HomeMy WebLinkAboutResolution - 2008-R0423 - Tax Abatement Agreement With Minerva Partners, Ltd. - 11_06_2008Resolution No. 2008-RO423
November 6, 2008
Item No. 5.7
RESOLUTION
WHEREAS, by Resolution No. 2007-R0381, the City Council of the City
of Lubbock approved a tax abatement agreement dated August 23, 2007, between
the City of Lubbock and Minerva Partners, Ltd., a copy of which Agreement is
attached hereto and incorporated in this resolution as if fully set forth; and
WHEREAS, Minerva Partners, Ltd. desires to assign the tax abatement
Agreement to Park West; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock an Assignment to
transfer and assign to Park West that certain tax abatement Agreement dated
August 23, 2007, between the City of Lubbock and Minerva Partners, Ltd. Said
Assignment is attached hereto and incorporated in this Resolution as if fully set
forth herein and shall be included in the minutes of the Council.
Passed by the City Council this 6th day of November , 2008.
�� /'��
TOM MARTIN, MAYOR
ATTEST:
Rebe ca Garza, City Secretary
APPRO ED 'A' TO LATENT:
Rob Alliso , ssi t-City Manager
Development Services
APPROVED AS TO FORM:
Economic Development Attorney
LLCac/ City Att / Linda / RES- Assignment -Minerva 1
October 1, 2008
Resolution No. 2008-RO423
THE STATE OF TEXAS §
ASSIGNMENT
COUNTY OF LUBBOCK
KNOW ALL MEN BY THESE PRESENTS THAT Minerva Partners, Ltd.,
("Assignor"), has this day and does by these presents transfer and assign to PARK
WEST, a California general partnership, that certain tax abatement Agreement between
the CITY OF LUBBOCK, TEXAS and MINERVA PARTNERS, LTD. dated August 23,
2007, a copy of which Agreement is attached hereto and is incorporated herein by
reference.
PARK WEST hereby assumes all of the obligations of the Assignor under the
attached Agreement. This Assignment shall be effective upon approval by the City
Council of the City of Lubbock, Texas and the execution by the Mayor thereof.
Dated this the 6th day of November , 2008.
PARTNERS, LTD. CITY OF LUBBOCK
alouf TOM MARTIN, MAYOR
PARK WEST, a California General
Partnership
4r
MABIE & MINTZ, a alifornia
::�y
Partnership, the Gene Partner of
PARK WEST, by Theodore J. Mintz,
Managing General Partner, and
By Richard O. Mabie, Managing
General Partner of MABIE & MINTZ
LC: city att/Linda/ Assignment- Minerva to Park West
October 9, 2008
ATTEST:
JRAA-e.,,
Rebec a Garza, City Secretary
APPROVED AS TO CONTENT:
Rob A on, 'start ity Manager
Development Services
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
Resolution No. 2008-RO423
`"Resolution No. 2007-RO381
August 23, 2007
Item No. 5.16
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock a Tax Abatement Agreement
with Minerva Partners, Ltd., and all related documents. Said Agreement is attached
hereto and incorporated in this Resolution as if fully set forth herein and shall be included
in the minutes of the Council.
Passed by the City Council this 23rd day of August , 2007.
DAVID A. MILLER, MAYOR
ATTEST:
Garza, City
APPRO ED S TO CONTENT:
Rob All' n, ssi Manager
Development Services
APPROVED AS TO FORM:
Linda L. Chamales, Senior Attorney
Office Practice Section
LC: cityatt / Linda! Res -Tax Abatement- Minerva Partners, Ltd
August 8, 2007
C_.:
AGREEMENT
STATE OF TEXAS §
COUNTY OF LUBBOCK §
This Agreement made this 23rd day of August , 2007,
by and between the City of Lubbock, Texas, a home rule municipality of the State of Texas
(hereinafter called "City") and Minerva Partners, Ltd. (hereinafter called "Company");
WITNESSETH:
WHEREAS, City did receive from Company on the IIth day of May, 2007, an
application for commercial tax abatement for the construction of a new facility at 602
Avenue Q, which is further described as Emmett Plaza Tract A, Lubbock County, Texas
(attached as Exhibit "A").
WHEREAS, upon review of the above application, it was determined that facilities
would be located in the Lubbock 2000 South Enterprise Zone designated by City in its
Ordinance No. 2000-00032; and
WHEREAS, the Guidelines and Criteria Governing Tax Abatement for Commercial
Projects in Designated Enterprise Zones in the City of Lubbock were heretofore adopted by
Resolution No. 2005-R0420 of the City Council of the City of Lubbock, a copy of which is
attached as Exhibit `B" and incorporated herein as if fully set forth; and
WHEREAS, the City did comply with all the requirements set forth in V.T.C.A.,
Tax Code, Section 312.2011; and
WHEREAS, the City did comply with all of the criteria and guidelines for creation
of an enterprise zone as set forth in Chapter 2303, Subchapter C of the Texas Enterprise
Zone Act, Texas Government Code, having adopted Ordinance No. 2000-00032 of the City
on June 8, 2000, which ordinance includes 602 Avenue Q.
WHEREAS, V.A.T.C., Tax Code, Sec. 312.2011 provides designation as an
enterprise zone constitutes designation as a reinvestment zone without further action; and
WHEREAS, the application received by City from Company is an application for
the construction of a new facility; and
WHEREAS, V.A.T.C., Tax Code, Sec. 312.002 specifically states that such a
purpose is to be included in the guidelines for tax abatement and to be eligible for such
treatment; and
WHEREAS, Section IV of the Guidelines and Criteria Governing Tax Abatement
for Commercial Projects in Designated Enterprise Zones adopted by the City Council by
Resolution No. 2005-R0420, does recognize construction of a new facility as being eligible
for commercial tax abatement status; and
WHEREAS, the City Council does hereby find that all of the Guidelines and Cri-
teria established for Commercial Tax Abatement within the Enterprise Zones of the City of
Lubbock, as adopted by Resolution No. 2005-RO420 and attached as Exhibit `B" have been
met by Company; and
WHEREAS, Company does intend to construct a new facility; and
WHEREAS, the location of the existing facility and surrounding real property,
which are to be the subject matter of the Agreement, are attached hereto as Exhibit "A", and
made a part of this Agreement for all purposes; and
WHEREAS, the City Council finds that entering into this Agreement to abate taxes
on the property described in Exhibit "A" will promote high quality commercial
development in the City, and enhance economic development within the designated
Enterprise Zone; and
WHEREAS, the Board of Directors of the Central Business District Tax Increment
Financing Reinvestment Zone has approved this Agreement in accordance with V. T.C.A.,
Tax Code, Section 311.0125;
AGREEMENT — MINERVA PARTNERS, LTD Page 2
NOW THEREFORE, for and in consideration of the premises, and of the mutual
terms, covenants and conditions herein contained, the City and Company do hereby agree as
follows:
SECTION 1. Recitations. The parties agree that the recitations above in this
agreement are true and correct and shall be incorporated into this Agreement.
