HomeMy WebLinkAboutContract 25999 ° CITY SECRETARY
CONTRACT NO.
STATE OF TEXAS § TAX ABATEMENT AGREEMENT BETWEEN
COUNTY OF TARRANT § THE CITY OF FORT WORTH AND
CITY OF FORT WORTH § SIECOR OPERATIONS, LLC
This Tax Abatement Agreement (this "Agreement") is entered into by and between the City
of Fort Worth, Texas (the "City"), duly acting herein by and through its City Manager, and Siecor
Operation, LLC ("Owner"), a North Carolina corporation in good standing to do business in the
State of Texas, duly acting by and through its authorized officers.
WHEREAS, the City has adopted a resolution stating that it elects to be eligible to
participate in tax abatement; and
WHEREAS, on the 29th day of February, 2000, the City Council of the City of Fort
Worth, Texas ("City Council") adopted Resolution No. 2617, entitled a Tax Abatement Policy
Statement for Qualifying Development Projects (the "Policy Statement"), attached hereto and
incorporated herein as Attachment A; and
WHEREAS, the Policy Statement constitutes appropriate "guidelines and criteria"
governing tax abatement agreements to be entered into by the City as contemplated by Chapter 312
of the Texas Tax Code, as amended (the "Code"); and
WHEREAS, on the 21st day of March, 2000, the Fort Worth City Council adopted
Ordinance No. 14 13() ("the Ordinance") establishing Tax Abatement Reinvestment Zone
No. 35 ("the Zone"); and
WHEREAS, Owner owns certain real properties, more particularly described in
Attachment B attached hereto and incorporated herein by reference (the "Premises"), located
totally within the Zone; and
WHEREAS, on the 5th day of January, 2000, Owner submitted an application for tax
abatement, with an incorporated supplement and exhibit, to the City concerning the contemplated
use of the Premises (the "Application for Tax Abatement"), attached hereto and incorporated
herein as Attachment C; and
WHEREAS, the contemplated use of the Premises, the Required Improvements (as
hereinafter defined) and the terms of this Agreement are consistent with encouraging development
of the Zone in accordance with the purposes for its creation and are in compliance with the Policy
Statement,the Ordinance and other applicable law; and
WHEREAS, the City Council finds that the terms of this Agreement, and the Premises and
Required Improvements, satisfy the eligibility criteria of the Policy Statement; and
WHEREAS, written notice that the City intends to enter into this Agreement, along with a
copy of this Agreement, has been furnished in the manner prescribed by the Code to the presiding
officers of the governing bodies of each of the taxing units in which the Premises is located;
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NOW, THEREFORE, the City and Owner, for and in consideration of the premises and
the promises contained herein, do hereby contract, covenant and agree as follows:
I.
OWNER'S COVENANTS
A. Owner will undertake an office space expansion to its facilities in Reinvestment
Zone No. 35 (the "Project"). As part of the Phase I of the Project, Owner shall construct, or cause
to be constructed, on and within the Premises certain improvements (the "Required
Improvements") (i) consisting of a 37,000 square feet office facility in Reinvestment Zone No. 35,
and (ii) having a cost upon completion of at least Five Million Two Hundred Fifty Thousand
Dollars ($5,250,000), including site development costs. The kind, number, and location of the
Required Improvements are more particularly described in the Application for Tax Abatement.
Minor variations in the Required Improvements from the description provided in the Application
for Tax Abatement shall not be an Event of Default, provided that the conditions in the first
sentence of this paragraph A are met and the Required Improvements are used for the purposes and
in the manner described in the Application for Tax Abatement.
At some point in the future and depending upon market conditions, the owner may, but is
not obligated hereunder, proceed to construct a Phase II of the project. In order to qualify for
abatement hereunder, Phase II must start by the end of the Agreement Term (as defined in
paragraph IIID hereof) of the Phase I abatement. For purposes of this Agreement, the start of
Phase II shall be considered as the date upon which building construction has begun, which will be
determined by the issuance of a building permit from the City's Development Department. As part
of Phase II of the Project, Owner shall construct, or cause to be constructed, on and within the
Premises certain improvement (the "Required Improvements") (i) consisting of a 200,000-250,000
square feet facility for manufacturing optical telecommunications products and (ii) having a cost
upon completion of at least Thirty Million Dollars ($30,000,000) which includes Fifteen Million
Dollars ($15,000,000) for construction and Fifteen Million Dollars ($15,000,000) for equipment.
However, the Abatement will apply to the actual total investment for Phase II, subject to
limitations provided in the Tax Abatement Policy.
B. Owner covenants to substantially complete construction of all of the Phase I
Required Improvements on or before December 31, 2001. Provided that if the Owner decides to
construct Phase II of the Project, Owner covenants to substantially complete construction of all of
the Phase II Required Improvements on or before December 31, 2012. Failure of the Owner to
construct Phase II of the Project shall in no way affect the Owner's ability to receive the
Abatement for Phase I of the Project.
C. Owner covenants that during the Term and/or the Compliance Auditing Term (as
defined in paragraph III.D. hereof), Owner shall cause to be located on the Premises new tangible
personal property having an original cost of at least Ten Million Dollars ($10,000,000), excluding
inventory and supplies.
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D. Owner covenants that the Required Improvements shall be constructed and the
Premises shall be used in accordance with the description of the project set forth in the Application
for Tax Abatement. The Owner covenants to comply with and satisfy all of the provisions and
requirements for the project as set forth in the Application for Tax Abatement, including but not
limited to (i) the description and location of the Required Improvements; (ii) the activities to be
performed; (iii) the eligibility criteria for the Required Improvements; (iv) the impact from
construction including amounts to be spent with Fort Worth companies, contractors,
subcontractors, and certified Minority Business Enterprises and Women Business Enterprises; (v)
the employment impact from permanent employment, including the number of jobs to be held by
Fort Worth residents and number of jobs to be held by Inner City residents; (vi) the cost and fiscal
impact of the Required Improvements; and (vii) the amount and type of annual supplier and
professional service contracts that will be awarded to both Fort Worth companies and certified
Minority Business Enterprises and Women Business Enterprises.
