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<br />Page 2 <br /> <br />PART 2. PROPERTY IMPROVEMENTS <br />Section 2.01. Hays Energy intends to have a nominally rated 1,100 megawatt natural gas- <br />fired electric power generation facility (the "Facility") constructed on the Property at an estimated <br />cost of at least $350,000,000. <br />Section 2.02. Hays Energy will ensure that the Facility is completed by December 31, 2001. <br />Section 2.03. Hays Energy will create at least twenty-seven new full-time jobs at the Facility <br />by December 31, 2001, and will maintain at least that number of full-time jobs at the Facility during <br />calendar years 2002 through 2007, inclusive. <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 Facility will be abated (the "Tax <br />Abatement") for seven years if Hays Energy satisfies all of its obligations under this Agreement. The <br />seven years of Tax Abatement (the "Abatement Period") shall be the tax years 2002 through 2008, <br />inclusive. <br /> <br />Section 3.02. The Tax Abatement will not include any equipment other than mechanized <br />fixtures and the structures surrounding them, nor will it include inventory, materials, or other <br />personal property, nor will it include any increase in the value of the land (after construction of the <br />Facility) upon which the Facility is situated. <br /> <br />PART 4. RECORDS AND AUDITS <br />Section 4.01. On or before February 1 st of each year ofthe Abatement Period, Hays Energy <br />will furnish records to the City supporting Hays Energy's tax abatement for the current tax year. <br />These records will pertain to Hays Energy's compliance with this Agreement for the previous <br />calendar year. The City will evaluate the information furnished, and will have the right to request <br />and receive from Hays Energy additional information needed to help the City determine Hays <br />Energy's compliance with this Agreement. Upon the City's verification of compliance with this <br />Agreement by Hays Energy for the previous calendar year, the City will issue a tax abatement <br />