SECTION 2. Term. This Agreement shall remain in force and effect for a period
of five (5) years from the date of its commencement as set forth in Section 12, and shall
expire and be of no further force and effect after said date.
SECTION 3. Base Year. The base year applicable to real property, which is the
subject of the Agreement, shall be 2007, and the assessed value of the real property shall be
the assessed value applicable to such property for said year.
SECTION 4. Base Year Taxes. The taxes upon the real property shall be paid in
accordance with the assessed value of such property for the base year. Base year taxes upon
the real property are thus not abated.
SECTION 5. Abatement of Increase in Base Year Tax. In accordance with
V.A.T.C., Tax Code, Section 312.204, real property taxes applicable to the real property
subject to this Agreement shall be abated only to the extent said value for any given year
within the term of this Agreement exceeds the base year taxes hereinabove set forth.
SECTION 6. PropeM Ineligible for Tax Abatement. The property described and
set forth in Section IV(5) of the Guidelines and Criteria Governing Tax Abatement for
Commercial Projects in Designated Enterprise Zones attached as Exhibit B, is property
ineligible for tax abatement.
SECTION 7. Exemption from Tax. The City covenants and agrees to exempt
from taxation, in accordance with Section 5 above, the following properties:
(a) All proposed new construction located at 602 Avenue Q, Emmett Plaza Tract
A, Lubbock County, Texas, which is further described in Exhibit "A".
AGREEMENT — MINERVA PARTNERS, LTD Page 3
SECTION 8. Economic Qualification.
Company agrees to expend funds
necessary to qualify for tax abatement by constructing a new facility, as set forth in Section
IV(9)(a) of the Guidelines and Criteria Governing Tax Abatement for Commercial Projects
in Designated Enterprise Zones in the City of Lubbock (Exhibit B) on the property
described in Exhibit A. A description of the kind, number and location of all proposed
improvements is attached in Company's Application, Exhibit "C" and incorporated herein
as if fully set forth.
SECTION 9. Value of Improvements. Company agrees to expend one million
seven hundred and thirty thousand dollars ($1,730,000) in constructing a new facility to be
located within the Enterprise Zone created by Ordinance No. 2000-00032.
SECTION 10. Electricity Provider. Company agrees to utilize Lubbock Power &
Light (LP&L) for electrical services for the term of the tax abatement. If company chooses
to utilize a different power company, this contract shall be terminated.
SECTION 11. City Access to Property. Company covenants and agrees that City
shall have access to the property, which is the subject matter of this Agreement, during
normal business hours, and that municipal employees shall be able to inspect the property to
insure that the improvements are being made in accordance with the terms and conditions of
Company's application for commercial tax abatement, attached as Exhibit "C", and this
Agreement.
SECTION 12. Portion of Tax Abated. City agrees, during the term of this
Agreement, to abate taxes on eligible property according to the following schedule:
Year 1:
100%
Year 2:
80%
Year 3:
60%
Year 4:
40%
Year 5:
20%
SECTION 13. Commencement Date. This Agreement shall commence upon the
January 1 st following the substantial completion of construction and shall expire five (5)
AGREEMENT - MINERVA PARTNERS, LTD Page 4
years after such date. Company shall provide certification of completion in writing both to
the City and to the Lubbock Central Appraisal District within ten (10) days of completion of
the project.
SECTION 14. Type of Improvements. The Company proposes to construct a new
facility as described in Exhibit "C". The Company further states that the proposed
improvements to the property above mentioned shall commence on the 1" day of June,
2007, and shall be completed within approximately twelve (12) months from said date. The
Company may request an extension of the above date from City in the event circumstances
beyond the control of Company necessitates additional time for completion of such
improvements, and such consent shall not unreasonably be withheld.
SECTION 15. Drawings of Improvements. Company shall furnish City with one
set of as -built plans and drawings of the improvements to be made pursuant to the terms of
this Agreement by July 31, 2008.
SECTION 16, Limitation on Use. Company agrees to limit the use of the property
set forth in Exhibit "A" to the proposed commercial uses and to limit the uses of the
property to uses consistent with the general purpose of encouraging development of the
designated Enterprise Zone during the term of this Agreement.
SECTION 17. Recapture. The Company agrees to be bound by and comply with all
the terms and provisions for recapture of abated taxes in the event of default by Company
pursuant to law and as set forth in Guidelines and Criteria Governing Tax Abatement for
Commercial Projects in Designated Enterprise Zones adopted by Resolution No. 2005-
R0420 of the City Council of the City of Lubbock. (Exhibit B).
SECTION 18. Certification. The Company agrees to certify annually to the
governing body of each taxing unit that the owner is in compliance with the terms of the
Agreement.
SECTION 19. Compliance. The City may cancel or modify this Agreement upon
sixty (60) days written notice, as set forth in Section VII of Exhibit B, if the Company fails
to comply with any of the terms of this Agreement.
AGREEMENT - MINERVA PARTNERS, LTD Page 5
SECTION 19. Notices. Notices required to be given by this Agreement shall be
mailed, certified mail return receipt requested, to the following addresses:
CITY OF LUBBOCK MINERVA PARTNERS, LTD
Assistant City Manager, Matt Malouf
Development Services 3811 Turtle Creek Blvd., Suite 1800
PO Box 2000 Dallas, TX 75219
Lubbock, TX 79457
SECTION 20. Effective Date. Notwithstanding anything contained herein to the
contrary, this Agreement shall not be effective until such time as it shall be finally passed
and approved.
EXECUTED this 23rd day of August , 2007.
A PARTNERS, LTD.
MALOUF
ATTES V
�-
BOARD OF DIRECTORS
CENTRAL BUSINESS DISTRICT
TAX INCREMENT FINANCING
REINVESTMENT ZONE
HYMN.. ►W' '
CITY OF LUBBOCK
A Municipal CQmotation
DAVID A MILLER, MAYOR
ATTEST:
RAbecca Garza
City Secretary
APPROVED AS TO CONTENT:
Rob
s City Manager
Development Services
APPROVED AS TO FORM:
Linda Chamales, Senior Attorney
Office Practice Section
AGREEMENT — MINERVA PARTNERS, LTD Page 6
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Resolution No - 2005-R"20
September 8., 200�
Iten No. 21 Exhibit "B"
RESOLUTION
JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LUBBOCK
AND THE COUNTY COMMISSIONERS OF LUBBOCK COUNTY TO ADOPT
GUIDELINES AND CRITERIA FOR COMMERCIAL TAX ABATEMENT
AGREEMENTS IN ACCORDANCE WITH THE PROPERTY REDEVELOPMENT
AND TAX ABATEMENT ACT.