E. Owner covenants that throughout the Term, the Required Improvements shall be
operated and maintained for the purposes set forth herein so that the uses of the Premises shall be
consistent with the general purposes of encouraging development or redevelopment of the Zone,
except as otherwise authorized or modified by this Agreement.
11.
GENERAL PROVISIONS
A. The City has adopted guidelines and criteria governing tax abatement agreements
for the City and may enter into this Agreement containing the terms set forth herein.
B. The Premises are not an improvement project financed by tax increment bonds.
C. Neither the Premises nor any of the improvements covered by this Agreement are
owned or leased by any member of the City Council, any member of the City Plan or Zoning
Commission or any member of the governing body of any taxing units joining in or adopting this
Agreement.
D. This Agreement is subject to the rights of holders of outstanding bonds of the City.
E. In the event of any conflict between the City zoning ordinances, or other City
ordinances or regulations, and this Agreement, such ordinances or regulations shall control.
F. A portion or all of the Premises and/or improvements thereon may be eligible for
complete or partial exemption from ad valorem taxes, as a result of existing law or future
legislation. This Agreement is not to be construed as evidence that such exemptions do not apply
to the Premises and/or improvements thereon.
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III.
ABATEMENT TERMS AND CONDITIONS
A. The City hereby grants to Owner a real and personal property tax abatement
("Abatement") relative to Owner's Premises, the Required Improvements and tangible personal
property located on the Premises, excluding inventory and supplies, subject to the following
terms and conditions.
B. The amount of the Abatement shall be based upon a percentage of the increase in
value of the Premises, the improvements thereon, over their respective values on January 1, 2000,
the year in which this Agreement is executed, and on the new tangible personal property located
within the Required Improvement areas, but excludes any new tangible personal property located
in the 20,000 square foot "North Manufacturing Building" ("Building A") and in the 308,000
square foot "Main Plant with Attached Office Space" ("Building B"), and shall be calculated as
follows:
Up to one hundred percent (100%) of the increase in value of the premises based
upon the abatement schedule set out in Exhibit I to the Application for Tax
Abatement (Attachment C) for each of the two phases; and
Up to one hundred percent (100%) of the increase in value resulting from new
tangible personal property on the Premises, but excluding any new tangible
personal property located in the 20,000 square foot "North Manufacturing
Building" ("Building A") and in the 308,000 square foot "Main Plant with
Attached Office Space" ("Building B") based upon the abatement schedule set out
in Exhibit 1 to the Application for Tax Abatement (Attachment C) for each of the
two phases.
Provided, that the increase in value subject to abatement in any one year shall be
limited to no more than the amount estimated as the cost of construction of the
Required Improvements [Five Million Dollars ($5,000,000) for Phase I and Fifteen
Million Dollars ($15,000,000) for Phase II] and the amount of estimated increase in
tangible personal property, excluding inventory and supplies, to be located on the
Premises [Two Hundred Fifty Thousand Dollars ($250,000) for Phase I and Fifteen
Million Dollars ($15,000,000) for Phase II].
C. Owner shall have the right to protest and contest any or all appraisals or
assessments of the Premises and/or improvements thereon.
D. For Phase I and Phase II, January 1 of the year following the year in which the
Certificate of Occupancy is issued will constitute the start of auditing for compliance
("Compliance Auditing Term") of this Agreement. Taxes will not be abated during the first year
of the Compliance Auditing Term. The term of the Abatement benefit (the "Term") shall begin
January I (the "Beginning Date") of the year following the year that the Compliance Auditing
Term begins. Unless sooner terminated as herein provided,the Term and the Compliance Auditing
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Term shall end on December 31 immediately preceding the tenth (10th) anniversary of the
Beginning Date. Information for the last Compliance Auditing Term shall be submitted as
indicated in paragraph IV.A.
E. The City acknowledges receipt from Owner of the required application fee of one
percent (1%) of project cost, not to exceed $15,000. If construction on the required Improvements
is begun within one year from March 21, 2000 (with or without a tax abatement), such fee shall be
creditable in full to the benefit of Owner against any permit, impact, inspection or other lawful fee
required by the City in connection with the project, and any remaining amounts shall be refunded
to Owner.
IV.
RECORDS, AUDITS AND EVALUATION OF PROJECT
A. Subject to applicable law governing financial disclosure by the Owner, the City
shall have the right to review the financial condition of the Project to determine compliance with
this Agreement. The City shall annually (or such other times deemed appropriate by the City)
evaluate the project to insure compliance with this Agreement. On or before February 15th of
every year of the Term, Owner shall provide information and documentation about the previous
calendar year of the Compliance Auditing Term which details Owner's compliance with each
applicable term of the agreement. Information provided by Owner hereunder shall be considered
confidential and shall not be disclosed to outside parties, to the extent permitted by applicable law.
