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<br /> 07. 7 P~F' <br /> . f; 'i', ~3 <br /> ' ,",.'" <br /> 3 <br />and fire protection modifications. HEB shall complete the <br />construction of the Improvements and installation of the Equipment <br />by March 31, 1992. <br /> B. HEB agrees to create and to have on the payroll at least <br />135 new full-time and part-time jobs at the facilities described <br />above no later than April 1, 1992. After that date, HEB agrees to <br />maintain at least 135 full-time job equivalents at the facilities <br />described above for the duration of this Agreement. For the <br />purposes of this Agreement, the requirement for each "full-time job <br />equivalent" shall be met by a total of 2,000 hours worked by one or <br />more persons during a calendar year. <br /> 3. <br /> TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <br /> A. The existing and any real estate or ad valorem property <br />taxes hereafter imposed by the City (the "Abated Taxes") on fifty <br />percent (50%) of the increase in taxable value of the Property, up <br />to a maximum of $2 Million in abated value, shall be abated (the <br />"Tax Abatement") for two (2) calendar years, provided that HEB <br />satisfies all of its obligations under this Agreement. The two (2) <br />years of Tax Abatement (the "Abatement Period") shall be the tax <br />years 1992 and 1993. <br /> B. The Tax Abatement shall include fifty percent (50%) of <br />the increase in the value of the Property and permanent <br />improvements attached thereto, and on the value of those items of <br />the Equipment that were not located on the Property before the <br />