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<br />Doc Bk Vol Pg <br />00019273 OPR 1705 59~ <br /> <br />Page 2 <br />with manufacturing, processing, handling and other equipment (the "Equipment") at a cost of <br />approximately $1,600,000. <br />Section 2.02. Thermon will ensure that the Facility is completed and the Equipment is <br />installed by December 31, 2001. <br />Section 2.03. Thermon will create at least 6 new full-time job equivalents at the Facility, or <br />at Thermon's other San Marcos facilities, by December 31, 2003, and will maintain at least that <br />number of full-time job equivalents at the Facility, or at Thermon's other San Marcos facilities, <br />during the calendar year 2004. The requirement for the creation of each "full-time job equivalent" <br />will be met by the scheduling of the new employees for at least 40 hours of work per week at the <br />completed Facility, or at Thermon's other San Marcos facilities, during at least two weeks prior to <br />December 31, 2003. The requirement for maintenance of each "full-time job equivalent" will be met <br />by a total of 2,000 hours worked by one or more persons during the 2004 calendar year. <br /> <br />PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <br /> <br />Section 3.01. The existing and any real estate or ad valorem property taxes hereafter <br />imposed by the City on 100% of the taxable value of the Facility and the Equipment will be abated <br />(the "Tax Abatement") for two years if Thermon satisfies all of its obligations under this Agreement. <br />The two years of Tax Abatement (the "Abatement Period") will be the tax years 2004 and 2005. <br />Section 3.02. The Tax Abatement will not include any inventory, materials, or other <br />personal property other than the Equipment, nor will it include any increase in the value of the land <br />(after construction of the Facility) upon which the Facility is situated. <br /> <br />PART 4. RECORDS AND AUDITS <br />