Failure to provide this information shall be considered an event of default. The information shall
include, but not be limited to,the following:
(i) the number and dollar amounts of all construction contracts and
subcontracts awarded on the Project to businesses which are Fort Worth companies,
certified Minority Business Enterprises, and certified Women Business Enterprises;
(ii) the total number of employees who work on the Premises, the number of
employees who are Fort Worth residents, and the number of employees who reside in
designated"inner city" areas. These jobs shall be reported in job classifications appropriate
to the employees;
(iii) the gross dollars and supporting details showing the amounts spent on
supply and service contracts with Fort Worth companies, certified Minority Business
Enterprises, and certified Women Business Enterprises;
B. The City shall make a decision and rule on the actual annual percentage of tax
abatement for the Project, based on the information furnished each year, on or before August 1 st of
the taxable year and shall so notify the Owner. The actual percentage of the Abatement for a
taxable year during the Term (see Section 111. D.) is therefore based upon the Owner's performance
with regard to the commitment categories as provided in Exhibit 1 to the Application for Tax
Abatement (Attachment C)for the preceding year of the Compliance Auditing Term
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C. During normal office hours throughout the Term and the year following the Term,
providing reasonable notice is given to Owner, the City shall have access to the Premises by City
employees for the purpose of inspecting the Premises and the Required Improvements to ensure
that the Required Improvements or repairs are made in accordance with the specifications and
conditions of this Agreement and to verify that the conditions of this Agreement are being
complied with. Such inspections shall be conducted in accordance with Owners standard security
procedures as may be mandated by company policy and United States government security
requirements.
V.
BREACH
A. In the event that (i) the Required Improvements for which an abatement has been
granted are not completed in accordance with this Agreement; or (ii) the schedule for completion
of the Required Improvements listed in paragraph B of Article I of this Agreement is not satisfied;
or (iii) Owner allows its ad valorem real property taxes with respect to the Premises or the project,
or its ad valorem taxes with respect to the tangible personal property to become delinquent and
fails to timely and properly follow the legal procedures for protest and/or contest of any such ad
valorem real property or tangible personal property taxes; or (iv) Owner breaches any of the other
terms or conditions of this Agreement, then Owner shall be in default of this Agreement(an "Event
of Default"). Should an Event of Default occur, the City shall give Owner written notice of such
Event of Default and if Owner has not cured such Event of Default within ninety (90) days of said
written notice, this Agreement may be terminated by the City; provided, however, that if such
Event of Default is not reasonably susceptible of cure within such ninety (90) day period and
Owner has commenced and is pursuing the cure of same, then after first advising City Council of
the efforts to cure same, Owner may utilize an additional ninety (90) days. Time in addition to the
foregoing 180 days may be authorized by the City Council. As liquidated damages for an Event of
Default after the expiration of the applicable notice and cure periods, all taxes which otherwise
would have been paid to the City for each year when an Event of Default existed, without the
benefit of Abatement (after taking into account any applicable exemptions), will become a debt to
the City. Such amount may be recovered by the City through adjustments made to Owner's ad
valorem property tax appraisal by the Appraisal District, or if not so recovered shall be due, owing
and paid to the City within sixty (60) days of the expiration of the above-mentioned applicable cure
period(s) as the sole and exclusive remedy of the City, subject to any and all lawful offsets,
settlements, deductions, or credits to which Owner may be entitled. In the event that such amount
is not paid within sixty (60) days of the expiration of the applicable cure period, Owner shall in
addition be liable for all penalties and interest on said amount charged at the statutory rate for
delinquent taxes as determined by Section 33.01 of the Code, as in effect at the time of the
payment of such penalties and interest. The parties acknowledge that actual damages in the event
of default and termination would be speculative and difficult to determine.
B. Notwithstanding the foregoing paragraph, if the City and Owner mutually
determine that the development or use of the Premises or Required Improvements as contemplated
herein is no longer appropriate or feasible or that a higher or better use is preferable, the parties
may terminate this Agreement by a writing signed by both parties, the period of Abatement shall
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expire as of the effective date of the termination, there shall be no recapture of amounts previously
abated, and neither party shall have any further rights or obligations hereunder.
VI.
EFFECT OF SALE,ASSIGNMENT OR LEASE OF PROPERTY
The Abatement shall vest in Owner and cannot be assigned to a new owner of all or a
portion of the Premises and/or improvements, without the prior consent of the City Council, which
consent shall not be unreasonably withheld provided that the Council determines that the proposed
assignee is financially capable of meeting the terms and conditions of this Agreement and that the
proposed Assignee agrees to assume all terms and conditions of this Agreement. Any attempted
assignment without such prior consent shall be grounds for termination of this Agreement and the
Abatement hereunder upon ten (10) days written notice from the City to Owner. Notwithstanding
the above, this Agreement may be assigned by Owner to an entity controlling, controlled by or
under common control with Owner without prior consent, provided the Assignee is the owner of
the Premises, and Owner gives thirty (30) days prior written notice of the assignment to the City.
VII.
NOTICE
All notices called for or required by this Agreement shall be addressed to the following, or
such other party or address as either party designates in writing, by certified mail postage prepaid
or by hand delivery:
OWNER: CITY:
Siecor Operations, LLC City of Fort Worth
Attn: Plant Manager Economic Development Office
9275 Denton Highway 1000 Throckmorton Street
Fort Worth, Texas 76248-5199 Fort Worth, Texas 76102
VIII.
CITY COUNCIL AUTHORIZATION
21
This Agreement was authorized by the City Council at its meeting on the 24,st of March,
2000, by Council approving Mayor and Council Communication No. G- 17-8b&, authorizing
the City Manager to execute this Agreement on behalf of the City.
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IX.
ESTOPPEL CERTIFICATE
Any party hereto may request an estoppel certificate from another party hereto so long as
the certificate is requested in connection with a bona fide business purpose. The certificate, which
if requested will be addressed to the Owner, shall include, but not necessarily be limited to,
statements that this Agreement is in full force and effect without default (or if default exists the
nature of default and curative action, which should be undertaken to cure same), the remaining
term of this Agreement, the levels and remaining Term of the Abatement in effect, and such other
matters reasonably requested by the party(ies)to receive the certificates.
X.
