Loading...
HomeMy WebLinkAboutResolution - 4552 - Tax Abatement Agreement - Cactus Theater Inc - Original Town Addition - 07/28/1994Resolution No. 4552 Item #8 July 28, 1994 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 by and between the City of Lubbock and Cactus Theater, Inc., for certain property within the North Enterprise Zone to receive commercial -industrial tax abatement, which Agreement is attached hereto and made a part hereof for all purposes. Passed by the City Council this ATTEST: Betty A fo'hnsoi,Xity Secretary APPRO AS T CONTENT: Rod Follis, Director of Business Development APPROVED AS TO FORM: D66ald G. Vandiver, First Assistant City Attorney ncv:ds/ccdocs/CACTUs.res June 21, 1994 Resolution No. 4552 Item #8 July 28, 1994 AGREEMENT STATE OF TEXAS § COUNTY OF LUBBOCK § This Agreement made this 28th day of July , 1994, by and between the City of Lubbock, Texas, a home rule municipality of the State of Texas (hereinafter called "City") and Cactus Theater, Inc. (hereinafter called "Company"); WITNESSETH: WHEREAS, City did receive from Company on the 20th day of April, 1994 an application for tax abatement for renovation of Company's facilities located within Lots Seventeen (17), Eighteen (18), and the South part of Lot Nineteen (19), Block Two Hun- dred Thirty (230), ORIGINAL TOWN OF LUBBOCK, Lubbock County, Texas, accord- ing to the Map, Plat and/or Dedication Deed thereof, recorded in Volume 5, Page 384, Deed Records of Lubbock County, Texas, the South part of Lot Nineteen (19) being described by Metes and Bounds as follows: BEGINNING at the Northeast corner of Lot 18, for the Southeast and beginning corner of this description; THENCE West, along the North Line of Lot 18, 125 feet to a 1/2" iron rod, set for the Southwest corner of this description; THENCE North, along the West line of Lot 19, 4.22 feet to a 1/2" iron rod, set for the Northwest corner of this description; THENCE South, 89.56'42" East, along a party wall of a building, 125 feet to an "x" set in concrete, for the Northeast corner of this description; THENCE South, 4.10 feet to the POINT OF BEGINNING to the City of Lub- bock; and WHEREAS, upon review of the above application, it was determined that facilities would be located in the North Enterprise Zone designated by City in its Ordinance No. 9591; and WHEREAS, the Guidelines and Criteria Governing Tax Abatement for Commer- cial Projects in Designated Enterprise Zones in the City of Lubbock was heretofore adopted by Resolution No. 4287 of the City Council of the City of Lubbock; 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 V.A.C.S., Section 10, Article 5190.7, having adopted Ordinance No. 9591 of the City on February 18, 1993, which ordinance includes Lots Seventeen (17), Eighteen (18), and the South part of Lot Nineteen (19), Block Two Hun- dred Thirty (230), ORIGINAL TOWN OF LUBBOCK, Lubbock County, Texas, accord- ing to the Map, Plat and/or Dedication Deed thereof, recorded in Volume 5, Page 384, Deed Records of Lubbock County, Texas, the South part of Lot Nineteen (19) being described by Metes and Bounds as follows: BEGINNING at the Northeast corner of Lot 18, for the Southeast and beginning corner of this description; THENCE West, along the North line of Lot 18, 125 feet to a 1/2" iron rod, set for the Southwest corner of this description; THENCE North, along the West line of Lot 19, 4.22 feet to a 1/2" iron rod, set for the Northwest corner of this description; THENCE South, 89.56'42" East, along a party wall of a building, 125 feet to an "x" set in concrete, for the Northeast corner of this description; THENCE South, 4.10 feet to the POINT OF BEGINNING to the City of Lubbock; and WHEREAS, the application received by City from Company is an application for the renovation of an existing facility; and PAGE 2 WHEREAS, Section 10 of V.A. C.S., Article 5190.7 specifically states that such a purpose is to be included in the guidelines for commercial tax abatement 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. 