The Abatement RegisterEl PasoAgreement 0005319
Texas Chapter 380 / 381 agreement · El Paso

MARTIN BUILDING, LLC

Agreement 0005319, filed with the Texas Comptroller by COUNTY OF EL PASO, TEXAS.

$5,191,000.00committed capital investment
$234,361.00grant or incentive
100%of incremental ad valorem property tax revenue abated
twenty four (24) months from the Effective Dateperformance deadline
The obligation

What the contract requires.

“a Certificate of Occupancy for the Developments within twenty four (24) months from the Effective Date of this Agreement”Executed agreement, p. 4
“a minimum investment of Five Million One Hundred Ninety One Thousand and 00/100 Dollars ($5,191,000.00) on the redevelopment of the Mixed Use Property”Executed agreement, p. 4
The remedy

The agreement terminates.

“A sale of the majority interest in MARTIN BUILDING, an interest of 51% or greater that holds a fee title to the Properties, shall terminate this agreement and all previously paid grants, rebates, subsidies, and other incentives paid under this Agreement shall be paid back to the COUNTY within sixty (60) days of the sale.”Executed agreement, p. 6

This clause ends the agreement. It states no repayment of money already received.

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 · incremental ad valorem property tax revenue · p. 3

What was abated, and for how long.

100%ten (10) consecutive years

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 EL PASO, TEXASCOUNTY OF EL PASO, TEXAS (hereinafter referred to as the “COUNTY”)1
Contracting entityMARTIN BUILDING, LLCMARTIN BUILDING, LLC (hereinafter referred to as the “MARTIN BUILDING’)1
Parent / guarantorNot stated in the agreement—
InstrumentProperty Tax Rebate GrantProperty Tax Rebate Grant. The word “Property Tax Rebate Grant” means each annual Property Tax Rebate payment to MARTIN BUILDING under the terms of this Agreement.2
Governing chapterChapter 381, Local Government Code<<<PAGE 1>>> STATE OF TEXAS ) ) CHAPTER 381 ECONOMIC DEVELOPMENT COUNTY OF EL PASO ) PROGRAM AGREEMENT — MARTIN BUILDING This CHAPTER 381 ECONOMIC DEVELOPMENT PROGRAM AGREEMENT (this “Agreement”) is made and entered into by and between the COUNTY OF EL PASO, TEXAS (hereinafter referred to as the “COUNTY”), and MARTIN BUILDING, LLC (hereinafter referred to as the “MARTIN BUILDING’), a Texas limited—
Capital investment$5,191,000.00a minimum investment of Five Million One Hundred Ninety One Thousand and 00/100 Dollars ($5,191,000.00) on the redevelopment of the Mixed Use Property4
Grant or incentive$234,361.00maximum amount of Two Hundred Thirty-Four Thousand Three Hundred Sixty-One and No/100 Dollars ($234,361.00)3
Jobs committedNot stated in the agreement—
Wage requirementNot stated in the agreement—
Square footage42,000approximately forty two thousand (42,000) of square feet for retail and commercial space3
AcreageNot stated in the agreement—
Performance deadlinetwenty four (24) months from the Effective Datea Certificate of Occupancy for the Developments within twenty four (24) months from the Effective Date of this Agreement4
ExpirationNot stated in the agreement—
Effective dateJuly 1, 2013IN WITNESS WHEREOF, the parties have executed this Agreement on this ‘1st day of July, 2013.12
SignatoryLane GaddyName: L ddy14
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 0005319 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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