OWNER STANDING
Owner, as a party to this Agreement, shall be deemed a proper and necessary party in any
litigation questioning or challenging the validity of this Agreement or any of the underlying
ordinances, resolutions, or City Council actions authorizing same and Owner shall be entitled to
intervene in said litigation.
XI.
APPLICABLE LAW
This Agreement shall be construed under the laws of the State of Texas. Venue for any
action under this Agreement shall be the State District Court of Tarrant County, Texas. This
Agreement is performable in Tarrant County,Texas.
XII.
RECORDATION OF AGREEMENT
A certified copy of this Agreement in recordable form shall be recorded in the Deed
Records of Tarrant County, Texas.
XIII.
AMENDMENT
This Agreement may be modified by the parties hereto to include other provisions which
could have originally been included in this Agreement or to delete provisions that were not
originally necessary to this Agreement pursuant to the procedures set forth in Title 3, Chapter 312
of the Code.
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EXECUTED this_ffL day of �, ,,j , 2000,by the City of Fort Worth, Texas.
EXECUTED this day of , 2000, by Siecor Operations, LLC.
AT EST: CITY OF RT RTH,TEXAS
Gloria Pearson ty Secretary (,o Mike Groomer, Assistant City Manager
APPROVED AS TO FORM AND LEGALITY:
Assistant City Attorney
Date: 6 -/y-!J?7 (T--/2?6 6
3-2?-cv
ATTEST: SIECOR OPERATIONS,LLC
By: o Name: Name:
Name: •4� � ��E,EW
Title: Title: �Qe �� — ar'eN - HDW� d �Qv00tr
OPN5
Date:
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Mike Groomer,
Assistant City Manager of the CITY OF FORT WORTH, a municipal corporation,known to me to
be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged
to me that the same was the act of the said CITY OF FORT WORTH, TEXAS, a municipal
corporation, that he was duly authorized to perform the same by appropriate resolution of the City
Council of the City of Fort Worth and that he executed the same as the act of the said City for the
purposes and consideration therein expressed and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this j4AEL!day of
�wJ ,2000.
Notary Public in anfor
the State of Texasloi-,"� Comm.Exp.03-31-2001
PATRICIA A. GARCIA
NOTARY PUBLIC
State of Texas
ATa` -1GIA A - �AILGeA
Notary's Printed Name
STATE OF TEXAS §
COUNTY OF TARRANT §
FORE ME, the undersigned authority, on this day personally appeared
old Cuman an officer of Siecor Operations, LLC, a North Carolina
corporation, known to me to be the person whose name is subscribed to the foregoing instrument,
and acknowledged to me that he/she executed the same for the purposes and consideration therein
expressed,in the capacity therein stated and as the act and deed of said corporation.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this It day
of Ma rX ,2000.
DAWN JANDA
Notary P is in and for i0sUSA
MotAry►PubBw state of TUN
the State of Texas Ml►Commis:Ion Eupim U.30-apop 01 t
Lisa, J-444-
Notary's Printed Name
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Attachment A
CITY OF FORT WORTH
TAX ABATEMENT POLICY STATEMENT
FOR QUALIFYING DEVELOPMENT PROJECTS
Adopted: February 29,2000
I. GENERAL PURPOSE AND OBJECTIVES
Certain types of investment result in the creation of new jobs, new income and provide for positive
economic growth and inner-city economic stabilization which is beneficial to the City as a whole. The
City of Fort Worth is committed to the promotion of high quality development in all parts of the City and
improvement in the quality of life for its citizens.
The City of Fort Worth will, on a case-by-case basis, give consideration to the granting of property tax
incentives to eligible residential, commercial, and industrial development projects. It is the policy of the
City of Fort Worth that consideration of eligible projects will be provided in accordance with the
guidelines and criteria outlined in this document. Texas law authorizes the City of Fort Worth to grant tax
abatement on the value added to a particular property by a specific development project which meets the
economic goals and objectives of the City, and the requirements of the statute (Vernon's Tax Code Ann.
Section 312.001, et. seq.).
As mandated by state law, this policy applies to the owners of real property. It is not the policy of
the City of Fort Worth to grant property tax abatement to any development project for which a
building permit has been previously issued by the City's Department of Development. Nothing in
the policy shall be construed as an obligation by the City of Fort Worth to approve any tax
abatement application.
Although all applications which meet the eligibility criteria(Section III.) of this policy statement will be
reviewed, it is the objective of the City of Fort Worth to encourage applications from projects that:
(a) are located in enterprise zones or other designated target areas; or
(b) result in a development with little or no additional cost to the City; or
(c) result in 1,000 or more new jobs, with a commitment to hire Fort Worth and inner city residents.
II. DEFINITIONS
"Abatement" means the full or partial exemption from ad valorem taxes on eligible properties for a period
of up to ten years and an amount of up to 100% of the increase in appraised value (as reflected on the
certified tax roll of the appropriate county appraisal district) resulting from improvements begun after the
execution of the tax abatement agreement. Eligible properties must be located in a reinvestment zone.
"Reinvestment Zone" is an area designated as such by the City of Fort Worth or State of Texas in
accordance with the Texas Property Redevelopment and Tax Abatement Act, Sections 312.001 through
312.209 of the Tax Code. r (�
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"Residential Development Project" is a development project which proposes to construct or renovate
multi-family residential living units on property that is (or meets the requirements to be) zoned multi-
family as defined by the City of Fort Worth Zoning Ordinance.
"Fort Worth Company" is a business which has a principal office located within the city limits of Fort
Worth.
"Minority Business Enterprise (MBE) and Women Business Enterprise (WBE)" is a minority or women
owned business that has received certification as either a MBE or WBE by either the North Texas
Regional Certification Agency (NTRCA) or the Texas Department of Transportation (TxDOT), Highway
Division.