WHEREAS, there have been created three enterprise zones within the areas under the
jurisdiction of the City of Lubbock and the County of Lubbock; and
WHEREAS, in September of 2003, each of the above described entities approved
uniform guidelines and criteria for the application of incentives within the designated enterprise
zones, which were amended by the City in December, 2004 and by the County in April 2005;
and
WHEREAS, the guidelines and criteria approved will expire under the terms of the
Property Redevelopment and Tax Abatement Act upon the second anniversary of their adoption
and the City and the County of Lubbock desire to approve new guidelines and criteria for
application of incentives within the designated enterprise zones; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK AND
THE COUNTY COMMISSIONERS OF LUBBOCK COUNTY:
THAT the City Council of the City of Lubbock and the County Commissioners of
Lubbock County hereby approve and adopt Guidelines and Criteria Governing Tax Abatement
for Commercial Projects within the designated City of Lubbock Enterprise Zones, which
guidelines and criteria are attached as Exhibit "A" and are made a part hereof for all intents and
purposes. These guidelines shall become effective upon expiration of the previously approved
guidelines.
THAT this Resolution in no manner effects additional local incentives which may be
added or deleted by the various governing bodies during the life of the enterprise zones as
required to obtain the best possible mix of incentives to insure the success of the enterprise
zone program.
Passed by the City Council this 8th day of September, 2005.
ATTEST:
r—
ie-belca, Gana, City Secretary
JOINT RESOLUTION -TAX ABATEMENT GUIDELINES FOR COMMERCIAL PROJECTS
APPROVE AS TO CONTENT:
Rob Allison
Director of Business Development
APPROVED AS TO FORM:
Linda Chamales, Senior Attorney
Office Practice Section
Passed by the Lubbock County Commissioners this (2 day of A _ U�� 2005.
COUNTY OF LUBBOCK
66,
Tom Head, County Judge
Bill McCay, Precinct 1 float
4-or tten, Precinct 2
�gffiw Gutierrez, Precin Patti Jones, Precinct
ATTEST:
�I
v�cr
Doris Ruff, Wmty Clerk
CB/Tax Abatement/Ouideltnea/2005 Guidelinef2005 Comm=ial Resoiudon
AP ROVED AS TO FORM:
B.J. Beni" Hemmeline,
Civil Chief
Lubbock County District Attorney
JOINT RESOLUTION -TAX ABATEMENT GUIDELINES FOR COMMERCIAL PROJECTS
Exhibit "A"
GUIDELINES AND CRITERIA GOVERNING TAX ABATEMENT
FOR COMMERCIAL PROJECTS IN DESIGNATED ENTERPRISE ZONES
IN THE CITY OF LUBBOCK
SECTION I. General Purpose:
The City of Lubbock is committed to the promotion of high quality commercial
development in designated Enterprise Zones within the City; and to an ongoing
Improvement in the quality of life for citizens residing in designated Enterprise Zones.
The Affected Jurisdictions recognize that these objectives are generally served by
enhancement and expansion of the local economy. The Affected Jurisdictions will, on a
case -by -case basis, give consideration to providing tax abatement, as authorized by
V.T.C.A., Tax Code, Chapter 312, as stimulation for economic development within the
designated Enterprise Zones in the City of Lubbock. It is the policy of the Affected
Jurisdictions that said consideration will be provided In accordance with the guidelines
and criteria herein set forth and in conformity with the Tax Code.
Nothing contained herein shall Imply, suggest or be understood to mean that the Affected
Jurisdictions are under any obligation to provide tax abatement to any specific applicant
(V.T.C.A. Tax Code, Section 312.002(d)). With the above rights reserved, all applicants
for tax abatement will be considered on a case -by -case basis.
SECTION II. Definitions:
As used within these guidelines and criteria, the following words or phrases shall have the
following meaning:
1. Abatement of Taxes: To exempt from ad valorem taxation all or part of the value
of certain Improvements placed on land located in a designated Enterprise Zone for
commercial development purposes for a period of time not to exceed five (5) years.
2. Affected Jurisdiction: The City of Lubbock and the County of Lubbock.
3. Abatement Agreement: A contract between a property owner and the Affected
Jurisdictions for the abatement of taxes on qualified property located within a
designated Enterprise Zone as authorized by V.T.C.A., Tax Code, Section
312.204(a).
4. Base Year Value: The assessed value of property eligible for tax abatement as of
January 1 preceding the execution of an Abatement Agreement as herein defined.
5. Commercial: Retail, service, or office
S. Expansion of Existing Facilities or Structures: The addition of buildings,
structures, machinery or equipment to a Facility.
T. Existing Facility or Structure: A Facility as of the date of execution of the Tax
Abatement Agreement, located in or on Real Property eligible for tax abatement
2005 Commercial Guidelines
September 8, 2005
Guidelines and Criteria GovemlcAbatement for
Commercial Projects in Designated Enterprise Zones
September 8, 2005
PAGE 2
B. Facility: The improvements made to Real Property eligible for tax abatement and
Including the building or structure erected on such Real Property and/or any
Tangible Personal Property to be located in or on such property.
9. Improvements to Real Property or Improvements: Shall mean the construction,
addition to, structural upgrading of, replacement of, or completion of any facility
located upon, or to be located upon, Real Property, as herein defined, or any
Tangible Personal Property placed in or on said Real Property.
10. Modernization/Renovation of Existing facilities: The replacement or upgrading
of existing facilities.
11. New Facility: The construction of a Facility, that has not previously existed within
the affected jurisdiction and will be a totally new business operation, on previously
undeveloped real property eligible for tax abatement
12. New Permanent Job: A new employment position created by a business that has
provided employment to an employee of at least 1,820 hours annually and intended
to be an employment position that exists during the life of the abatement.
13. Owner: The record title owner of Real Property or the legal owner of Tangible
Personal Property. In the case of land leased from an Affected Jurisdiction or
buildings leased from a private party or tax exempt property, the lessee shall be
deemed the owner of such leased property together with all improvements and
Tangible Personal Property located thereon.
14. Productive Life: The number of years a Facility is expected to be in service.
16. Real Property: Land on which Improvements are to be made or fixtures placed.
16. Tangible Personal Property: Any Personal Property, not otherwise defined
herein, and which Is necessary for the proper operation of any type of Facility.
