let to bid after the Effective Date, to identify and
ensure that qualified Jefferson County vendors, suppliers, and sub -contractors are
given the opportunity to bid on such contracts.
Chapter 312 Tax Abatement Agreement 4 Enterprise/City of Beaumont
3.05 PILOT Payments: To timely pay all PILOT Payments for the Project to
the CITY in the amounts provided and on the respective PILOT Payment Dates
indicated in Exhibit "B."
IV. ABATEMENT AND TERM OF AGREEMENT
4.01 During the Term of this AGREEMENT, there shall be granted and
allowed hereunder to ENTERPRISE by the CITY, and any taxing districts for which
the CITY by statute levies Ad Valorem Taxes or approves the tax rate, a one hundred
percent (100%) property tax abatement on the Eligible Property in consideration for
the payment of the agreed PILOT Payments in Exhibit "B" (Abatement).
4.02 The Abatement provided for in this AGREEMENT shall be effective on
the January 1, 2019 tax valuation date for the Project, as authorized by Section
312.007 of the Tax Code.
4.03 In no event shall the Abatement for the Project exceed a period of eight
(8) years, in accordance with state law.
4.04 During the Abatement, in lieu of the property taxes abated pursuant to
the terms of this AGREEMENT, ENTERPRISE shall pay to the CITY an amount, per
tax year, set forth in the PILOT Payment schedule attached hereto as Exhibit "B."
Neither ENTERPRISE nor its successors and assigns shall claim, demand, sue for or
otherwise seek to recover any amount paid the CITY pursuant to this AGREEMENT;
provided the foregoing shall in no event prevent ENTERPRISE from exercising all of
its rights and remedies (including contest of such appraised value and the taxable
value so abated) with respect to the determination by the Chief Appraiser of Jefferson
County Appraisal District of the certified appraised value of the Property and the
taxable value abated pursuant hereto.
V. ADMINISTRATION
5.01 Compliance inspections under this AGREEMENT shall be administered
on behalf of the CITY by its City Manager. ENTERPRISE shall allow employees
and/or representatives of the CITY who have been designated by the City Manager
to have reasonable access to the Project during normal business hours during the
Term to inspect the Project to determine compliance with the terms and conditions of
this AGREEMENT. All inspections will be made only after the giving of five (5)
business days' prior notice and will only be conducted in such manner as to not
unreasonably interfere with the construction and/or operation of the Project.
Inspections will be made in the company of one or more representatives, including at
least one property tax representative of ENTERPRISE and in accordance with
ENTERPRISE's safety standards, rules, procedures and execution of documentation
Chapter 312 Tax Abatement Agreement 5 Enterprise/City of Beaumont
required by ENTERPRISE to acknowledge the review and compliance with same by
those conducting the inspections and a release of ENTERPRISE from liability.
5.02 Upon completion of the Project, the CITY shall annually evaluate the
Project to ensure compliance with the terms and provisions of this AGREEMENT and
may report possible defaults to the CITY's attorney.
5.03 The Chief Appraiser of the Jefferson County Appraisal District shall
annually determine (i) the taxable value of the Eligible Property pursuant to the
abatement terms of this AGREEMENT; and (ii) the full taxable value of the Eligible
Property without the abatement terms provided herein. The Chief Appraiser shall
record both the abatement taxable value and the full taxable value in the appraisal
records. The full taxable value listed in the appraisal records shall be used to compute
any recapture. Each year ENTERPRISE shall furnish the Chief Appraiser with the
information required by Chapter 22 of the Tax Code. Such information shall also be
provided to the CITY in the preparation of its annual evaluation for compliance with
this AGREEMENT. In the event that a recapture of taxes is instituted under Section
7.04 of this AGREEMENT, the total of all payments made by ENTERPRISE according
to the PILOT Payment Schedule attached hereto as Exhibit "B" shall be credited as
an offset against all tax payments sought to be recaptured by the CITY.
VI. LIABILITY
6.01 No Assumption: By this AGREEMENT, ENTERPRISE assumes no
obligation, duty, or other responsibility with regard to any governmental function or
service for which the CITY is responsible that is not otherwise addressed by this
AGREEMENT. In addition, ENTERPRISE assumes no legal liability for the actions of
the CITY through the execution -of this AGREEMENT. The CITY individually assumes
no obligation, duty or other responsibility with regard to any duty, right, obligation or
responsibility associated with the Project for which ENTERPRISE is responsible that
is not otherwise addressed by this AGREEMENT. In addition, the CITY assumes no
legal liability for the actions of ENTERPRISE or its successors or assigns by virtue of
its execution of this AGREEMENT.
6.02 Agents: Each Party to this AGREEMENT agrees that it shall have no
liability for the actions or omissions of the employees, agents, directors, members,
trustees or representatives of any other Party, and each Party is solely responsible
for the actions and omissions of its own employees, agents, directors, members,
trustees or representatives.
Chapter 312 Tax Abatement Agreement 6 Enterprise/City of Beaumont
VII. DEFAULT
7.01 Events of Default: During the Term, the CITY may declare a default
hereunder by ENTERPRISE if ENTERPRISE (i) fails to commence construction of the
Project within one (1) year after the Effective Date, (ii) refuses or neglects to comply
with any of the terms of this AGREEMENT, or (iii) if any representation made by
ENTERPRISE in this AGREEMENT is false or misleading in any material respect.