"Capital Investment" includes only real property improvements such as new facilities and structures, site
improvements, facility expansion, and facility modernization. Capital investment does NOT include land
acquisition costs and/or any existing improvements, or personal property (such as machinery, equipment,
and/or supplies and inventory).
"Facility Expansion" is a new permanent real property improvement such as a building or buildings
constructed to provide additional square footage to accommodate increased space requirements of a Fort
Worth company.
"Facility Modernization" is a new permanent real property improvement under taken to provide increased
productivity for a new or existing Fort Worth company.
"Supply and Service Expenses" are discretionary expenses incurred during the normal maintenance and
operation activities of a business.
III. ELIGIBILITY CRITERIA
A. RESIDENTIAL PROJECT ELIGIBILITY
A residential development project is eligible for property tax abatement if:
1. The project is located in any of the following census tracts: 1002.02, 1010, 1011,
1016, 1017, 1018, 1019 (partial), 1025, 1028 (partial), 1029, 1030, 1031, 1033,
1035, 1036.01, 1037.01, 1038, 1040, 1041 (partial) (see Map- Exhibit"A"); AND
2. a. The project will construct or renovate no less than 50 residential living units of
which no less than 20% shall be affordable (as defined by the U.S. Department
of Housing and Urban Development) to persons with incomes at or below
80% of median family income; OR
b. The project has a minimum capital investment of$5 million (excluding
acquisition costs for land and any existing improvements).
B. COMMERCIAL/INDUSTRIAL ELIGIBILITY
1. New Projects
In order to be eligible for property tax abatement, a new commercial/industrial
development project must satisfy one of the following three criteria:
a. Upon completion will have a minimum capital investment of $10 million
and commits to hire an agreed upon percentage of residents from an eligible
inner city census tract (as identified on Exhibit "A") for full time
employment.; OR
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b. Is located in the "inner city" (as identified on Exhibit "A") or property
immediately adjacent to the major thoroughfares which serve as boundaries
to any of these inner city census tracts and commits to hire an agreed upon
percentage of residents from an eligible inner city census tract (as identified
on Exhibit"A") for full time employment; OR
C. Is located outside of the "inner city", has a minimum capital investment of
less than $10 million, and commits to hire an agreed upon percentage of
residents from an eligible inner city census tract (as identified on Exhibit
"A") for full time employment.
2. Existing Business Expansion and/or Modernization
In order to be eligible for property tax abatement, a facility expansion and/or
modernization by an existing commercial/industrial business must:
a. Upon completion have a minimum capital investment of$10 million; OR
b. Result in increased employment for which the business commits to hire and
retain an agreed upon percentage of residents from an eligible inner city
census tract (as identified on Exhibit "A") for new, full time positions; AND
C. Have a minimum capital investment of (1) $500,000, OR (2) an amount
equal to or greater than 25% of the appraised value, as certified by the
appropriate appraisal district, of real property improvements on the property
for the year in which the abatement is requested.
C. PROOF TESTS
1. Building Permits
No tax abatement will be granted to any development project which has applied for
or received a building permit from the City's Department of Development.
2. Evidence of Need for Tax Abatement
The applicant must provide evidence to substantiate and justify the tax abatement
request including (but not limited to) an analysis demonstrating the tax abatement is
necessary for the financial viability of the project.
IV. ABATEMENT GUIDELINES
The tax abatement agreement must provide that the applicant:
(1) Hire Fort Worth residents for an agreed upon percentage (at least 25%) of new full time jobs to
be created and make a good faith effort to hire 100% Fort Worth residents for all new jobs
created as a result of the abatement,
(2) Commit to hire an agreed upon percentage of Fort Worth residents from an eligible inner city
census tract (as identified on Exhibit "A") for all new jobs created as a result of the project.
The agreed upon percentage shall be determined by negotiation.
(3) Utilize Fort Worth companies for an agreed upon percentage of the total costs for construction
and Supply and Service Contracts, and
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(4) Utilize Minority and Women owned Business Enterprises (M&WBEs) for an agreed upon
percentage of the total costs for construction and supply and service contracts in the manner
provided in the City of Fort Worth's Minority and Women Business Enterprise ordinance.
In addition to the above,the abatement must comply with the following guidelines:
A. State law prohibits abatement of taxes levied on inventory, supplies or the existing tax
base. City policy is not to abate taxes on personal property located within Fort Worth prior
to the date of the tax abatement agreement.
B. Unless otherwise specified in the agreement, the amount of the taxes to be abated shall in
no event exceed the amount of the capital investment (as specified in the application)
multiplied by the City's tax rate in effect for the year in which the calculation is made.
C. In certain cases, the City may consider a tax abatement application from the owner of real
property who serves as a landlord or lessor for a development project which meets the
eligibility criteria of this section.
D. The City may consider an application from the owner or lessee of real property requesting
abatement of real and or personal property owned or leased by a certificated air carrier on
the condition that the certificated air carrier make specific real property improvements or
lease real property improvements for a term of 10 years or more.
E. For an eligible development project to be considered for tax abatement, the "Application
for Tax Abatement" form must be completed and submitted to the Office of Economic
Development.
F. An application fee must accompany the application. The fee is calculated at the lesser of:
(i) 1% of the project capital investment, or(ii) $15,000.
If construction on the project is begun on the site specified in the application within a one
(1) year period from the application submittal date (with or without a tax abatement), this
fee shall be credited to any permit, impact, inspection or any other lawful fee required by
the City of Fort Worth. If the project is not constructed on the site specified in the
application or if construction takes place at the specified site more than one (1) year after
the application submittal date, the application fee shall not be refunded or otherwise
credited.