SECTION Ill. Int2nt of Criteria and Guidelines:
The intent of the criteria and guidelines, as herein set forth, is to establish the minimum
standards which an applicant for tax abatement must meet in order to be considered for
such status by the Affected Jurisdictions.
SECTION IV. Giftria and Guidelines for Tax Abatement:
Any type of Facility will be eligible for tax abatement consideration provided such Facility
meets the following guidelines and criteria:
1. A business must clearly add to the Lubbock economic base. Compliance with this
criterion must show that additional jobs are being provided and the jobs being
proposed will not simply displace other similar jobs in the community.
Guidelines and Criteria Govemi" Abatement for
Commercial Projects in Designated Enterprise Zones
September 8, 2005
PAGE 3
2. Creation of new value: Abatement may only be granted for the additional value
resulting from any of the following:
(a) modernization/renovation of existing facilities of any type as herein defined;
(b) construction of a new facility of any type as herein defined;
(c) expansion of existing facilities of any type as herein defined,
3. New or existing facilities, of any type herein defined, located in a reinvestment zone or
upon Real Property eligible for such status will be eligible for consideration for tax
abatement status provided all other criteria or guidelines are satisfied.
4. Improvements to Real Property are eligible for tax abatement status.
5. The following types of property shall be ineligible for tax abatement status and shall
be fully taxed:
(a) Real Property;
(b) inventories or supplies;
(c) tools;
(d) furnishings and other forms of movable personal property;
(e) vehicles;
(f) aircraft;
(g) housing;
(h) boats;
(1) property owned by the State of Texas or any state agency; and,
Q) property owned or leased by a member of the affected Jurisdiction that did not
have an active tax abatement in place before they became a member of the
governing body or commission.
6. In order for a Facility to quality for abatement, the following conditions must apply:
(a) The owner or leaseholder of real property must make eligible improvements to
the real property; and,
(b) in the case of lessees, the leaseholder must have a lease commitment of at least
five (5) years.
Guidelines and Criteria Govemi" Abatement for
Commercial Projects in Designated Enterprise Zones
September 6, 2005
PAGE 4
(c) Property must be properly zoned for the use stated by the owner in the
application.
(d) Facilities located within the certificated territory of the City's municipally owned
electric utility, Lubbock Power and Light (LP&L), must utilize LP&L for electrical
services during the term of the abatement, so long as LP&L's rates are
competitive on a state-wide basis.
7. The amount and term of abatement shall be determined on a case -by -case basis,
however, in no event shall taxes be abated for a tern in excess of five (5) years. The
amount of the taxable value of Improvements to be abated and the term of the
abatement shall be determined by the Affected Jurisdiction in all cases. The authority
of all other taxing units shall be as set forth in V.T.C.A., Tax Code, Section 312.206.
8. No commercial property shall be eligible for tax abatement under these guidelines
and criteria unless such property is located in a designated Enterprise Zone in
accordance with Government Code, Chapter 2303.101 and the tax abatement
application is filed with the taxing jurisdiction before construction begins.
9. The minimum economic qualification for tax abatement shall be as follows:
(a) $100,000 investment or 10 new permanent jobs
(b) At least 30% of the business' new employees in the zone are residents of any
zone within the governing body's or bodied jurisdiction.
10. Notwithstanding any of the requirements set forth in Subsection 9 above, the
governing body of an Affected Jurisdiction upon the affirmative vote of three -fourths
(3/4) of its members may vary any of the above requirements when variation is
demonstrated by the applicant for Tax Abatement that variation is in the best interest
of the Affected Jurisdiction to do so, and will enhance the economic development of
the Affected Jurisdiction. By way of example only, and not by limitation, the governing
body of an Affected Jurisdiction may consider the following or similar terms in
determining whether a variance shall be granted:
(a) That the increase in productivity of the Facility will be substantial and hence
directly benefit the economy.
(b) That the increase of goods or services produced by the Facility will be substantial,
and directly benefit the economy.
(c) That the employment maintained at the Facility will be increased.
(d) That the waiver of the requirement will contribute, and provide for the retention of
existing jobs within the Affected Jurisdiction.
(e) Any other evidence tending to show a direct economic benefit to the Affected
Jurisdiction.
Guidelines and Criteria Govemiax Abatement for
Commercial Projects in Designated Enterprise Zones
September 6, 2005
PAGE 5
11. Taxability:
(a) The portion of the value of Improvements to be abated shall be abated in
accordance with the terms and provisions of a Tax Abatement Agreement
executed between the Affected Jurisdiction and the owner of the Real Property
and/or Tangible Personal Property, (which agreement shall be) in accord with the
provisions of V.T.C.A., Tax Code, Section 312.205.
(b) AO ineligible property, if otherwise taxable as herein described, shall be fully
taxed.
12. The governing body of each Affected Jurisdiction shall have total discretion as to
whether tax abatement is to be granted, Such discretion, as herein retained, shall be
exercised on a case -by -case basis. The adoption of these guidelines and criteria by
the governing body of an Affected Jurisdiction does not:
(a) Limit the discretion of the governing body to decide whether to enter into a
specific tax abatement agreement,
(b) Limit the discretion of the governing body to delegate to its employees the
authority to determine whether or not the governing body should consider a
particular application or request for tax abatement or,
(c) Create any property, contract, or other legal right in any person to have the
governing body consider or grant a specific application or request for tax
abatement.
13. The burden to demonstrate that an application for tax abatement should be granted
shall be upon the applicant. Each Affected Jurisdiction to which the application has
been directed shall have full authority to request any additional Information from the
applicant that the governing body of such Affected Jurisdiction deems necessary to
assist it in considering such application.
SECTION V. Tax Abatement Acttreement:
1. The Tax Abatement Agreement may be executed between the owner and the
municipality. A Tax Abatement Agreement shall:
(a) Establish and set forth the Base Year assessed value of the property for which
tax abatement is sought.
(b) Provide that the taxes paid on the Base Year assessed value shall not be
abated as a result of the execution of said Tax Abatement Agreement.
(c) Provide that ineligible property as subscribed in Section IV, Subsection 5,
hereinabove shall be fully taxed.
Guidelines and Criteria Govem�ax Abatement for
Commerciai Projects in Designated Enterprise Zones
September 8, 2005
PAGE 6
(d) Provide for the exemption of Improvements in each year covered by the
agreement, only to the extent the value of such Improvements for each such
year exceeds the value for the year in which the agreement is executed.
(e) Fully describe and list the kind, number and location of all of the improvements to
be made in or on the Real Property.
(f) Set forth the estimated value of all improvements to be made in or on the
Real Property.