7.02 Notice and Cure: If the CITY declares ENTERPRISE to be in default of
this AGREEMENT, the CITY shall notify ENTERPRISE in writing prior to the end of
the abatement period, and if such default is not cured within sixty (60) days from the
date of such notice (such sixty (60) day period, or such longer period as is provided
for in this Section 7.02 being referred to as the "Cure Period"), then this AGREEMENT
may be terminated or modified; provided, however, that in the case of a default for
causes beyond ENTERPRISE's reasonable control which cannot with due diligence
be cured within such sixty (60) day period, the Cure Period shall be deemed extended
if ENTERPRISE (i) shall immediately, upon the receipt of such notice, advise the CITY
of ENTERPRISE's intention to institute all steps necessary to cure such default and
(ii) shall proceed to cure. Any notice of default under this AGREEMENT shall
prominently state the following at the top of the notice:
NOTICE OF DEFAULT UNDER TAX ABATEMENT AGREEMENT
YOU ARE HEREBY NOTIFIED OF THE FOLLOWING DEFAULT UNDER YOUR TAX
ABATEMENT AGREEMENT WITH THE CITY. FAILURE TO CURE THIS DEFAULT WITHIN
SIXTY DAYS OF NOTICE OR OTHERWISE CURE THE DEFAULT AS PROVIDED BY THE
AGREEMENT SHALL RESULT IN TERMINATION OF THE TAX ABATEMENT
AGREEMENT AND RECAPTURE OF TAXES ABATED PURSUANT TO THAT
AGREEMENT.
7.03 Delinquent Ad Valorem Taxes: In the event ENTERPRISE allows its Ad
Valorem Taxes on the Project owed to the CITY to become delinquent and fails to
timely and properly follow the legal procedures for their protest and appeal, or if
ENTERPRISE violates any of the terms and conditions of this AGREEMENT and fails
to cure during the Cure Period, this AGREEMENT may then be terminated.
7.04 Recapture: In the event of termination of this AGREEMENT pursuant to
the provisions of Section 7.03, all taxes previously abated by virtue of this
AGREEMENT will be recaptured by the CITY and paid by ENTERPRISE within sixty
(60) days of termination, together with penalties and interest as required by the Tax
Code; subject, however, to a credit commensurate to the amounts paid pursuant to
Section 3.05, and in accordance with the provisions of Section 5.03 of .this
AGREEMENT.
Chapter 312 Tax Abatement Agreement 7 Enterprise/City of Beaumont
7.05 Termination: If after notice of default and failure to cure, the CITY
terminates this AGREEMENT, it shall provide ENTERPRISE written notice of such
termination. If ENTERPRISE believes that such termination was improper,
ENTERPRISE may file suit in the Jefferson County District Court appealing such
termination within sixty (60) days after receipt from the CITY of written notice of the
termination. If such a suit is filed, ENTERPRISE shall remit to the CITY, within ninety
(90) days after receipt of the notice of termination, any additional Ad Valorem Taxes
as may be payable during the pendency of the litigation pursuant to the payment
provisions of Section 42.08, Tax Code. If the final determination of the appeal
increases ENTERPRISE's tax liability above the amount of tax paid, ENTERPRISE
shall remit the additional tax to the CITY pursuant to Section 42.42, Tax Code. If the
final determination of the appeal decreases ENTERPRISE's tax liability, the CITY
shall refund to ENTERPRISE the difference between the amount of tax paid and the
amount of tax for which ENTERPRISE is liable pursuant to Section 42.43, Tax Code.
The prevailing party in any litigation brought under this Section 7 shall be entitled to
recover its reasonable attorneys' fees and costs.
VIII. NOTICE
8.01 Any notice and/or statement required and permitted to be delivered shall
be deemed delivered by depositing the same in the United States mail, certified with
return receipt requested, postage prepaid, addressed to the appropriate Party at the
following addresses:
Notices to ENTERPRISE shall be addressed to:
Curt Tate, Director, Tax
ENTERPRISE REFINED PRODUCTS COMPANY LLC
C/O ENTERPRISE PRODUCTS OPERATING LLC
P.O. Box 4018
Houston, Texas 77210-4018
1100 Louisiana Street, Suite 1000
Houston, Texas 77002
With copies to:
ATTN: General Counsel
ENTERPRISE REFINED PRODUCTS COMPANY LLC
C/O ENTERPRISE PRODUCTS OPERATING LLC
P.O. Box 4018
Houston, Texas 77210-4018
Chapter 312 Tax Abatement Agreement 8 Enterprise/City of Beaumont
1100 Louisiana Street, Suite 1000
Houston, Texas 77002
and
Timothy E. Young
Ikard Wynne LLP
2901 Via Fortuna, Suite 450
Austin, Texas 78746
Notices to CITY shall be addressed to:
City of Beaumont
Kyle Hayes, City Manager
801 Main Street
Beaumont, Texas 77701
8.02 Either Party may change its address for receipt of notices under this
AGREEMENT from time to time by delivering at least ten (10) days prior written notice
of such change to the other Party in the manner prescribed above.
