The Abatement RegisterPolkAgreement 0002402
Texas Chapter 380 / 381 agreement · Polk

Corrigan OSB, L.L.C.

Agreement 0002402, filed with the Texas Comptroller by County of Polk.

$270,000,000committed capital investment
160permanent jobs committed
90–100%of Eligible Property abated
December 31, 2017performance deadline
The obligation

What the contract requires.

“The capital investments related to the Facility contemplated by this Section must be completed on or before December 31, 2017”Executed agreement, p. 5
“it will create and fill not less than one hundred and sixty (160) new Employment Positions”Executed agreement, p. 6
“capital investment in the Personal Property will be in an amount not less than TWO HUNDRED AND SEVENTY MILLION AND NO/100 DOLLARS ($270,000,000)”Executed agreement, p. 5
The repayment remedy

What happens if it is not met.

“If this Agreement enters a Default Period as the result of an uncured Event(s) of Default that occurs during the Tax Abatement Period, CORRIGAN OSB agrees that taxes on all of the Eligible Property will become due and owing for the calendar year in which the Default Notice leading to a Default Period of this Agreement is sent”Executed agreement, p. 10

Where a deadline above has passed, no public record exists of whether it was met — not in the Comptroller’s filings, nor in the local government’s own disclosures. That is not evidence of non-compliance. Texas requires nobody to record it.

Abatement schedule · Eligible Property · p. 3

What was abated, and for how long.

100%Year 1-5
98%Year 6
96%Year 7
94%Year 8
92%Year 9
90%Year 10

A local abatement waives only that taxing unit’s share of the property tax bill. School districts, counties, cities and hospital districts each sign separately.

Every field, as the contract states it

The record.

FieldValue & quoted sourcePage
Granting bodyCounty of PolkCOUNTY OF POLK BETWEEN THE COUNTY OF POLK1
Contracting entityCorrigan OSB, L.L.C.AND CORRIGAN OSB, L.L.C.1
Parent / guarantorRoyOMartinRoyOMartin58
InstrumentTax AbatementTHIS TAX ABATEMENT AGREEMENT1
Governing chapterChapter 312, Tax Code (property tax abatement)2014-01 (‘the Zone’’), which constitutes a reinvestment zone for commercial or industrial tax phase-in, as authorized by the Texas Property Redevelopment and Tax Abatement Act (Texas Tax Code Chapter 312);—
Capital investment$270,000,000capital investment in the Personal Property will be in an amount not less than TWO HUNDRED AND SEVENTY MILLION AND NO/100 DOLLARS ($270,000,000)5
Grant or incentiveNot stated in the agreement—
Jobs committed160it will create and fill not less than one hundred and sixty (160) new Employment Positions6
Wage requirement$12.00 per hourone hundred percent (100%) of all Employment Positions at the Facility will be paid a minimum wage, not including benefits, of at least $12.00 per hour.7
Square footage37,000 and 200,000 square foot buildingsapproximately 37,000 and 200,000 square foot buildings3
Acreage1703 acresReal Property means the tax-exempt parcel of land owned by CORRIGAN OSB which consists of 1703 acres of land3
Performance deadlineDecember 31, 2017The capital investments related to the Facility contemplated by this Section must be completed on or before December 31, 20175
ExpirationDecember 31, 2026January 1, 2017 and continuing for a period of ten (10) years thereafter ending on December 31st of that tenth year.3
Effective dateMarch 1, 2015THIS TAX ABATEMENT AGREEMENT (“Agreement’) is entered into as of March 1, 20151
SignatoryRoy O. Martin, IIIAttn: Roy O. Martin, III12
Chain statusTerminal document — no later agreement in the registry names this one as its predecessor—
How to check this page

Every line above is in the contract.

Agreement 0002402 is filed with the Texas Comptroller. Pull the PDF, go to the page number beside any row, and read the sentence. If a figure here does not match the document, tell me and it is corrected the same day.

Where the contract says nothing, the field is left empty rather than filled with a guess.

One of 1,645

Which of these are on your book?

This is a single agreement. I have read 1,645 of the 4,428 Texas has filed, resolved which have been superseded, and recorded what each commits a company to.

Send me an entity and a county and I will tell you what is on it — quoted, page-cited, checked. Free for the first one.

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