(g) Clearly provide that tax abatement shall be granted only to the extent
(1) The improvements to Real Property increase the value of the Real Property
for the year In which the Tax Abatement Agreement: is executed; and,
(2) That the Tangible Personal Property improvements to Real Property were
not located on the Real Property prior to the execution of the Tax Abatement
Agreement.
(h) Provide for the portion of the value of the improvements to Real Property or
improvements to be abated. This determination is to be made consistent
with the provisions of Section IV, Subsection 5, of these guidelines and criteria as
hereinabove set forth.
(i) Provide for the commencement date and the termination date. In no event
shall said dates exceed a period of five (5) years.
(j) Describe the type and proposed use of the improvements to Real Property or
improvements including:
(1) The type of facility.
(2) Whether the improvements are for a new facility or renovation of a facility.
(3) The nature of the construction, proposed time table of completion, a map or.
drawings of the improvements above mentioned.
(4) The amount of investment and the commitment for the creation of new jobs.
(5) A list containing the kind, number and location of all proposed improvements.
(6) Any other Information required -by the Affected Jurisdiction.
(k) Provide a legal description of the Real Property upon which improvements are to
be made.
(1) Provide access to and authorize inspection of the Real Property or improvements
by employees of the Affected Jurisdiction, who have executed a Tax Abatement
1--
I GuideNnes and Criteria Govemi ax Abatement for
CJ
Commerdal Projects in Designated Enterprise Zones
September 8. 2005
PAGE 7
Agreement with owner to insure improvements are made according to the
specifications and conditions of the Tax Abatement Agreement.
(m) Provide for the limitation of the uses of the Real Property or improvements
consistent with the general purpose of encouraging development or re-
development of the zone during the period covered by the Tax Abatement
Agreement
(n) Provide for contractual obligations in the event of default by owner, violation of the
terms or conditions by owner, recapturing property tax revenue in the event the
owner defaults or otherwise fails to make improvements as provided in said Tax
Abatement Agreement, and any other provision as may be required or authorized
by State law.
(o) Contain each term agreed to by the owner of the property;
(p) Require the owner of the property to certify annually to the governing body of
each taxing unit that the owner is in compliance with each applicable term of
the agreement; and
(q) Provide that the governing body of the municipality may cancel or modify the
agreement If the property owner fails to comply with the agreement.
2. Not later than the seventh day before the City of Lubbock (as required by V.T,C.A,
Tax Code, Section 312.2041 or Section 312.402) enters into an agreement for tax
abatement under V.T.C.A, Tax Code, Section 312.204, the governing body or a
designated officer or employee thereof shall deliver to the presiding officer of the
governing body of each of the taxing units in which the property to be subject to the
agreement is located, a written notice that the City intends to enter into the
agreement. The notice must include a copy of the proposed Tax Abatement
Agreement.
3. A notice, as above described in Subparagraph 2, is presumed delivered when placed
in the mail, postage paid and properly addressed to the appropriate presiding officer.
A notice properly addressed and sent by registered or certified mail for which a return
receipt is received by the sender is considered to have been delivered to the
addressee.
4. Failure to deliver the notice does not affect the validity of the agreement
SECTION VI. Aclolicatign:
Any present owner of taxable commercial property located within the designated
Enterprise Zone of the City of Lubbock may apply for tax abatement by filing an
application with the City of Lubbock.
2. The application shall consist of a completed application form accompanied by:
Guidelines and Criteria Govemi�ax Abatement for
Commercial Projects in Designated Enterprise Zones
September 8, 2005
PAGE 8
(a) A general description of the improvements to be undertaken.
(b) A descriptive list of the improvements for which tax abatement is requested.
(c) A list of the kind, number and location of all proposed improvements of the Real
Property Facility of Existing Facility.
(d) A map indicating the approximate location of improvements on the Real Property
Facility or Existing Facility together with the location of any or all Existing Facilities
located on the Real Property or Facility.
(e) A list of any and all Tangible Personal Property presently existing on the Real
Property or located in an existing facility.
(f) A legal description of property.
(g) Address of property.
(h) A proposed time schedule for undertaking and completing the proposed
improvements.
(i) A general description stating whether the proposed improvements are in
connection with:
(1) the renovation of a facility; or,
(2) construction of a new facility.
(j) A statement of the additional value to the Real Property or Facility as a result of
the proposed improvements.
(k) A statement of the assessed value of the Real Property, Facility or Existing
Facility for the Base Year.
(1) Information concerning the number of new jobs that will be created or information
concerning the number of existing jobs to be retained as result of the
improvements undertaken.
(m) Any other information which the City of Lubbock deems appropriate for evaluating
the financial capacity of the applicant and compatibility of the proposed
Improvements with these guidelines and criteria.
(n) Information that is provided to an Affected Jurisdiction In connection with an
application or request for tax abatement, and which describes the specific
processes or business activity to be conducted or the equipment or other property
to be located on the property for which tax abatement is sought is confidential and
not subject to public disclosure until the Tax Abatement Agreement is executed.
Guidelines and Criteria Govemi" Abatement for
Commercial Propda in Designated Enterprise Zones
September 8, 2005
PAGE 9
Information in the custody of an Affected Jurisdiction after the agreement is
executed is not confidential. (V.T.C.A., Tax Code, Section 312.003).
(o) The City of Lubbock shall determine if the property described in said application is
within a designated Enterprise Zone. If the City determines that the property
described is not within a current Enterprise Zone, then they shall so notify the
applicant and said application shall then be returned to the applicant.
SECTION VII. Default Options
In the event that the applicant, owner or lessee has entered into a tax abatement
agreement to make improvements as defined in Section IV.2 above, but fails to
undertake or complete such improvements; fails to create all or a portion of the new
jobs provided by the Tax Abatement Agreement; or is in default of any of the terms or
conditions contained in the Tax Abatement Agreement; then in such event the
Affected Jurisdiction to whom the application for tax abatements was directed shall
give the applicant or owner sixty (60) days notice of such failure. The applicant or
owner shall demonstrate to the satisfaction of the Affected Jurisdiction above
mentioned that the applicant or owner has commenced to cure such failure within the
sixty (60) days above mentioned. In the event the applicant owner, or lessee fails to
demonstrate that he Is taking affirmative action to cure his failure, the Affected
Jurisdiction shall have three options:
(a) The Affected Judsdiction may renegotiate the Agreement with the applicant,
owner or lessee, in which case the current Guidelines and Criteria Governing Tax
Abatement for Commercial Projects in Designated Enterprise Zones shall apply
to the new Agreement; or
(b) The Affected Jurisdiction may determine that good cause exists to cancel the
Agreement and all abatement of taxes shall terminate immediately; or
(c) The Affected Jurisdiction may terminate the Agreement and recapture taxes
abated under Section Vlll. Recapture.
