The Abatement RegisterEl PasoAgreement 0008555
Texas Chapter 380 / 381 agreement · El Paso

FRED LOYA INSURANCE AGENCY, INC.

Agreement 0008555, filed with the Texas Comptroller by COUNTY OF EL PASO, TEXAS.

$9,750,000.00committed capital investment
$168,437.09grant or incentive
738permanent jobs committed
50%of incremental ad valorem property tax revenue abated
two (2) years of the Effective Dateperformance deadline
The obligation

What the contract requires.

“Failure of the Applicant or its Affiliate to receive its Certificate of Occupancy and meet its Full Time Employment job requirements as noted in Exhibit B within two (2) years of the Effective Date of this Agreement”Executed agreement, p. 4
“Total Full Time Employees 176 288 401 513 626 738”Executed agreement, p. 15
“Minimum Investment amount shall be Nine Million Seven Hundred Fifty Thousand and 00/100 Dollars ($9,750,000.00)”Executed agreement, p. 3
The repayment remedy

What happens if it is not met.

“In the event this Agreement is terminated pursuant to this Section 5B, all Grant Payments previously provided by the County pursuant to this Agreement shall be recaptured and repaid by Applicant or its Affiliate within sixty (60) days from the date of such termination”Executed agreement, p. 7

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. 4

What was abated, and for how long.

50%2017
50%2018
50%2019
50%2020
50%2021
50%2022

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 (“County”), a Texas home rule municipal corporation1
Contracting entityFRED LOYA INSURANCE AGENCY, INC.FRED LOYA INSURANCE AGENCY, INC. (“Applicant”), a Texas Corporation1
Parent / guarantorNot stated in the agreement—
InstrumentGrantGrant. The word “Grant” means each annual payment to APPLICANT under the terms of this Agreement computed as the Property Tax Rebate.3
Governing chapterChapter 381, Local Government Code<<<PAGE 1>>> Doct 20160025585 STATE OF TEXAS ) ) CHAPTER 381 ECONOMIC DEVELOPMENT COUNTY OF EL PASO ) PROGRAM AGREEMENT This Chapter 381 Economic Development Program Agreement (“Agreement”) is made and entered into by and between the COUNTY OF EL PASO, TEXAS (“County”), a Texas home rule municipal corporation, and FRED LOYA INSURANCE AGENCY, INC.—
Capital investment$9,750,000.00Minimum Investment amount shall be Nine Million Seven Hundred Fifty Thousand and 00/100 Dollars ($9,750,000.00)3
Grant or incentive$168,437.09The maximum amount of Grant payments under the terms of this Agreement shall not exceed One Hundred Sixty-Eight Thousand Four Hundred Thirty-Seven and 09/100 Dollars ($168,437.09).3
Jobs committed738Total Full Time Employees 176 288 401 513 626 73815
Wage requirementNot stated in the agreement—
Square footage84,000Property. The word “Property” means approximately 84,000 square feet of real property4
AcreageNot stated in the agreement—
Performance deadlinetwo (2) years of the Effective DateFailure of the Applicant or its Affiliate to receive its Certificate of Occupancy and meet its Full Time Employment job requirements as noted in Exhibit B within two (2) years of the Effective Date of this Agreement4
ExpirationNot stated in the agreement—
Effective dateApril 4, 2016IN WITNESS WHEREOF, the parties have executed this Agreement on this 4th day of April. 2016.12
SignatoryJoe RamirezJoe Ramirez, as Chief Financial Officer of FRED LOYA INSURANCE AGENCY, INC.13
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 0008555 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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