G. If requested, the applicant must provide evidence that there are no delinquent property
taxes due on the property on which the development project is to occur.
H. The tax abatement agreement shall limit the uses of property consistent with the general
purpose of encouraging development or redevelopment of the zone during the period that
property tax abatements are in effect.
I. Tax abatement may only be granted for projects located in a reinvestment or enterprise
zone. For eligible projects not currently located in such a zone, the City Council may
choose to so designate the applicant's property in order to allow for a tax abatement.
J. The owners of all projects receiving tax abatement shall properly maintain the property to
assure the long term economic viability of the project.
Page 4 of 7
V. PROCEDURAL STEPS
Each request for property tax abatement shall be processed according to the following procedural
guidelines.
A. Application Submission:
Provided that the project meets the criteria detailed in Section III of this policy, the
Applicant must complete and submit a City of Fort Worth "Application For Tax
Abatement" form (with required attachments) and pay the appropriate application fee.
B. Application Review and Evaluation:
The Economic Development Office will review the application for accuracy and
completeness. Once complete, the application will be evaluated based on:
1. Types of new jobs created, including respective wage rates, and employee benefits
packages such as health insurance, day care provisions, retirement package(s),
transportation assistance, and any other.
2. Percent of new jobs committed to Fort Worth residents.
3. Percent of new jobs committed to Fort Worth "Inner City"residents.
4. Percent of construction contracts committed to:
a. Fort Worth based firms, and
b. Minority and Women owned Business Enterprises (MBEs and "Es).
5. Percent of supply and service contract expenses committed to:
a. Fort Worth based firms, and
b. Minority and Women owned Business Enterprises (MBEs and WBEs).
6. The project's increase in the value of the tax base.
7. Costs to the City (such as infrastructure participation, etc.).
8. Other items which may be negotiated by the City and the applicant.
Based upon the outcome of the evaluation, the Economic Development Office may present
the application to the City Council's Economic Development Committee.
C. Consideration by Council Committee
Should the Economic Development Office present the application to the City Council's
Economic Development Committee, the Committee will consider the application at an
open meeting. The Committee may:
(1) Approve the application. Staff will then incorporate the application into a tax
abatement agreement which will be sent to the City Council with the Committee's
recommendation to approve the agreement; or
(2) Request modifications to the application. Economic Development staff will discuss
the suggested modifications with the applicant and then, if the requested
modifications are made, resubmit the modified application to the Committee for
consideration; or
Page 5 of 7
��� W.;cu V'11�p YEK
(3) Deny the application. The applicant may appeal the Committee's finding by
requesting the City Council: (a) disregard the Committee's finding and (b) instruct
city staff to incorporate the application into a tax abatement agreement for future
consideration by the City Council.
D. Consideration by the City Council
The City Council retains sole authority to approve or deny any tax abatement agreement
and is under no obligation to approve any tax abatement application or tax abatement
agreement. The City of Fort Worth is under no obligation to provide tax abatement in any
amount or value to any applicant.
E. Effective Date for Approved Agreements
All tax abatements approved by the City Council will become effective on January 1 of the
year following the year in which a Certificate of Occupancy (CO) is issued for the
qualifying development project (unless otherwise specified in the tax abatement
agreement). Unless otherwise specified in the agreement, taxes levied during the
construction of the project shall be due and payable.
VI. RECAPTURE
If the terms of the tax abatement agreement are not met, the City Council has the right to cancel or
amend the abatement agreement. In the event of cancellation, the recapture of abated taxes shall
be limited to the year(s) in which the default occurred or continued.
VII. INSPECTION AND FINANCIAL VERIFICATION
The terms of the agreement shall include the City of Fort Worth's right to: (1) review and verify
the applicant's financial statements in each year during the life of the agreement prior to granting a
tax abatement in any given year, (2) conduct an on site inspection of the project in each year
during the life of the abatement to verify compliance with the terms of the tax abatement
agreement.
VIII. EVALUATION
Upon completion of construction of the facilities, the City shall no less than annually evaluate each
project receiving abatement to insure compliance with the terms of the agreement. Any incidents
of non-compliance will be reported to all affected taxing units.
On or before March 3151 of every year during the life of the agreement, any individual or
entity receiving a tax abatement from the City of Fort Worth shall provide information and
documentation which details the property owner's compliance with the terms of the
respective agreement and shall certify that the owner is in compliance with each applicable
term of the agreement. Failure to report this information and to provide the required
certification by the above deadline shall result in any taxes abated in the prior year being
due and payable.
RF1
UUPage 6 of 7F
vl11'FIN99 Tay.
IX. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY
No tax abatement rights may be sold, assigned or leased unless otherwise specified in the tax
abatement agreement. Any sale, assignment or lease of the property which is not permitted in the
tax abatement agreement results in cancellation of the agreement and recapture of any taxes abated
after the date on which an unspecified assignment occurred.
