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1491 760 Page 2 PART2. PROPERTY IMPROVEMENTS Section 2.01. Pavestone agrees to have the Improvements, consisting of a 16,000 square foot facility for manufacturing modular concrete products (the "Facility") constructed on the Property at an estimated cost of$I,750,000. Section 2.02. Pavestone will ensure that the Improvements are completed by December 31, 1999. Section 2.03. Pavestone will create at least twenty new full-time jobs on the Property by December 31, 1999, and will maintain at least that number of full-time jobs at the Facility during calendar year 2000. PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT Section 3.01. The existing and any real estate or ad valorem property taxes hereafter imposed by the City on 100% of the taxable value of the Improvements will be abated (the "Tax Abatement") for two years ifPavestone satisfies all of its obligations under this Agreement. The two years of Tax Abatement (the "Abatement Period") shall be the tax years 2000 and 2001. Section 3.02. The Tax Abatement will not include any equipment, inventory, materials, or other personal property, nor will it include any increase in the value of the land (after construction of the Improvements) upon which the Improvements are situated. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1st of2001 and 2002, Pavestone will furnish records to the City supporting Pavestone's tax abatement for the previous tax year. These records will pertain to Pavestone's compliance with this Agreement for the previous calendar year. The City will evaluate the information furnished, and will have the right to request and receive from Pavestone additional information needed to help the City determine Pavestone's compliance with this Agreement. Upon the City's verification of compliance with this Agreement by Pavestone for the