IX. MISCELLANEOUS PROVISIONS.
9.01 Disclaimer: Nothing herein shall confer upon any person, firm or other
entity other than the Parties hereto any benefit or any legal or equitable right, remedy
or claim under this AGREEMENT. All obligations hereunder of the Parties shall be
binding upon their respective successors and assigns.
9.02 Amendments to Agreement: Waivers: This AGREEMENT may not be
modified or amended except by an instrument or instruments in writing signed by all
of the Parties. Waiver of any term, condition or provision of this AGREEMENT by any
Party shall only be effective if in writing and shall not be construed as a waiver of any
subsequent breach of, or failure to comply with, the same term, condition or provision,
or a waiver of any other term, condition or provision of this AGREEMENT.
9.03 Approvals or Consents: Approvals or consents required or permitted to
be given under this AGREEMENT shall be evidenced by an ordinance, resolution, or
minute order adopted by the governing body or board of the appropriate Party or by a
certificate executed by a person, firm or entity previously authorized to give such
approval or consent on behalf of a Party. Approvals and consents shall be effective
without regard to whether given before or after the time required for giving such
approvals or consents.
Chapter 312 Tax Abatement Agreement 9 Enterprise/City of Beaumont
9.04 Assignment: ENTERPRISE may assign this AGREEMENT in whole or
in part to an Affiliate or a new owner or lessee of the Property or the Project, or any
portion thereof, provided that ENTERPRISE shall provide written notice of such
assignment to the CITY. Upon such assignment, ENTERPRISE's assignee will be
liable to the CITY for outstanding taxes or other obligations arising under this
AGREEMENT with respect to the applicable portion of the Property or the Project.
The CITY shall not assign its rights or obligations under this AGREEMENT to any
other person or party.
9.05 Parties in Interest: This AGREEMENT shall be forthe sole and exclusive
benefit of the Parties hereto and shall not be construed to confer any rights upon any
third parties.
9.06 Supplementation: In the event any further documentation or information
is required for this AGREEMENT to be valid, then the Parties to this AGREEMENT
shall provide or cause to be provided such documentation or information. The Parties
shall execute and deliver such documentation, including but not limited to any
amendments, corrections, deletions or additions as necessary to this AGREEMENT
provided however that the Parties shall not be required to do anything that has the
effect of changing the essential economic terms of this AGREEMENT or imposing
greater liability on the Parties. The Parties further agree that they shall do anything
necessary to comply with any requirements to enable the full effect of this
AGREEMENT; provided, however, that the Parties shall not be required to do anything
that has the effect of changing the essential economic terms of this AGREEMENT or
imposing greater liability on the Parties.
9.07 Merger: This AGREEMENT contains all of the terms and conditions of
the understanding of the Parties relating to the subject matter hereof. All prior
negotiations, discussions, correspondence, and preliminary understandings between
the Parties and others relating hereto are superseded by this AGREEMENT.
9.08 Governing Law: This AGREEMENT and the transactions contemplated
hereby shall be governed by and interpreted in accordance with the laws of the State
of Texas without�giving effect to principles thereof relating to conflicts of law or rules
that would direct the application of the laws of another jurisdiction. Venue in any legal
proceeding shall be in Jefferson County, Texas.
9.09 Authorization: Each of the Parties represents and warrants that its
undersigned representative has been expressly authorized to execute this
AGREEMENT for and on behalf of such Party.
9.10 Severability: If any term, provision or condition of this AGREEMENT, or
any application thereof, is held invalid, illegal or unenforceable in any respect under
any Law (as hereinafter defined), this AGREEMENT shall be reformed to the extent
Chapter 312 Tax Abatement Agreement 10 Enterprise/City of Beaumont
necessary to conform, in each case consistent with the intention of the Parties, to such
Law, and to the extent such term, provision or condition cannot be so reformed, then
such term, provision or condition (or such invalid, illegal or unenforceable application
thereof) shall be deemed deleted from (or prohibited under) this AGREEMENT, as the
case may be, and the validity, legality and enforceability of the remaining terms,
provisions and conditions contained herein (and any other application such term,
provision or condition) shall not in any way be affected or impaired thereby. Upon
such determination that any term or other provision is invalid, illegal or incapable of
being enforced, the Parties hereto shall negotiate in good faith to modify this
AGREEMENT in a mutually acceptable manner so as to effect the original intent of
the Parties as closely as possible to the end that the transactions contemplated
hereby are fulfilled to the extent possible. As used in this Section 9.10, the term "Law"
shall mean any applicable statute, law (including common law), ordinance, regulation,
rule, ruling, order, writ, injunction, decree or other official act of or by any federal, state
or local government, governmental department, commission, board, bureau, agency,
regulatory authority, instrumentality, or judicial or administrative body having
jurisdiction over the matter or matters in question.
9.11 Payment of Expenses: Except as covered by the application fee, (i) each
of the Parties shall pay its own costs and expenses relating to this AGREEMENT,
including, but not limited to, its costs and expenses of the negotiations leading up to
this AGREEMENT, and of its performance and compliance with this AGREEMENT,
and (ii) in the event of a dispute between the Parties in connection with this
AGREEMENT, the prevailing Party in the resolution of any such dispute, whether by
litigation or otherwise, shall be entitled to full recovery of reasonable attorneys' fees,
costs and expenses incurred in connection therewith, including costs of court, from
the non -prevailing Party to the extent allowed by law.