2. In any of the three options in subparagraph 1 above, the Affected Jurisdiction to which
the application for tax abatement was directed shall determine whether default has
occurred by the applicant, owner or lessee in the terms and conditions of the Tax
Abatement Agreement and shall so notify all other Affected Jurisdictions.
Cancellation or termination of the Tax Abatement Agreement by the Affected
Jurisdiction to which the application for tax abatement was directed shall constitute
simultaneous action to all Tax Abatement Agreements of all other Affected
Jurisdictions.
SECTION Vill. RQcaotun
1. In the event that any type of facility, (as defined in Section II, Subparagraphs 5, 6, 7,
8, 9) is completed and begins producing goods or services, but subsequently
discontinues producing goods or services for any reason, excepting fire, explosion or
Guideftm and Criteria Govemin" Abatement for \�
Commercial Project in Designated Enterprise Zones
September 8, 2005
PAGE 10
other casualty or accident or natural disaster or other event beyond the reasonable
control of applicant or owner for a period of 180 days during the term of a tax
abatement agreement, then in such event the Tax Abatement Agreement shall
terminate and all abatement of taxes shall likewise terminate. Taxes abated during
the calendar year in which termination takes place shall be payable to each Affected
Jurisdiction by no later than January 31st of the following year. Taxes abated in years
prior to the year of termination shall be payable to each Affected Jurisdiction within
sixty (60) days of the date of termination. The burden shall be upon the applicant or
owner to prove to the satisfaction of the Affected Jurisdiction to whom the application
for tax abatement was directed that the discontinuance of producing goods or ser-
vices was as a result of fire, explosion, or other casualty or accident or natural
disaster or other even beyond the control of applicant or owner. In the event the
applicant or owner meets this burden, and the Affected Jurisdiction is satisfied that
the discontinuance of the production of goods or services was the result of events
beyond the control of the applicant or owner, then such applicant or owner shall have
a period of g_ng MW in which to resume the production of goods and services. In the
event that the applicant or owner fails to resume the production of goods or services
within one year, then the Tax Abatement Agreement shall terminate and the
Abatement of all taxes shall likewise terminate. Taxes abated during the calendar
year in which termination takes place shall be payable to eact Affected Jurisdiction by
no later than January 31st of the following year. Taxes abated in years prior to the
year of termination shall be payable to each Affected Jurisdiction within sixty (60)
days of the date of termination. The one year time period, hereinabove mentioned,
shall commence upon written notification from the Affected Jurisdiction to the
applicant or owner.
2. In the event that the applicant, owner or Lessee has entered into a tax abatement
agreement to make improvements to a facility of any type described in Section 1
above, but falls to undertake or complete such improvements or fails to, create all or a
portion of the number of new jobs provided by the Tax Abatement Agreement then in
such event the Affected Jurisdiction to whom the application for tax abatement was
directed shall give the applicant or owner sixty (60) days notice of such failure. The
applicant or owner shall demonstrate to the satisfaction of the Affected Jurisdiction,
above mentioned, that the applicant or owner has commenced to cure such failure
within the sixty (60) days above mentioned. In the event that the applicant or owner
fails to demonstrate that he is taking affirmative action to cure his failure, then in such
event the Tax Abatement Agreement shall terminate and all abatement of taxes shall
likewise terminate. Taxes abated during the calendar year in which termination takes
place shall be payable to each Affected Jurisdiction by no later than January 31st of
the following year. Taxes abated in years prior to the year of termination shall be
payable to each Affected Jurisdiction within sixty (60) days of the date of termination.
3. In the event that the Affected Jurisdiction to whom application for tax abatement was
directed determines that the applicant or owner is in default of any of the terms or
conditions contained in the Tax Abatement Agreement, then in such event the
Affected Jurisdiction shall give the applicant or owner sixty (80) days written notice bo
cure such default. In the event such default Is not cured to the satisfaction of the
Affected Jurisdiction within the sixty (60) days notice period, then the Tax Abatement
Guidelines and Criteria Govemin" Abatement for
Commercial Projects in Designated Enterprise Zones
September 8, 2005
PAGE 11
Agreement shall terminate and all abatement of taxes shall likewise terminate. Taxes
abated during the calendar year in which termination takes place shall be payable to
each Affected Jurisdiction by no later than January 31st of the following year. Taxes
abated in years prior to the year of termination shall be payable to each Affected
Jurisdiction within sixty (60) days of the date of termination.
4. In the event that the applicant or owner allows ad valorem taxes on property ineligible
for tax abatement owed to any Affected Jurisdiction, to become delinquent and fails to
timely and properly follow the legal procedures for their protest or contest, then in
such event the Tax Abatement Agreement shall terminate and all abatement of taxes
shall likewise terminate. Taxes abated during the calendar year in which termination,
under this subparagraph, takes place shall be payable to each Affected Jurisdiction
by no later than January 31 st of the following year. Taxes abated in years prior to the
year of termination shall be payabie to each Affected Jurisdiction within sixty (60)
days of the date of termination.
5. In the event that the applicant or owner, who has executed a tax abatement
agreement with any Affected Jurisdiction, relocates the business, for which tax
abatement has been granted, to a location outside of the designated reinvestment
zone, then in such event, the Tax Abatement Agreement shall terminate after sixty
(60) days written notice by the Affected Jurisdiction to the Owner/Applicant. Taxes
abated during the calendar year in which termination, under this subparagraph takes
place shall be payable to each Affected Jurisdiction by no later than January 31 st of
the following year. Taxes abated in years prior to the year of termination shall be
payable to each Affected Jurisdiction within sixty (60) days of the date of termination.
6. The date of termination as that term is used in this Subsection VIII shall, in every
instance, be the 60th day after the day the Affected Jurisdiction sends notice of
default, in the mail to the address shown in the Tax Abatement Agreement to the
Applicant or Owner. Should the default be cured by the Owner or Applicant within the
sixty (60) day notice period, the Owner/Applicant shall be responsible for so advising
the Affected Jurisdiction and obtaining a release from the notice of default from the
Afflicted Jurisdiction, failing in which, the abatement remains terminated and the
abated taxes must be paid.
7. In every case of termination set forth in Subparagraphs 1, 2, 3, 4 and 5 above, the
Affected Jurisdiction to which the application for tax abatement was directed shall
determine whether default has occurred by Owner (Applicant) in the terms and
conditions of the Tax Abatement Agreement and shall so notify all other Affected
Jurisdictions. Termination of the Tax Abatement Agreement by the Affected
Jurisdiction to which the application for tax abatement was directed shall constitute
simultaneous termination of all Tax Abatement Agreements of all other Affected
Jurisdictions.