9591 does recognize renovation of an existing 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. 4287, have been met by Company; and WHEREAS, Company does intend to renovate an existing facility; and WHEREAS, the location of the renovated facility and surrounding real property, which are to be the subject matter of this 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 improvements to the property described in Exhibit "A" will create new jobs within the City, and enhance economic development with the designated Enterprise Zone; 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. Term. This Agreement shall remain in force and effect for a period of two (2) years from the date of its execution, and shall expire and be of no further force and effect after said date. SECTION 2. Base Year. The base year applicable to real property, which is the subject of the Agreement, shall be 1994, and the assessed value of the real property shall be the assessed value applicable to such property for said year. PAGE 3 SECTION 3. 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 4. 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 5. Property 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, and heretofore adopted by the City Council by Resolution No. 4287 is incorporated by reference herein as if fully set out in this Agreement and fully describes the property ineligible for tax abatement. SECTION 6. Exemption from Tax. The City covenants and agrees to exempt from taxation the following properties: (a) All proposed improvements to be placed upon Lots Seventeen (17), Eight- een (18), and the South part of Lot Nineteen (19), Block Two Hundred Thirty (230), ORIGINAL TOWN OF LUBBOCK, Lubbock County, Texas, according to the Map, Plat and/or Dedication Deed thereof, recorded in Volume 5, Page 384, Deed Records of Lubbock County, Texas, the South part of Lot Nineteen (19) being described by Metes and Bounds as follows: BEGINNING at the Northeast corner of Lot 18, for the Southeast and beginning corner of this description; THENCE West, along the North line of Lot 18, 125 feet to a 1/2" iron rod, set for the Southwest corner of this description; THENCE North, along the West line of Lot 19, 4.22 feet to a 1/2" iron rod, set for the Northwest corner of this description; PAGE 4 THENCE South, 89.56'42" East, along a party wall of a building, 125 feet to an "x" set in concrete, for the Northeast corner of this description; THENCE South, 4.10 feet to the POINT OF BEGINNING to the City of Lubbock, which proposed improvements are set forth in a plat of the above tract of land, attached hereto as Exhibit "A", and made a part hereof. (b) All eligible tangible personal property placed in or upon the property set forth in Exhibit "A". (c) It is further understood that all items affixed to the improvements placed upon the real property identified in Exhibit "A" including machinery and equipment shall be considered part of the real property improvement, and taxes thereon shall be abated in accordance with the provisions of subpara- graph (a) above set forth. SECTION 7. Economic Qualification. It is hereby found by the City that Com- pany will expend funds necessary to qualify for tax abatement by renovating an existing facility, and further that the Company will create new jobs in excess of the number required for tax abatement, all as set forth in Section IV(9)(2) of the Guidelines and Cri- teria Governing Tax Abatement for Commercial Projects in Designated Enterprise Zones in the City of Lubbock adopted by the City through Resolution No. 4287. SECTION 8. Value of Improvements. Company intends to expend approxi- mately two hundred -two thousand dollars in building related structural improvements to be located within the Enterprise Zone created by Ordinance No. 9591. SECTION 9. Creation of New Jobs. Company agrees within twelve (12) months from the date of execution of this Agreement that it will create five (5) new jobs within the Company facility located within Lots Seventeen (17), Eighteen (18), and the South part of Lot Nineteen (19), Block