Page 7 of 7G
Attachment B
LEGAL DESCRIPTION
FIRST TRACT
BEING 30.446 acres of land located in the John Edmonds Survey, Abstract No. 457,
Tarrant County Texas, and being the same 30.44 acres conveyed to Superior Continental
Corporation by deed recorded in Volume 4569, Page 966 of the Deed Records of Tarrant
County, Texas. Said 30.446 acres being more particularly described by metes and bounds
as follows:
BEGINNING at the Southeast corner of the aforementioned 30.44 tract, being located by
deed call as follows:
COMMENCING at a nail in County Road No. 4046, said point being the Northwest corner
of the 262.7 acre tract of land, recorded in Volume 4511, Page 200, Tarrant County, Texas,
said point being situated 4,513.9 feet South and 1,304.2 feet East of the Northwest corner
of the John Edmond Survey, Abstract No. 457;
THENCE SOUTH 00 deg. 04 Minutes West 1,970.4 feet;
THENCE SOUTH 89 deg. 48 Minutes East 1,335.0 feet;
THENCE SOUTH 1,978.6 feet;
THENCE SOUTH 89 deg. 34 Minutes East 1,975.08 feet
to the PLACE OF BEGINNING and the Southeast corner of said 30.44 acre tract, being a
concrete monument in the West R.O.W. line of the Texas& Pacific Railroad;
THENCE NORTH 07 deg. 45 Minutes East 1,287.85 feet along the West R.O.W. line
of the Texas & Pacific Railroad to a concrete monument for the Northeast corner of tract;
THENCE NORTH 89 deg. 34 Minutes West 1,120.27 feet to a concrete monument for
the Northwest corner of tract;
THENCE SOUTH 00 deg. 26 Minutes West 1,277.37 feet to a concrete monument for
the Southwest corner of tract;
THENCE SOUTH 89 deg. 34 Minutes East 955.28 feet to the place of Beginning.
SECOND TRACT
BEING 30.012 acres, more or less, out of the John Edmonds Survey, Abstract No. 457,
Tarrant County, Texas, and being the same tract of land conveyed to Superior Continental
Corporation by Deed recorded in Volume 4858, Page 603 of the Deed Records of Tarrant
County, Texas. Said 30.012 acres being more particularly described by metes and bounds
as follows:
BEGINNING at the Southwest corner of a tract heretofore conveyed to Superior
Continental Corporation by deed recorded in volume 4569, Page 966, Deed Records of
Tarrant County, Texas, reference to which is hereby made for all purposes:
Page 1 of 2
n
� n
THENCE NORTH 00 deg. 26 Minutes East along the West boundary line of said tract
heretofore conveyed to Superior Continental Corporation to a concrete monument at its
Northwest corner, a distance of 1277.37 feet;
THENCE NORTH 89 deg. 34 Minutes West 1,028.1 feet to a concrete monument for a
comer;
THENCE SOUTH 00 deg. 01 Minutes West along a fence line 1,277.4 feet to a set
stone for a corner;
THENCE SOUTH 89 deg. 34 Minutes East along a fence line 1,018.8 feet to the place
of beginning, containing 30.012 acres of land.
Page 2 of 2 �v 0�"tn1U(f(�Y.
Attachment C
51ECOR
Siecor Operations, LLC
9275 Denton Hwy
Keller, Texas 76248
January 4, 2000
Mr. Tom Higgins
Director, Economic Development
Office of Economic Development
City Manager's Office
Fort Worth, Texas 76102
Subject: Tag Abatement Application
Mr. Higgins:
Attached to this letter is a Tax Abatement Application for a proposed expansion of Siecor's facility
located in Fort Worth at 9275 Denton Hwy.
Ken Gross,Vicki Hawkins and I greatly appreciate the cooperation and assistance you and Ardina
Washington provided to us as we prepared this Application. Please call me with any questions or
concerns you may have.
Thanks also for your attention to this project in such a timely manner.
Res 11 ,
Pete Grantham, P.E.
Facilities Manager
Application prepared by:
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Attachment C
City of Fort Worth
COMMERCIAL/INDUSTRIAL
City of Fort Worth
Tax Abatement Application
February 1999
COMMERCIAL/INDUSTRIAL
( lty ()1' 4()rt W(�i'th
Tax Abatement Application
Februai 1999
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Office of Economic Development
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1. Applicant Information:
Name Siecor Operations,L.L.C. (Corning Communications)
Address 9275 Denton Hwy
City, State, Zip Code Keller, Texas 76248
Telephone (817) - 431 - 7619
Fax 8( 17� - 431 - 3108
Internet E-mail addresses (if available): Pete.Grantham(a)Siecor.com
Contact Person (include title/position): Pete Grantham,P.E. / Facilities Manai?er
Ken Gross/Plant Manager
2. Property Description
Attach legal description or surveyor' metes & bounds description.
3. Current Appraised Value of Property
Attach latest copy of property tax statement from the County Appraisal District.
4. Attach a brief description of the project including: services provided or products
manufactured, major customers and locations, etc.
5. Project Description
A. New Facilities
1. Size approx. 37,000 sq. ft.
2. Cost of Construction $ 5,000,000
B. Site Development (parking, fencing, landscaping, etc.):
1. Type of work to be done Additional Parking Lot Construction, Security Fencing
Relocations, Tree Planting,Landscaping Improvements
2. Projected costs $ 250,000
C. Personal Property:
1. Value of:
a. Inventory $ 1,000,000
b. Supplies $ 2,000/ mo.
2. Percent of inventory eligible for freeport exemption (inventory, exported from Texas
within 175 days) 93 %
3. Value of equipment, machinery, furnishings, etc. $ 1,000,000/ yr.
(�� u%C'l�li�U�LSI�NUS^Iln
6.Project Construction:
A. What percent of the construction costs (5A.&B. above) will you commit to spend with:
1. Fort Worth businesses? 25 %
2. Minority and Women owned Business Enterprises? 15 %
B. When will construction start? 18`—2°d Quarter 2000
C. How many construction jobs will be created? 60— 100
D. What is the estimated payroll for these jobs? $ 600,000
7. Employment:
A. If this project is an expansion or modernization of an existing facility:
1. How many persons are currently employed? 860
2. What percent of 7.A. above are Fort Worth residents? 26%
3. What percent of 7.A. above are Inner City residents? 4 %
B. Please complete the following table.
First Audit Year Fifth Year Tenth Year
New Jobs to be Created 70 175 195
Less Transfers* 0 0 0
Net Jobs 70 175 195
%of Net Jobs to be
filled by Fort Worth 26% 26% 26 %
Residents
%of Net Jobs to be
filled by Inner City 4 % 4 % 4 %
Residents
* If any employees will be transferring,please describe where they will be transferring from.