9.12 Force Majeure: In the event either Party is rendered unable, wholly or in
part, by Force Majeure to carry out any of its obligations under this AGREEMENT,
except the obligation to pay amounts owed or required to be paid pursuant to the
terms of this AGREEMENT, then the obligations of such Party, to the extent affected
by such Force Majeure and to the extent that due diligence is being used to resume
performance at the earliest practicable time, shall be suspended during the
continuance of any inability so caused to the extent provided but for no longer period.
As soon as reasonably possible after the occurrence of the Force Majeure relied upon,
the Party whose contractual obligations are affected thereby shall give notice and full
particulars of such Force Majeure to the other Party. Such cause, as far as possible,
shall be remedied with all reasonable diligence.
9.13 Interpretation: When a reference is made in this AGREEMENT to a
Section, Article or Exhibit, such reference shall be to a Section or Article of, or Exhibit
to, this AGREEMENT unless otherwise indicated. The headings contained in this
Chapter 312 Tax Abatement Agreement 11 Enterprise/City of. Beaumont
AGREEMENT are for reference purposes only and shall not affect in any way the
meaning or interpretation of this AGREEMENT. The words "include," "includes" and
"including" when used in this AGREEMENT shall be deemed 'in such case to be
followed by the phrase "but not limited to" words used in this AGREEMENT,
regardless of the number or gender specifically used, shall be deemed and construed
to include any other number, singular or plural, and any other gender, masculine,
feminine or neuter, as the context shall require. This AGREEMENT is the joint product
of the Parties and each provision of this AGREEMENT has been subject to the mutual
consultation, negotiation and agreement of each Party and shall not be construed for
or against any Party.
9.14 Execution of Counterparts: This AGREEMENT may be executed in
multiple counterparts, each of which shall be deemed an original, and all of which,
taken together, shall constitute but one and the same instrument, which may be
sufficiently evidenced by one counterpart.
9.15 Waiver: Failure of any Party hereto to insist on the strict performance of
any of the agreements herein or to exercise any rights or remedies accruing
thereunder upon default or failure of performance shall not be considered a waiver of
the right to insist on and to enforce by an appropriate remedy, strict compliance with
any other obligation hereunder to exercise any right or remedy occurring as a result
of any future default or failure of performance.
9.16 Governmental Immunity; Consent to Suit: Nothing in this AGREEMENT
shall constitute a waiver by the CITY of its governmental or sovereign immunity.
Nothing in this AGREEMENT shall be construed as express or implied consent by the
CITY to being sued.
Executed in duplicate this
CITY OF BEAUMONT:
By:
Kyle Hayes
City Manager
day of 12017.
ENTERPRISE REFINED
PRODUCTS COMPANY LLC:
By: Enterprise Products OLPGP, Inc.
Its Manager
By:
Name:
Title:
Chapter 312 Tax Abatement Agreement 12 Enterprise/City of Beaumont
Exhibit "A"
Property Description and Location of
Reinvestment Zone
Chapter 312 Tax Abatement Agreement 13 Enterprise/City of Beaumont
ORDINANCE NO.14-024
ENTITLED AN ORDINANCE DESIGNATING AN AREA AS
THE GATSBY REINVESTMENT ZONE PURSUANT TO THE
TEXAS REDEVELOPMENT AND TAX ABATEMENT ACT'
(TEXAS TAX CODE, CHAPTER 312); PROVIDING TAX
INCENTIVES; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR REPEAL..
WHEREAS, the City of Beaumont endeavors to create the proper economic and
social environment to induce the Investment of private resources in productive business
enterpdses.located in areas of the. City; and,
WHEREAS, it is found to be feasible and practical and would beta benefit to the
land to be included in the zone and to the City of Beaumont after the expiration of any
agreement entered Into pursuant to the Property Redevelopment and Tax Abatement Act;
and,
WHEREAS, the zone is for Commercial -industrial tax abatement; and,
WHEREAS, the area being designated Is reasonably likely as a result of the
designation to contribute to.the retention orexpansion of primary employment orto attract
Major investment in the zone that would be a benefit to the property and that would
contribute to the ecohomlc.development of the City of Beaumont; and,
WHEREAS, to further this purpose, it is in the best interest of the City of Beaumont
to designate the area described' in Exhibit "A" and shown on Exhibit "B' as the Gatsby
Reinvestment Zone pursuant.to the Texas Redevelopment and Tax Abatement Act (Texas
Tax Code, - Chapter 312);
NOW, THEREFORE, BE IT ORDAINED BY
THE CITY COUNCIL OF THE CITY OF BEAUMONT:
Section 3.
That the statements and findingsset out in the preamble to this ordinance are hereby,
in all things, approved and adopted.
Section -2.
That the City Council hereby designates the area described in in Exhibit A and shown
on Exhibit "B," att6ched hereto and incorporated herein for all. purposes, as the Gatsby
Reinvestment Zone (herein referred to as the "Zone").
Section 3.
That the City Council finds that the Zone meets the criteria contained in the Texas
Redevelopment and Tax Abatement Act (Texas Tax Code, Chapter 312).
Section 4.