Two Hundred Thirty (230), ORIGINAL TOWN OF LUBBOCK, Lubbock County, Texas, according to the Map, Plat and/or Dedication Deed thereof, recorded in Volume 5, Page 384, Deed Records of Lubbock County, Texas, the South part of Lot Nineteen (19) being described by Metes and Bounds as follows: PAGE 5 BEGINNING at the Northeast corner of Lot 18, for the Southeast and beginning corner to this description; THENCE West, along the North line of Lot 18, 125 feet to a 1/2" iron rod, set for the Southwest corner of this description; THENCE North, along the West line of Lot 19, 4.22 feet to a 1/2" iron rod, set for the Northwest corner of this description; THENCE South, 89.56'42" East, along a party wall of a building, 125 feet to an "x" set in concrete, for the Northeast corner of this description; THENCE South, 4.10 feet to the POINT OF BEGINNING to the City of Lubbock, and use its best efforts to maintain a minimum of five (5) new jobs during the term of this Agreement. SECTION 10. 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 condi- tions of Company's application for commercial tax abatement and this Agreement. SECTION 11. Portion of Tax Abated. City agrees, during the term of this Agreement, to abate one hundred (100) percent of taxes on eligible property. SECTION 12. Commencement Date. This Agreement shall commence upon the date of its execution, which date is hereinafter set forth, and shall expire two (2) years after such date. SECTION 13. Type of Improvements. The Company proposes to renovate an existing building to be used as a performing arts and entertainment theater as described in Exhibit "A". The Company further states that the proposed improvements to the property above mentioned shall commence on the 25th day of April, 1994, and shall be completed within approximately 120 days from said date. The Company may request an extension of the above date from City in the event circumstances beyond the control of Company PAGE 6 necessitates additional time for completion of such improvements, and such consent shall not unreasonably be withheld. SECTION 14. 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. SECTION 15. Limitation on Use. Company agrees to limit the use of the prop- erty set forth in Exhibit "A" to commercial uses as those terms are defined in the zoning ordinances of the City of Lubbock, 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 16. 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 Com- pany as set forth in Exhibit "B", attached hereto and made a part hereof for all purposes. SECTION 17. Notices. Notices required to be given by this Agreement shall be mailed, certified mail return receipt requested, to the following addresses: CITY OF LUBBOCK City Manager P.O. Box 2000 Lubbock, TX 79457 PAGE 7 DON CALDWELL Cactus Theater, Inc. 1214 Avenue Q Lubbock, TX 79401 SECTION 18. Effective Date. Notwithstanding anything contained herein to the con- trary, this Agreement shall not be effective until such time as it shall be finally passed and approved. EXECUTED this 28th day of July , 1994. CACTUS THEATER, INC. President ATTEST: Secretary RE/sdh/ta-cactu.doc May 26,1994 PAGE 13 ATTEST: Betty MV Jo son, City Secretary APPROVED AS TO FO on G. Van Iver, F t sistant City Attorney EXHIBIT "A" Section III - Faciltiy Description Attachment 2 (a) Renovation of a historic building, used for a storage warehouse for the preceding 30 years, in the depot district into a performing arts and entertainment theater. (b) Attachment #3 (c) Attachment #3 (d) Attachment #4 (e) None (f) 4/94 to 9/94 (g) The renovation of a historic building into a theater. (h) Value of Property before renovations $50,000 Value of Property after renovations $217,227 (i) See attachment #5 0) This will be a new theater and will create 5 new jobs. Attachment 13 EXHIBIT "A" BUDGET ESTIMATE CACTUS THEATRE PERFORMING ARTS March 24, 1994 Architectural/Structural - Column Removal 8,000 - Dressing Rms (800 sq.ft. $40) 32,000 - Stage Projections 10,000 - Theatre Painting/Acoustical Treatment 24,447 - Control Room 