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<br />Page 2 <br /> <br />PART2. PROPERTY IMPROVEMENTS <br />Section 2.01. HEB agrees to have a mechanized warehouse facility (the "New <br />Improvements") with an estimated size of 268,000 square feet constructed on the Property at an <br />estimated cost of$15,000,000. The New Improvements include mechanized fixtures to be installed <br />within the warehouse facility. <br />Section 2.02. HEB will ensure that the New Improvements are completed by December 31, <br />2000. HEB may, by written notice to the City, delay this completion deadline until December 31, <br />2001; in this event, the tax abatement period will be postponed. <br />Section 2.03. HEB will create at least seventy-five new full-time jobs on the Property by <br />December 31, 2000, and will maintain at least that number of full-time jobs at the Facility during <br />calendar year 2001. HEB may, by written notice to the City, delay these job creation and <br />maintenance requirements, respectively, until December 31,2001 and the calendar year 2002; in this <br />event, the tax abatement period will be postponed. <br /> <br />PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <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 New Improvements will be abated (the "Tax <br />Abatement") for two years if HEB satisfies all of its obligations under this Agreement. The two <br />years of Tax Abatement (the "Abatement Period") shall be the tax years 2001 and 2002; if HEB <br />delays the construction completion and/or job creation and maintenance requirements by notice <br />under Section 2.02 and/or Section 2.03 above, however, the two years of tax abatement shall be the <br />tax years 2002 and 2003. <br />Section 3.02. The Tax Abatement will not include any equipment other than mechanized <br />fixtures, nor will it include inventory, materials, or other personal property, nor will it include any <br />increase in the value of the land (after construction of the New Improvements) upon which the New <br />Improvements are situated. <br /> <br />PART 4. RECORDS AND AUDITS <br />Section 4.01. On or before February 1st of2001 and 2002 (2002 and 2003 in the event HEB <br />