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io. A . i .
<br /> ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION AGREEMENT
<br /> FOR INEOS NEW PLANET BIOENERGY LLC FACILITY AT
<br /> 92574 THAVENUE SW, VERO BEACH , FLORIDA
<br /> THIS AGREEMENT is entered into as of the 201h day of December, 2011 , by and between
<br /> Indian River County, a political subdivision of the State of Florida (" County") and INEOS New Planet
<br /> BioEnergy , LLC , a limited liability company , organized and existing under the laws of the State of
<br /> Delaware ( " Business") .
<br /> WHEREAS , County has adopted the Indian River County Economic Development Ad
<br /> Valorem Tax Exemption Ordinance ( " Ordinance ") , set forth in Title XI of the Indian River County
<br /> Code (" Code") , and
<br /> WHEREAS , County has adopted Ordinance No . 2011 - 011 ("Exemption Ordinance ")
<br /> granting an economic development ad valorem tax exemption ("Exemption") to Business , and
<br /> WHEREAS , the Ordinance and the Exemption Ordinance both provide that the Exemption
<br /> shall not be effective until County and Business enter into this Economic Development Ad Valorem
<br /> Tax Exemption Agreement ("Agreement") ,
<br /> NOW, THEREFORE , in consideration of the mutual undertakings herein and other good and
<br /> valuable consideration , the receipt and sufficiency of which are hereby acknowledged, the parties
<br /> hereby agree , as follows :
<br /> 1 . Recitals . The above recitals are true and correct and are incorporated herein .
<br /> 2 . Definitions . Unless otherwise stated, all capitalized terms herein shall have the
<br /> meaning set forth in the Ordinance .
<br /> 3 . Business ' Representations , Covenants and Warranties . At all times during the term
<br /> of the Exemption, Business represents , covenants and warrants to County that : (a) all information
<br /> submitted by Business in the Application is , and was at the time of submittal, true and correct, (b) all
<br /> information submitted by Business in any annual report submitted pursuant to section I100 . 10 (b) of
<br /> the Code will be , at the time of submittal , true and correct, (c) each representation previously made by
<br /> Business to County ' s Board of County Commissioners in a public meeting was , and each
<br /> representation made by Business to County ' s Board of County Commissioners in the future will be , at
<br /> the time of such representation , true and correct, (d) Business will fully perform and remain in full
<br /> compliance with all Exemption Requirements and all requirements of this Agreement, (e) without
<br /> limitation , Business will establish and continue to provide all jobs required for Business to qualify as a
<br /> New Business , as defined in the Ordinance ("Jobs") , (f) without limitation, the average wage paid by
<br /> Business with respect to the Jobs during each calendar quarter will be equal to or greater than
<br /> the
<br /> average wage represented by Business in the Application , and (g) Business has not committed and will
<br /> not commit any Violation of Law (each of subparagraphs (a) through (f), " Commitment") .
<br /> 4a Annual Reports . On or before January 15th of each year, beginning in 2013 and ending
<br /> in 2022 , the applicant shall submit a status report to the County Community Development Department .
<br /> At a minimum, the report shall include the name , address , and contact information of the current owner
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