8. In the event that a tax abatement agreement is terminated for any reason
whatsoever, and taxes are not paid within the time period herein specified, then in
such event, the provisions of V.T.C.A., Tax Code, Section 33.01 will apply.
Guidellnas and Criteria Govemi )ax Abatement for �, 1
Commercial Projects in Designated Enterprise Zones
September 8, 20D5
PAGE 12
SECTION IX. fNiscetlaAneous:
1. Any notice required to be given by these criteria or guidelines shall be given in the
following manner.
(a) To the Owner or Applicant: written notice shall be sent to the address
appearing on the Tax Abatement Agreement.
(b) To an Affected Jurisdiction: written notice shall be sent to the address
appearing on the Tax Abatement Agreement.
2. The Chief Appraiser of the Lubbock Central Appraisal District shall annually assess
the Real and Personal Property comprising the reinvestment zone. Each year, the
Applicant or Owner receiving tax abatement shall furnish the Chief Appraiser with
such information as may be necessary for the abatement. Once value has been
established, the Chief Appraiser shall notify the Affected Jurisdictions which levy
taxes of the amount of assessment.
3. Upon the completion of improvements made to Facility as set forth in Section VII,
Subparagraph 1 of these criteria and guidelines, a designated employee or
employees of any Affected Jurisdiction having executed a tax abatement agreement
with Applicant or Owner shall have access to the Facility to ensure compliance with
the Tax Abatement Agreement.
4. A Tax Abatement Agreement may be assigned to a new owner, but only after written
consent has been obtained from all Affected Jurisdictions which have executed such
an agreement with the Applicant or Owner.
5. These guidelines and criteria are effective upon the date of their adoption by an
Affected Jurisdiction and shall remain in force for two years. At the end of the two. -
year period, these guidelines and criteria may be re -adopted, modified, amended or
re -written as the conditions may warrant
6. Each Affected Jurisdiction shall determine whether or not said Affected Jurisdiction
elects to become eligible to participate in tax abatement In the event the Affected
Jurisdiction elects by resolution to become eligible to participate in tax abatement,
then such Affected Jurisdiction shall adopt these guidelines and criteria by separate
resolution forwarding a copy of both resolutions to all other Affected Jurisdictions.
7. In the event of a conflict between these guidelines and criteria and V.T.C.A., Tax
Code, Chapter 312, then in such event, the Tax Code shall prevail, and these
guidelines and criteria interpreted accordingly.
B. The guidelines and criteria, once adopted by an Affected Jurisdiction, may be
amended or repealed by a vote of three -fourths of the members of the governing
C,
Guidelines and Criteria Govemii�ix Abatement for
Cammerciei Projects in Designated Enterprise Zones
September 8, 2005
PAGE 43
body of an Affected Jurisdiction during the two-year term in which these guidelines
and criteria are effective.
Exhibit "C'
APPLICATION FOR COMMERCIAL TAX ABATEMENT IN LUBBOCK, TEXAS
ORIGINAL COPY OF THIS APPLICATION AND ATTACHMENTS SHOULD BE SUBMITTED TO:
CIty of Lubbock
Business Development Department
P.O. Box 2000
162513'' Street
Lubbock,TX 79457
(808) 775-2019
AP
PLJCAW INFORMATION
Date of Application: 5 122 1 07
Applicant Name: Minerva Partners Lam.
Company Name: Minerva Partners. Ltd.
Address: 3811 Drtle CM2k Blvd. Suite 1800. Dallas. TX 75219
Phone: 214-219-490 Fax, 214-2194901
Applicants Representative on this project Matt M&uf
Name: Matt malouf
Address: Some as above
Phone: 214-219 4900
Type of Ownership: [ ] Corporation [ X ] Partnership [ ] Proprietorship
Total Current Number Employees: N/A
Corporate Annual Sales Per Year. NIA
Seetlon II FACILRY INFORMATION
(a) This application is for a: [ X ] New Facility [) Expansion [) Modernization
(b) Type of Commercial Facility for which abatement is requested:
Drug Store and Retail Pharmaceu§01
Commercial Tax Abatement AppNcation
Page 2
[X] Minimum investment at least $100,000
[) Creation of at least 10 new permanent jobs
[) At least 30% of the new employees to be hired by the business will be residents of any enterprise zone within
the governing body's jurisdiction
(d) [ X] The existing facility to be modernized or expanded or the property where the new facility is to be built is
located in a designated Enterprise Zone.
(e) Address of proposed facility: 692 Avenue Q. Lubbock. TX 79401
(0 Legal description of proposed facility: Please see attached
(g) Describe product or service to be provided: Minerva Partners. Ltd. will construct a new free standing drug
store and retail pharmaceutical for_Walareens Comoany, Walareens will lease th@ prop-ldy from M inerva Partners,
II Section H FACILITY DESCRIPTION : II
Please attach the following:
Attachment 1
(a) A general description of the improvements to be undertaken (example: build new retail store at 4601 Peach Street
and install new furniture and fixtures).
(b) A descriptive list of the Improvements for which tax abatement is requested, including:
(1) cost and description of construction and location of all proposed improvements of the Real
Property or Existing Facility, and;
(2) list of new equipment and cost of the equipment.
(c) A list of any and all Tangible Personal Property presently existing on the Real Property or located In an existing
facility.
(d) A proposed time schedule for undertaking and completing the proposed improvements.
Attachment 2
(a) A site map indicating the approximate location of improvements on the Real Property Facility or Existing Facility
together with the location of any or all Existing Facilities located on the Real Property or Facility.
3
Commemial Tax Abatement Application
Page 3
(a) A stateriveitt offt addWomal value to the Real Piepeet-ty ox-Facility as a result of the proposed in-pproveintmits.
(b) A statement of the assessed value of the Real Property, Facility or Existing Facility for the base year (attach tax
assessment for property from the Lubbock Central Appraisal District).
(c) Information concerning the number of new jobs that will be created or the number of existing jobs to be retained as
a result of the improvements undertaken.
Section N ECONOMIC IMPA' T INFORI>AATIOI_
Part A — Current Investment in Existing Improvements:
B — Permanent Employment Estimates:
(1) If existing facility, what Is the current plant employment: NIA
(2) Estimated number of new jobs to be created and time frame for creation of jobs:
New Jobs See Attachment 3 Time Frame NIA
(3) Estimated number of retained jobs: ILA
(4) Opening of improvements: (Month) June * of (Year) 2008:
11 Part C — Permanent Payroll Estimates:
(1) If existing facility, what is the current plant payroll: NIA
(2) Estimated amount of new payroll: N/A
(3) Estimated amount of retained payroll: Wes'
11 Part 0 — Construction and Employment Estimates:
(1) Construction stark Month 6 r Year 20 07 .