That the City Council finds that the designation of the reinvestment zone would
contribute to retention or expansion of primary employment in the area and/or would
contribute to the attraction of major investments that would be a benefitto the property and
would contribute to the economic development of the municipality.
Section 5.
That the City Council may provide certain tax incentives applicable to business enterprises
in the Zone, which are not applicable throughout the city, as allowed for in the Act:
Section 6.
That the City Council has established. certain guidelines and criteria goveming:tax
abatement agreements and is therefore eligible to participate in tax abatement.
Section 7.
That a public hearing to consider this ordinance was held by the City .Council on
June 10, 2014.
Section 8,
That this ordinance shall take effect from and after Its passage as the law and
charter provide,
Section 9.
That if any section, subsection, sentence, clause, or phrase of this ordinance, orthe
application of same to a particular set of persons or circumstances should for any reason
be held to be invalid, such invalidity shall not affect the remaining portions of this
ordinance, and to such end the various portions and provisions of this ordinance are
declared to be severable.
Section 10.
That all ordinances or parts of ordinances in conflict herewith are repealed to the
extent of the conflict only.
PASSED BY THE CITY COUNCIL of the City of Beaumont on this the 10th. day
June, 2014:
eor Becky Ames -
DESCRIPTION OF THE GATSBY REINVESTMENT ZONC
All bearings acid coordinates are based on the Tcaas Coordinate System, South Central Zone,
(NAD 27),-
BEGINNING
7)rBEGINNING at a 2" iron pipe found for [lie most Southerly corner of the Herein described
Gatsby Reiiivestnncnl Zone and.ii ;93 cut) 727acrq tract being.a. part of the same tracts as recorded
in Volume 1765, Page 220,: Jefferson County Deed Records (J.0;D.R.); said 11013�41T OF
BEG1 TNTNG"tieing in the North line of Meraddin Cana) No, 1:
THENCE, Nordi 58001'45" West, at 695.32.fect pass a T3(Do,r concrete ROW monument with
aluminum disk found at the intersection of the South. ROW line of State Highway FM 3514., said
FM Highway 3514 being a perpefual road easement as recorded in File Niiniber 9310194, Film
Code 104-73-1433, J.C.O.P.R.,. at 1273.69 feet pass a found TX -DOT concrete ROW monument
in the North ROW lute of said FM 3514; and continuing for a total distance of 2914.31 feet (call
North 54°19'27" West, 2914.29 feet) to a found 2" iron pipe in concrete (Yount -'Lee Oil Co.
monument), said monument being the most F.isterly corner of a call 2,125 acre tract conveyed to
Amoco. Pipclinc Company as recorded in File Number 98-9801168, Jefferson County Official
Public Records (JX.0.13.R.);
THENCE ,. along Clic South line of said 2.125 acre tract, South 59°03'22" West, 415.10 feet (call
(;2°42'45'' West, 414.10 feet) to a 5/8" iron rod found for the most Southerly corner of sold
2.125 acre tract, said corncr being in the Easterly ROW Iine ofUnion Pacific Railr6ad (formerly
T&NO RR); said corncr being the Northwest eorucr of a call 8.203 acre tract as recorded in File
Nuinber 98-9821361, J. C.O.P.R.;
M1 NCE, along said Easterly ROW line of Union Pacific Railroad (100' wide), North
30056159 West; 267.57 feet (call North 27014'47" West, 267.71 feet) to a'j" iron pipe with cap
set for the Northwest or most Westerly corner of said 2.125 acre tract, from said'/," iron pipe a
found 1" iron pipe beara North 1'8'58'16" East, 1.62 fact;
THENCE, North 59°03'22" East, .at 278.71 feat (call 278.14 feet) pass a 2" iron pipe in concrete
(Yount -Lee Oil Co. monument) found for a corder of said 727.93 acre tract and said 2.215 acre
tract, and continuing for a total distance of 2191,91 feet (call 2191.00 feet) to a point in a found
fence copier post in concrete;
TNENCC, %rib 30"4918" Wesl, at 8.80 feet pass a V" iron rod with Amoco Production cap
found for reference; and cont)nuing for a total distance of 3350.00 feet '(eall North `?7°06`49"
West, 3350.0) feet) to a point ata 2" iron O e in concrete found. destroyed;
THENCE. along (lid mast Northwesterly Bete of said 727.93 acre tract, Nortlf 0102' 16" Last, .at
10.00 feet pass a'/n" iron pipe with cap set for referonc-C, and continuing for a total distanee of
2306.14 feet (call Noilh 45°45'45" East, 2306:11 feet) to n '/:" iron rod With Amoco :Production
cap found at the most 1\orthcrly corner of said 721.93 acre tract;
EXHf0lT "A;t `.
TFI NCE, Nortlt 42102'16" Bast, 148.02 feet (call North 45645'45" East, 148.00 feeQ`to a found
%s'.':iroti rod with Amoco Production cap;
TI-Il NCI ,.along tho Southwesterly line of a.call 103,89 acre.TCPPCO tract: US recorded in File.
