The Abatement RegisterWallerAgreement 0002880
Texas Chapter 380 / 381 agreement · Waller

Welcome Sub 55, LLC

Agreement 0002880, filed with the Texas Comptroller by Waller County, Texas.

$14,800,000committed capital investment
0–100%of Real Property Improvements-Owner abated
December 31, 2020performance deadline
The obligation

What the contract requires.

“Construction of the Improvements shall be completed on or before December 31, 2020”Executed agreement, p. 2
“at least 142 Employees (as defined herein) must be employed at the Improvements.”Executed agreement, p. 4
“Owner must spend, or cause to be spent, at least $14,800,000 in project costs for the design and construction of the Improvements.”Executed agreement, p. 2
The repayment remedy

What happens if it is not met.

“the County, in such event, shall be entitled to recapture any and all property taxes which have been abated as a result of this Agreement”Executed agreement, p. 11

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 · Real Property Improvements-Owner · p. 6

What was abated, and for how long.

0%Year 1 (2019)
100%Year 2 (2020)
100%Year 3 (2021)
75%Year 4 (2022)
50%Year 5 (2023)
100%Year 6 (2024)
50%Year 7 (2025)
50%Year 8 (2026)
25%Year 9 (2027)
0%Year 1 (2019)
50%Year 2 (2020)
100%Year 3 (2021)
75%Year 4 (2022)
50%Year 5 (2023)

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 bodyWaller County, TexasWALLER COUNTY, TEXAS, WELCOME SUB 55, LLC, AND MAN DIESEL & TURBO NORTH AMERICA, INC.1
Contracting entityWelcome Sub 55, LLCWelcome Sub 55, LLC, a Texas limited liability company (“Owner”), and MAN Diesel & Turbo North America, Inc.1
Parent / guarantorMAN Diesel & Turbo North America, Inc.MAN Diesel & Turbo North America, Inc., a New York corporation, and its successors or assigns (“Tenant”)1
InstrumentTax Abatement AgreementTAX ABATEMENT AGREEMENT BETWEEN1
Governing chapterChapter 312, Tax Code (property tax abatement)RECITALS: WHEREAS, on February 28, 2018, the County passed an Order establishing a Reinvestment Zone for commercial/industrial tax abatement (“ORDER”), as authorized by TEXAS TAX CODE Chapter 312;—
Capital investment$14,800,000Owner must spend, or cause to be spent, at least $14,800,000 in project costs for the design and construction of the Improvements.2
Grant or incentiveNot stated in the agreement—
Jobs committed142 recital language, not a covenantat least 142 Employees (as defined herein) must be employed at the Improvements.4
Wage requirementNot stated in the agreement—
Square footageNot stated in the agreement—
AcreageNot stated in the agreement—
Performance deadlineDecember 31, 2020Construction of the Improvements shall be completed on or before December 31, 20202
ExpirationDecember 31, 2027terminating December 31, 2027.9
Effective dateFebruary 28, 2018on this the 28th day of February, 2018.1
SignatoryVATS at (HMLERS. Soumee Or toName: VATS at (HMLERS. Soumee Or to14
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 0002880 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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