10,000, Lobby/Ticket Office/Toilets 700 sq.ft. @$30 21,000 - Bldg.Front/Canopy/Signage/Lighting 25,000 - Roof Repair 2,000 Mechanical/Electrical - Wiring/Service/Panels 8,000 - Lighting General 5,000 - HVAC 35,000 - Plumbing 61000 Estimated Construction Cost 186,447 Estimated A/E Fee @ 6% 11,187 Estimated General Contractor Fee @ 2% 3,729 TOTAL ESTIMATED CONSTRUCTION COST 201,363 Furniture/Furnishings/Lighting/Sound - Drapery 5,000 - Lighting 6,000 - Sound Equipment/Wiring 9,000 - Seating (450 used seats @ $64) 28 637 TOTAL ESTIMATED PROJECT COST 250,000 ARCHITECTS 105 13th St. Lubbock, Texas 79401 806.747-0193 20 m 14 0 �L � ;5r �� i i ui 4 —7-7 ui > IV :::z -- OKI 5. 30 EXHIBIT "A" UJ :D z < L' --j f - ----------- LAJ Is 72278 23 Y6700-2 4 f, , 23 20 20 6 19 619 a 10 Ll 16 J 19TH. STREET 4 > < 66700-23611 24 2 22 1 6 II 13 /7L 2 204 8 17 10 VM 24 3 5 7 Ir8 lo 15 ! '2 3 U 'S, . HW 88888-6567IJ-104,, 424e- -,Vs- zl-e!4 1ele, ICTH. STF 'TH. STF 2C 4 Is 5 '6 6- F15 7 9— 2 10 Li I E, T Hl.. '%z- T F 61F,700 -2321- I 60 OKI 5. 30 EXHIBIT "A" UJ :D z < L' --j f - ----------- LAJ Is 72278 23 Y6700-2 4 f, , 23 20 20 6 19 619 a 10 Ll 16 J 19TH. STREET 4 > < 66700-23611 24 2 22 1 6 II 13 /7L 2 204 8 17 10 VM 24 3 5 7 Ir8 lo 15 ! '2 3 U 'S, . HW 88888-6567IJ-104,, 424e- -,Vs- zl-e!4 1ele, ICTH. STF 'TH. STF 2C 4 Is 5 '6 6- F15 7 9— 2 10 Li I E, T Hl.. '%z- T F 61F,700 -2321- I 3BOCK CENTRAL APPRAISAL DISTRICT 1715 26th STREET P.O. BOX 10542 LUBBOCK, TEXAS 79408-3542 (806) 762-5000 EXT. 500 PROPERTY OWNER: CACTUS THEATER INC EXHIBIT "A" IMPORTANT PLEASE REVIEW ALL DATA ON THIS NOTICE BECAUSE OF POSSIBLE IMPACT ON YOUR PROPERTY TAXES. LOCATION ADDRESS: LB 1 814 LUBBOCKENUE Q TX 79401-3816 AP iI� AL NUTICE THIS IS NOT A 'SAX BILL. PRINT DATE: 05/17/94 AVE H KEY / 00383962 PROPERTY DESCRIPTION: ORI6 T LUBBOCK SLK 230 L17 18& S4.22 OF 19 ZONE PARCELM C0-00230-00018000 0038 ZONE 0038 S AND -MARKET VALUE AND -PRODUCTIVITY VALUE 14,e 0 5 5 LAND -MARKET VALUE LAND -PRODUCTIVITY VALUE 1 4 i 0 S S dPROVEMENTS - MARKET ERSONAL PROPERTY VALUEPERSONAL 15.-390 IMPROVEMENTS - MARKET PROPERTY VAGUE 15.-390 IINERAL INTEREST VALUE OTAL MARKET VALUE MINERAL INTEREST VALUE 2 9 4 4 5 TOTAL MARKET VALUE 29.-445 TAXES LEVIED TAXABLE VALUE' TAXING UNITS (AFTER UB80CK ISD UUBMACK CITY EXEMPTION) 9 445 29 445 TAXES LEVIEb 429 9 188.45 'ES 2904451:61 29,445 T AXES p1 34 TER DIST C HOSP DIST y 5 241443 0 9 "4� 29 445 .601757 . 027 1 1ti2 21 JBBOCK COUNTY OTAL: 2944 50.40 2944 .16585 30.07 48.83 702.02 664.04 THIS IS NOT A TAX STATEMENT ESTIMATED PROPERTY TAXES PLEAN DO NOT THIS YEAR'S ESTIMATED TAX RATE: This rate would raise the same total revenue that the unit PAY raised last veer from property taxed bast year. A taxlno unit may NOT adopt a rat hat w _uld raisg FROM MORE revenue from the same properties UNLESS it publis9: __ hes notice in a newspaper that it is considering an Increase and holding a public hearing for taxpayers to discuss the increase. LvalTHIS YEAR'S ESTIMATED TAXES: These amounts are the taxes you would pay on this year's propos id ue if the governing bodies adopt the estimated tax rates shown I — The Texas Legislature does not set the amount of your local taxes. Your property tax burden is decided by your locally elected officials, and all inquiries concerning your taxes should be directed to those officials.' PLEASE IF YOU ARE AGE 65 OR OLDER and you received the $10,000 SCHOOL tax exemption on your home, your SCHOOL READ taxes for this year will not be higher than when you received the exemption, unless you have improved your property (ay adding rooms, other buildings, pool, etc.) If you feel any item of information on this form is incorrect, or if you disagree with this year's proposed value for your property, contact the appraisal office immediately. If the problem cannot be resolved, you have a right to appeal to the Appraisal Review Board (ARB). In order to appeal, you must file a WRITTEN protest with the ARB on or before 06 / 16 / 94 You can get a protest form from the appraisal district office at 1715 26th Street