(2) Number of construction jobs: At Start NIA Peak N/A Finish NIA
(3) Number of man-years: _N// _
Commerolal Tax Abatement Application
Page 4
POKE -9c nMt Estimates.
Give Estimated number of Children added to ISD's 0
Part F — City Impact Estimates:
(1) Volume of treated water required from City MINIMAL gallons per day.
(2) Volume of effluent to be treated by City MINIMAL gallons per day.
Part O — Estimated Appraised Value on Site:
LAND PERSONAL
IMPROVEMENTS
PROPERTY
Value of Existing Facility
Before New Construction
(From Central Appraisal District) 500,850
Value of New Improvements 500,850
1,730,000
Estimated Total Value After
Improvements 500,850
1,730,000
Part H — Variance:
(a) is a variance being sought under Section IV 9(d) of the "Guidelines"? [ ] Yes
[X] No
(b) If "Yes', attach any supplementary information required.
Sectlon V - DECLARATION
To the best of my knowledge, the above information Is an ac cural
171(a .
T►tle of Company Official
EX]�YBiT "A".
LBOAL DBSCIdM(* r
Cots 1-10, Block 110, Ovettoo Additicn to" City of Labbw 4 Lubbock Coualy, Texas, according to the
asap, plat, and/ordlodicatlori deed thereof roeordad'In Volume 18, Page d10 of tha•Decd Records of Lubbock
Cow*, Taxes, and the 26 W alley closed by City GWInauce No, 6854 accordiag to d* map, plat, and/or
dedication deed thcrogfacarded htVilwni 1302, Page 70 of the Dead Rocorda DtLd hook Cott» ty, Toni&
SAVE AND EXCOT drat portion of add Block 110 $canted flri d&-of way is Volans 1549, Page 36$ of
the Deed lRocorda of Vabbook Cowrty, Taxes, being more pec"My described by mew ate! bounds as
ibllowtti:
MGTTT MG at a iron rod;wA cap set-in the *estt<rtghof--way tine of Avenue "Q" which bears S.
00°03'3r 8. a distance of 25.00 lest item th8 atgiaal Norttueat corner of lot 1, Block 110, Overton
Addldoq
TMCNCE S, 00003137" B., along said Wtat rigiu-ot-way be and do FAA line of mW Block )10, a dfatanoe
of 250.00 t$at to a "MAG" nail set hi alas Nduth right of way Nno of 7* Street for the ortgiorai Southeast comer
ofs OBIodt 110,
T1MCS & W54'41" W., aldtg. sidd Ntaih rlgbt-of-way Tina and the Saath line of said Block 110, a
dWmw of 315,15 feet to a W tree rod with cap get in the East right-of-way Hue of Avenue "A" for the
original Southwest oornar of said Bloch 110;
r
TMMCI X 00006'27" W., along said am right -or way Una aid the west Kw of acid Bic* 110 a distua
of 2$0.00 " to a '3" fran'rod with cap set in the South rlof-of vvay line of Mao Davis Lane (fcamerly 66
Sired) as described in Vpharne W9, Page 365 of the Deed Records of Lubbock Co", Taxes for a point of.
curvature;
T'13RNQ Norflteesbarly, along said South rigbW--way Ih* around a cw va to the rlght, said curve having a
radhr: of 13.00•14a.4 a central angle of 90°01'08", tnnpd lengths of 15.00 flat and a chord distance of 21.22
fed to a K" hors rod with cap sot far a point of tan mcy,
TiMNCB N. $9054141" X, ood ttdng along acid South right-of-way line, a distance of 285,21 fest to a W1
lion rod w$h cap set for a pout of tengency;
"I WWR Southtasderly, c09ft'Aing along said South figbtrof way line, xMW a e nro to the right, Said
curve having it runs of 15A0 &K a central angle of M9'43", tangent lengths of 15:00 Net and a awe
.disWm of2121 feat to the POWs OFBBGITMG.
Minerva Partners, Ltd.
Application for Commercial Abatement in Lubbock Texas
Section ill - Attachment 1
(a) Construct new drug storetretail pharmaceutical. Lease facility to Walgreens Company.
(b) Descriptive list of improvements follows:
(1) Cost/Description of construction and improvements:
Land 886,000.00
Building costs 1,630,000.00
Site improvements 100,000.00
TOTAL 2,616,000.00
( c ) No tangible personal property currently exists on the real property.
(d) Construction is to start in June 2007 and will likely take
8-12 months.
R63577
LLq380CK RIT
Pa BOX 10 36
LUBBOCK, 794013-3135
610 AVE 0
LLMBWC4
011144=1 2007-24W
03m6ne89 3036
9IX110LITHRU10
%a. %B, "sp, ". V*r
Pap I of I
kW HO
$0
so
so
bw WAS
$1 14,M
$114016
$1 14,M $114,6W6
Land FIG
$0
so
so
Land 00
"MAN
SSWAW
$146ABI 5148.061
UABOCK SCOTTISH RITE
Ag Mid
$0
so
$0
226 UNKNOWN
As We
so
$0
so
Tim We
Hil Cop
AMoomad
$615k1e
3615.518
SM747 S260.747
1940
C r M .11
MA MA Mein Area 141377 1940
MA3 Main Ams BW 725 1940
API PwAV AsphA 42761 19ft
SIKM
1940 $102.911
1940 $4.OW
1966 $7,895
x 83475F 500.850
Minerva Partners, Ltd.
Application for Commercial Abatement In Lubbock Texas
Section IV - Attachment 3
(a) The project will result in an Increase In the real taxable value of the property. The existing
site Is currently operated by the local school district and therefore not taxable. The Increase
In real property assessed value should approach the costs as provided In Attachment 1.
(b) Current facility will be demolished.
(c)The project will not result In new permanent )obs created by Minerva Partners, Ltd,
However, Waigreens will lease the facility from Minverve Partners, Ltd. and will create the foiknaing
jobs in the community:
FULL TIME
Descriptlon
Number
Staff Pharmacist
2
Pharmacy Manager
1
Store Manager
1
Executive Assistant Manager
1
Assistant Manager
2
Sr. Pharmacy Tech.
1
Phem acy Tech.
2
Service Clerk
2
Head Photo Specialist
1
Photo Specialist
1
Sr Beauty Adviser
1
SIMS Coordinator
1
18
PART TIME
Description Number
Pharmacy Tech 2
Service Clerk 3
Photo Specialist 2
Beauty Adviser 2
9
9
!b
a
Ia
Mil
4I
9