NumbcrA006316, fibn Code 10407-1160, J.C.O.P.R., South 5?127'45"Basf,.1:864.90 fact (o .a
'/" iron pipe:witheali set for the. most Southerly confer of said 103.59 note tract, froth said 3/"
iron pipe a fowid iron rod with :Amoco Production cup hears N.oiih 24051'54"Tafit, 4.91 feely
TI4ENCE., alorig. the Southeasterly line of said 103.39 acre traot and a call. 13.12 acre TEPPC.O
tract as-recorded in File Number-9006316 North 37'23'15" East, 2681,07 feet (call 2681.0 feet)
to a'/n" iron pipe with cap-sot for the most Easterly corner of said 13.12 acre tract; said cornet•
heing in the Southwesterly line of a T ower Neches Valley Authority (LNVA) 120 lbot wide
canal easement as recorded in Volume 264, Page 489, LC.D.R.;
TliLNCE, along the Northeasterly line of said 13,12 acre tract,.same being the Southwesterly
line o("saW LNVA easement, North 52°27'30" West, 1903.70 feet to a :+" iron pipe whit cap set
for the most Northerly comer of said 13412 acre tract;
THENCE; traveling in a Northerly'direction approximately 365 feet to a 94" iron pipe with cap'
set at the intersection of the Northerly line of said McFaddiu Canal No. 2 with said GSU
Northeasterly line, said. comer beim the Southwest corner of flit residue of a call 155.58 acre
tract as recorded in Volume 260, Page 233, J.C.A.R.;
THENCE, :along the Northerly line of said McFaddin Canal No. 2, same being the Souti► line of
said 155.58 acre tract, North 53°05'46"East, 1098.05 feet to a set '/."• iron pipe with cap;
THI:NCE, along the-North line of said McFaddin Canal and the south line of :said 155.58 acre
tract,. North 61°13'45" L.'=, 400.24 feetlo a M" iron pipe with cap set in the Westerly ROW.line
of State ldighway 69, 96 & 287 (343' wide), from said pipe an iron rod with plastic cap bears.
North 46948'60" Nest, 6.73 feet;
THENCE, traveling in an Easterly Northeasterly direction approximately 335 feet to a J" iron
pipe with cap .set at the intersection of the northerly lint of said McFaddin Canal No. 2 wit3t.said
Easterly ROW line, said pipe being in the South line oftitc residue ofsaid 155,58 acre tract;
THENCE, along the Northerly line of said MgFa in Canal No, 2, same being the Soutll line of
said 155.58 acre tract, North 61 °13'45" Last, 333.62 feet to a set M" iron pipe witli cap;
7714ENC8, along the North litre of said McFaddin Canal and the South line of said 155.58 acre
tract, North 43642'38" Jiast, 191.53 feat to a Y," iron pipe with cap set in the Wdslcrly ROW line
of State Highway FM 347 (200' wide),
THENCE, traveling in a Northeasterly direction approximately 215 feet to a ''/i' iron rod found in.
the Nortbeast .p OW line of State I4igtrway FM 347 (200' wide at lbls point);
'ITIENCE; ulonp the Northeast ROW line of said FM Highway 347, North 51°1.2'49" West, at.
15.5 feet-pass a found .concrete ROW monument, and continuing for a lotal distance. of 396.17
i'eet to a found TXDO`1' concrete. monument with brnss cap (disturbed);
ThIENCE, continuing along the ROW line of FM Highway 347 (varying. Width), North
42014'32" hast, 12b,65.feel (call 126.76) to a set'!." iron hipt; with caj.7;
THENCE, along the 12t7W line of I'M Highway 347; North 63042'49" West, 230.38 feet to a set
'/" iron pipe tyitlt cap, said point being the beginning of a curve to the right;
THENCE, .200:00 feet along said.curve.to the right in said ROW -line, said curve havinga radius
of 954.93 feet, a.delta of 12°00'00", and a chord bearing North .57°42'49" West, 199.0 feet to a
point on a found 4" irarr pipe fence host;
THENCE, along the ROW line of said CM Highway 347, North 51 °42'49" West, 101.62 feet to
a point on found 4" iron pipe fence post;
THENCE, North 43032'08" East; 1;187:75 feel (call North 47115'27" Bast) along the Southeast
line of a call 20,03 acre tract as recorded in File Number 97-9731390, LLO.P.R. to a found 2"
iron pipe in concrete (Yount-T,ee Oil Co. monument) said point being the East corner of said
20.03 acre tract, said point also being in the West lute of the Kansas City Southern Railroad
(100' wide) as recorded in Volume 230, Page 58, J.C.D.R.;
THENCE, along lho Southwest line of said Kansas City Southern Railroad, South 47°48'03"
East, 1,002.54 feet (call South 44°05'03" East), to a set'/," iron pipe with cap from which a
found l:" iron rod bears South 50027'20" West,, 1.41 feet), said iron pipe being in the North tine
of ivlcFaddin Canal No. 2;
THENCE, along said forth line and a Southeasterly line of a 24.05 acre tract as'.recorded in File
Number 2001014848, J.C.O.P.R., North 74023'22" East, approximately 10 feet to a'/" iron pipe
with cap found in tli(-, S.)uthwesterly ROW line of said Kansas City Southern Railroad;-
THENCE,
ailroadTHENC1:, North 77°0C'l2" East, 121.79 feet to a'!," iron rod with cap set in the Northeasterly
line of said railroad;
'111IENCE, along said Northeasterly ROW line, North 47°48'03" Wast, 54,79. feet to a 518" iron
rod (hent) found at the Southwest com&:of a call 23.5505 acre tract as recntded in File Ninuber
98814109;
TIJE•NCL', along the South line of said 23`,5505 acre tract, North 83Q25'16" Last, 39.8.85 Net, to a
2" iron pipe found at ilia -Southeast corner of said 23.5505 acre tract, said corner: being a corner
of call 461.42 acre tract as recorded in rile Number 2001014848,1.C.0_PJt.;
THENCE, North 47048'.03" West; 2,7.15,70 feet (call North 44007'00" West, 2;713,75 feel).