Lubbock, Texas. The ARB wil begin hearings on 0 6 / 17 / 9 4 You will be notified of the date, time and place your hearing is scheduled. In each taxing unit listed, the governing body decides whether property taxes increase. The appraisal district determines only the value of property. If you object to increasing taxes or government spending, you should contact the taxing unit's governing body. You should contact Ow appraisal office and ARB only about your proposed property value or exemptions. THIS IS NOT A TAX BILL - PLEASE DO NOT PAY FORM THIS NOTICE EXHIBIT 'B' SECTION VII. Recapture: 1. In the event that any type of facility, (as defined in Sec- tion I, Subparagraphs 5, 6, 7, 8, 10, 11, 12, 13, 17, 18) is completed and begins producing goods or services, but subse- quently discontinues producing goods or services for any reason, excepting fire, explosion or other casualty or acci- dent or natural disaster or other event beyond the reason- able 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 Juris- diction 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 one Year 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 ter- minate and the Abatement of all taxes shall likewise termi- nate. Taxes abated during the calendar year in which termi- nation takes place shall be payable to each Affected Juris- diction 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 notifica- tion from the Affected Jurisdiction to the applicant or owner. 2. In the event that the applicant or owner has entered into a tax abatement agreement to make improvements to a facility of any type described in Section 1 above, but fails to undertake or complete such improvements, 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 Jan- uary 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 applica- tion for tax abatement was directed determines that the applicant or owner is in default of any of the terms or con- ditions contained in the Tax Abatement Agreement, then in such event the Affected Jurisdiction shall give the appli- cant or owner sixty (60) days written notice to cure such default. In the event such default is not cured to the sat- isfaction of the Affected Jurisdiction within the sixty (60) days notice period, then the Tax Abatement Agreement shall terminate and all abatement of taxes shall likewise termi- nate. Taxes abated during the calendar year in which termi- nation takes place shall be payable to each Affected Juris- diction 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 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. Guidetines and Criteria Governing Tax Abatewnt for Cowerciat Projects in Designated Enterprise Zones Exhibit "B" PAGE 2 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 reinvest- ment 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 31st of the following year. Taxes abated in years prior to the year of termina- tion 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 Subsec- tion 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 Agree- ment 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 Affected 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. Termina- tion of the Tax Abatement Agreement by the Affected Juris- diction to which the application for tax abatement was directed shall constitute simultaneous termination of all Tax Abatement Agreements of all other Affected Jurisdic- tions. 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 provi- sions of V.T.C.A., Tax Code, Section 33.01 will apply. Guidelines and Criteria Governing Tax Abatement for Conwrclal Projects in Designated Enterprise Zones Exhibit New PAGE 3 CACTUS THEATER, INC. Projected Positions The Cactus Theater is projecting that they will do four shows per week. The following is a description of the positions that will be created and the estimated hours per week for each position. • General Manager • Operation (Plant) Manager • 2 - Part-time Stage Hands • 2 - Part-time Concession & Ticketing 40 hours per week 40 hours per week 20 hours per week each. 16 hours per week each