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A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />J.K. BARTON, CLERK <br />ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION AGREEMENT <br />FOR INEOS NEW PLANET BIOENERGY LLC FACILITY AT - <br />925 74TE AVENUE SW, VERO BEACH, FLORIDA <br />THIS AGREEMENT is entered into as of the 20`b day of December, 2011, by and between <br />Indian River County, a political subdivision of the State of Florida ("County's and INEOS New Planet <br />BioEnergy, LLC, a limited liability company, organized and existing under the laws of the Stade of <br />Delaware ("Business'). <br />WHEREAS, County has adopted the Indian River County Economic Development Ad <br />Valorem Tax Exemption Ordinance ("Ordinaace'� <br />Code ("Code', and , setforth in Title XI of the Indian River Courcy <br />WHEREAS, County has adopted Ordinance No. 2011 -on ("Exemption Ordinance") <br />granting an economic development ad valorem tax exemption ("Exemption') to Business, and <br />WIMMAS, 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 tmdertakings herein and other good and <br />valuable consideration, tate receipt and sufficiency of which are hereby acknowledged, the parties <br />hereby agree, as follows: <br />1. Recitals. The above recitals are true and connect 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 conw% (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 fitture 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 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 />4. Annual Reports. On or before January 15a' of each year, beginning in 2013 and ending <br />in 2022, the applicant shall submit a status report to tate County Community Development Department. <br />At a minimum, the report shall include the name, address, and contact information of the current owner <br />7iWf�ptIhY141ar+�.�((WldRirrw Ser emgabdp.e�.nlyc <br />Kff-Anow 3 <br />109 <br />47 <br />