along said Easterly line of said 23,5505 acre tract to a 1" iron pipe found for. the most Westerly
carrier of the herein desodbed tract, said point being the most SouClicrly corner. of a call 203.2524
acre tact as recorded in rile: Number 9&9814111, said point also being in ilia Easi line orsaid
23.5505 acre truer;
THENCE-_, North 41 056'47" last, 2,730.34 feet (call North 451!38' ast, 2,730.:1 (leer), to a found
%" iron raid;
THENCE North 87°28'34" East (call South 84955' Bast), at 414;53 feet, puss it found
aluminum pipe, at 870.09 feet pass a found 3=1/2" aluminutu pipe, at approxiniatcly 22Q0. feet to
a point for comer being the South%vrst corner of a call 24,6091 acre tract described as Tract 128,
P. Humplircys Survey, Abstract 32 in the Jefferson County TAX -Records.
TI-TENCE, traveling 'in a Northerly direction along the We -qt line of said 24,6091 acre tract.
approximately 1005 fect.to a point for corner,
THENCE, traveling ill a, Westerly. direction along the North line of said 24.6109.1 acre tract
approximately 750 feet to a.point in ilia vegetation lino of tlic Neches River,
THENCE; along with. the meanders of the -Neches River the following courses and dislanecs:
Southeast approx.imately.570 feet to a point;.
Southeast approximately 475 feet to a point;
South 140'23'24" East; 479.93 feet to a point on the end of an existing bulkhead;
South Unit P51"East, 996.25 feet along an existing bulkhead to a point;
South 37126'52" Wetit, 97.18 feet along.att existing bulkhead to a point;
South .12°03'07" East, �90.65 feet along un existing bulkhead to a point;
Soulh 24°41'26" West, 54.32 Ileet to a, point on [lie end of said bolkhcad;
South 05°00'28" Eas.i, 70195. feet to a point;
South 10622'26' Last, 128,42 feet io a point;
South. 86°15'02" Wast, 27.20 feet to a point;
South. 19°11'28" West, 105.10 feet to a point;
South 3) °57'39" Lust, 60,57 feel to a lJoin(;
S6wh 75059'58" East, 57.99 reel to a point;
N(Vth 8001'22" East, 91.42 feetto a point;
Soulb 15°36'54" f?asl, 37.98 feet to a point;
South 23649'09 West, 39,63 feel ton point;
South 14°25'57" 1\icm, 241,83 feet to a paint;
South 36°47'52" East, 4.6.54 feet to a point;
South 05°09'24" !past, 44.99 feet to a paint;
South.31°53'11" Bast, 354.36 feet across a United States Maritime Commissioli channel to the
end of an existing bulkhead;
SouQt .26°37' 11" Gast, 7--26.69 feet to a point;
South 46°41'09" East, 111.12.feel to a point;
South 79°45'19" East, 77.11 feet to a point;
South 43°02'03" last,. 123.25 feet to a point;
THENCE, departing the Neches River, South 63°43'30" East, at 20.24 feet pass a %'' iron pipe
set for reference; and continuing fora total distance of 120.24 feet to a set'A" iron pipe with cap;
THENCE, South ?.7°36'3]" West (call South 31°26'02" West), along the NorUi line of a Kansas
City Southern Railroad strip of land as recorded, in Volume 230, Page 626, ai 1Q.0 feet
pass a found 2" iron pipe, and continuing for a total distance of 1,428.00 feet to a point in deep
marsh;
,mENGF, South 38038'59" West, 269.63 feet, (call South 42017'54" West, 270 feet) to aset'/,"
iron.pipc with cap;
njE-NCE, South 80*96 15" West (call North 89"56'13" Wast), 149.00 feet to 'a found 2" iron
pipe in concrete (Yount -Lee Oil Co. monument);
THENCL'•;, North 89°14128" west, 102,67 feet (call North 851126'13" West, 103 fact) to a found
iron rod;
THENCIr, North 46°58'31" West, 455-46 feet (call North 43°21'07" West, 455 feef) to a set'/"
iron pipe with cap;
THENCE. South 32°2Q756" West, at 3.60 feet pass a found Y:" Iron rod in concrete, and
continutno for a total distance of 685,34 feet (call South 36°03'02" West, 684.74 feet) to_a found
Wl iron rod;
'ITI1 NCE. Wnlin.ying Soulb 32 0'26" West,_approaimately 840 feet, to a point for corner in: the
Norlhcasi ROW litre ofsaid ;State Highway PM 347;
THENCE, traveling ift a Southwesterly direction approximately 105 Net to a point for corner
teeing too East comer of'.a 13,202 acre tract described as Tracts 5-A & 5-C, P. Humphreys
Survey; Abstract 32 in the Jeflarson County Tax Records.
