HomeMy WebLinkAboutResolution - 2013-R0222 - Amendment To Tax Abatement Agreement - Ozark Automative Distributors Inc. - 07/11/2013Resolution No. 2013-RO222
July 11, 2013
Item No. 5.2
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 an Amendment to the Tax
Abatement Agreement with Ozark Automotive Distributors, Inc. and all related
documents. Said Amendment 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 on JulV 11 2013 , 2013.
GLO Re-TSON, MAYOR
ATTEST:
Reb cca Garza, City Secre
APPROVED AS TO CONTENT:
Qj�tL 6woo
Cheryl Brock,
Executive Director of Budget
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
LC cityatt ; Linda i Res -Tax Abatement Amendment -Ozark
March 13, 2013
Resolution No. 2013-RO222
STATE OF TEXAS §
COUNTY OF LUBBOCK §
AMENDMENT TO TAX ABATEMENT AGREEMENT
This Agreement is entered into by the CITY OF LUBBOCK (referred to herein
as "City"), a Home Rule Municipality of Lubbock County, Texas and OZARK
AUTOMOTIVE DISTRIBUTORS, INC. (hereinafter called "Company")
WHEREAS, City and Company executed a Tax Abatement Agreement on March
13, 2008, granting a ten year declining scale tax abatement; and
WHEREAS, City desires to amend the terms of the Agreement by reducing the
number of years in the tax abatement schedule; and
WHEREAS, Company desires to amend the terms of the Agreement by reducing
the number of jobs created;
NOW THEREFORE, City and Company agree to the following amendments to
the Tax Abatement Agreement:
1. Section 1 entitled "Term" is replaced by the following section:
"SECTION 1. Term. This Agreement shall commence January 1 of the
tax year after the required improvements are substantially completed and
shall expire eight (8) years after said date."
Amendment to Ozark Tax Abatement Agreement
2. Section 9 entitled "Job Creation" is replaced by the following section:
"SECTION 9. Job Creation. Company agrees to create 185 new jobs in
Lubbock at the facility on the Property between March 13, 2008 and
August 1, 2013, and retain those jobs for the term of the tax abatement."
3. Section 11 entitled "Portion of Tax Abated" is replaced by the following
section:
"SECTION 11. 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: 90%
Year 3: 80%
Year 4: 70%
Year 5: 60%
Year 6: 50%
Year 7: 40%
Year 8: 30%"
Executed on
CITY OF LUBBOCK
BY:
GLEN R BE SON, MAYOR
2013.
OZARK AUTOMOTIVE
DISTRIBUTORS, INC.
BY: _
ED RANDALL,
Director of Property Management
Amendment to Ozark Tax Abatement Agreement
Page 2
ATTEST:
Rebe ca Garza, City Secret
APPROVED AS TO CONTENT:
.e,�� -&LA-j
Cheryl Brock,
Executive Director of Budget
APPROVED AS TO FORM:
Linda Chamales,
Economic Development Attorney
LC: cityatt/Linda/Amendment Ozark Tax Abatement Agreement
June 5, 2013
Amendment to Ozark Tax Abatement Agreement
Page 3