THENCE, traveling in a Southwesterly direction along ilia Southeast line of said 13.202 act,!--
tract
cretract approximately. 1000 fect to a point being; the most Southerly comer of said 13.202 acre tract
..and the East ROW line of State Highway 69, 96 & 287;
THENCE, continuing Southwest along the sane line 220 feet to a point in die WCs( ROW line of
State Highway 69,.96 &:287, also being.thc north line ofa call 101.86 acre.tract of land, being
prat of a tract conveyed to Amoco Pipeline. Company as recorded in File Number 98-980)168,
Jefferson County Oficial Public Records (J.C.O.P.R.);
THENCE, along said Southwest ROW line of. FM Higlmway 347, South 51042'49" East,
approximately 1260 feet, to a concrete ROW monument Jbund for corner from which a found''/,"
iron rod bears South 52°05'33" East, 4.34 feet; said comer being; the most. Easterly corner of said
101.66 acre tract;
THENCE; South 38°25'43" West. (call South 4290558" West), 2129,69 feet to a'/4" iron pipe
with. cap set at the intersection of the South line of said 101.86 acre tract with the Easferly ROW
line of US Highway 69,96 and 287 (318 feet wide at this point);
THENCE, in an Easterly direction approxiinately 330 feet to an iron rod in concrete (tient) bears
North 8.9°16'49" Easl, 0.57 feel, said point biting in the Westerly RO1V line of US Highway 6.9,
96 and 287 (338' wide);
THENC>;, along said Westerly IOW line, South 27144'13" Gast, 286.94 feet to a point from
which a found %s" tion rod bears NorJt 58°29'12" Gast, 0.48 feet, said point being the
intersection of said Westerly highway ROW fine with the Suuthwmierly line of said LNVX 120
loot wide canal easement;
'ii'-IENCE; along; the Southwesterly line of said LNVA canal easement. Xortlm 52°77"30" West,
184.80 feel to a'/" iron pipe with cap set for dee most Northerly corner ora call 1.64 actye LNVA
(be lractas recordad in Volume 1394, Pag c 410, J.C.D.R.:
TRENCH, with a.Wcstefly lime of said 1.64 ache tract, South 14°57'30" 1;ast, 230.60 feet to a'/4"
iron pipe with cap set for cofncr;
THENCE, with a Westerly line of said 1.64 acre tract, South.2MO'38" Last, 339.6!} feet (call _
3:.15.7 Icet) to a set 3/4" iron pipe with cap;
TIjENCE, with a Southerly line of said 1.64avre. trabl, Soul]) 5414213" East, 261.90 feet to a
A" iron pipe with cap set in the Westerly ROW line of US Highway 69, 96*&287;
ITI1_NC1, nlottg said Westerly ROW line, Saulli 27°44'13" bast', at 656.55 feel pass a found
concrete ROW m.omiment, and continuing. for a total distance of 658.15 feet to a'/4" iron pipe
wiih cap sut for coater in the NoMmesterly line of old McFaddin Canal No. 1;
TH.ENCL, along the: Northwesterly line of McFaddin Canal No. l and the Southeasterly line of
;aid 727.93 acre Aruct, South 5590711 1 "' West (call .South 5$°S0' West); 1320.78 feet In a point
from .wmeh a found 2" iron pili: bears North 38°55' West, 2.0 feet;
THENCE, along the-Northivesicrly line of McFaddin Canal No.. t and the Southeasterly line: of
said M.93 acre tract, South 43°32'50" West, 199.83 feet (call South 4715' West, 200 feet) to a
point from which a found 2" iron pipe hears North 52007' Wes(. 2.0 feet;
THENCE, along die Nor(hwesterly line of McFaddin Canal No. 1 and the Southeasterly line of
said 729.93 acre. traci, South 32'11135" West, 835.48 feet (call South 35°55' West, 836 feet) to a
point from "thicli a round 2" iron pipe bears Nnrth 52128' West, 2.0 feet;
THENCE, along. the Northweslcrly line. of Meraddin Canal No. 1 and the Southeasterly line of
said 729.93 acl'e tract, South 32016'04" West, at 3973.53 feet pass a 3/4 " iron pipe wit11 cap set
at the intersection o-I`ihe North ROW line of the aforesaid State highway FM 3514 with the
Southeasterly line of said 729.93 aero tract, at 4182.14 pass .a '/." iron pipe with cap set in _the
South ROW line of said FM Highway 3514, and continuingfor a total distance of 5024.51 feet to
ilia "POINT OT'' BEGINNLN'G" and containing 1559.5 aces more or less.
401�1
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16
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Exhibit "B"
PILOT Payment Schedule
Chapter 312 Tax Abatement Agreement 14 Enterprise/City of Beaumont
EXHIBIT "B"
PILOT Payment Schedule
��x � �_ 1'ax�Year�,r �
PILOTPayr�etlt Amount �
Pilot Payment;Da�e z4
2018
$850,000
1/31/2018
2019
$850,000
1/3112019
2020
$161,544
1/31/2020
2021
$161,544
1/31/2021
2022
$161,544
1/31/2022
2023
$161,544
1/31/2023
2024
$161,544
1/31/2024
2025
$161,544
1/31/2025
2026
$161,544
1/31/2026