**Must be at least 25%
C. Attach a description of the jobs to be created(technician, engineer, manager, etc.), tasks to be
performed for each, and wage rate for each classification.
D. Attach a brief description of the employee benefit package(s)offered(i.e. health
insurance, retirement, public transportation assistance, day care provisions, etc.)
including portion paid by employee and employer respectively.
��L�G� � r'Lr o G1D
8. Regarding supply and service expenses(i.e. landscaping,office or manufacturing
supplies,janitorial services,etc.):
A. What is the amount of non-sole source supply and service expenses? $ 22,000,000
B.What percentage will be committed to Fort Worth businesses? 50%
C. What percentage will be committed to Minority and Women Owned Businesses? 15 %
9. Is the property appropriately zoned for the project? Yes
10. Is the property platted? Yes If yes,will replatting be necessary? No
11.Attach a description of any environmental impacts associated with this project.
12.Attach a description of any direct benefits to the City of Fort Worth as a result of this project
(i.e. sales tax,inventory tax, development fees,etc.)
13. Do you intend to pursue abatement of:
County Taxes? ❑x Yes ❑ No
School Taxes? x❑ Yes ❑ No
14. What level of abatement do you request: Years? 10 Percentage? 100 %
15. Is any person or firm receiving any form of compensation,commission or other monetary
benefit based on the level of incentive obtained by the applicant from the City of Fort Worth?
No If yes, please attach details.
16. On an attachment,explain why tax abatement is necessary for the success of this project.
Include a business pro-forma or other documentation to substantiate your request.
On behalf of the applicant, I certify the information contained in this application(including all
attachments)to be true and correct. I further certify that, on behalf of the applicant, I have read the
Policy Statement: Tax Abatement For Qualified Development Projects" and agree to comply with the
guidelines and criteria stated therein.
if a, C,< a' Plant Manager
Name Title
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Date
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SIECOR
Siecor Operations,LLC
9275 Denton Hwy
Keller,Texas 76248
Tax AIml 0 Cliff er liagion
Supplemental Information for City of Fort Worth
Tax Abatement Application Form
Application prepared By: Peter L.Grantham, P.E.
jo
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LEGAL DESCRIPTION
FIRST TRACT
BEING 30.446 acres of land located in the John Edmonds Survey, Abstract No. 457,
Tarrant County Texas, and being the same 30.44 acres conveyed to Superior Continental
Corporation by deed recorded in Volume 4569, Page 966 of the Deed Records of Tarrant
County, Texas. Said 30.446 acres being more particularly described by metes and bounds
as follows:
BEGINNING at the Southeast corner of the aforementioned 30.44 tract, being located by
deed call as follows:
COMMENCING at a nail in County Road No. 4046, said point being the Northwest corner
of the 262.7 acre tract of land, recorded in Volume 4511, Page 200, Tarrant County, Texas,
said point being situated 4,513.9 feet South and 1,304.2 feet East of the Northwest corner
of the John Edmond Survey, Abstract No. 457;
THENCE SOUTH 00 deg. 04 Minutes West 1,970.4 feet;
THENCE SOUTH 89 deg. 48 Minutes East 1,335.0 feet;
THENCE SOUTH 1,978.6 feet;
THENCE SOUTH 89 deg. 34 Minutes East 1,975.08 feet
to the PLACE OF BEGINNING and the Southeast corner of said 30.44 acre tract, being a
concrete monument in the West R.O.W. line of the Texas& Pacific Railroad;
THENCE NORTH 07 deg. 45 Minutes East 1,287.85 feet along the West R.O.W. line
of the Texas & Pacific Railroad to a concrete monument for the Northeast corner of tract;
THENCE NORTH 89 deg. 34 Minutes West 1,120.27 feet to a concrete monument for
the Northwest corner of tract;
THENCE SOUTH 00 deg. 26 Minutes West 1,277.37 feet to a concrete monument for
the Southwest corner of tract;
THENCE SOUTH 89 deg. 34 Minutes East 955.28 feet to the place of Beginning.
SECOND TRACT
BEING 30.012 acres, more or less, out of the John Edmonds Survey, Abstract No. 457,
Tarrant County, Texas, and being the same tract of land conveyed to Superior Continental
Corporation by Deed recorded in Volume 4858, Page 603 of the Deed Records of Tarrant
County, Texas. Said 30.012 acres being more particularly described by metes and bounds
as follows:
BEGINNING at the Southwest corner of a tract heretofore conveyed to Superior
Continental Corporation by deed recorded in volume 4569, Page 966, Deed Records of
Tarrant County, Texas, reference to which is hereby made for all purposes:
Pagel of 2 11))M G Al VNIO e�U
THENCE NORTH 00 deg. 26 Minutes East along the West boundary line of said tract
heretofore conveyed to Superior Continental Corporation to a concrete monument at its
Northwest corner, a distance of 1277.37 feet;
THENCE NORTH 89 deg. 34 Minutes West 1,028.1 feet to a concrete monument for a
corner;
THENCE SOUTH 00 deg. 01 Minutes West along a fence line 1,277.4 feet to a set
stone for a corner;
THENCE SOUTH 89 deg. 34 Minutes East along a fence line 1,018.8 feet to the place
of beginning, containing 30.012 acres of land.
Page 2 of 2 �V
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STATE OF TEXAS, COlJNTYOFARRINT" "'"' (ARRANT COUNTY ADMINISTRATION BUILDING
JUNE GARRISON,ASSESS& QOLtECTQR :r 100E WEATHERFORD,FORT WORTH 03TEXAS 761%- 01
' 81.71884-1100
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,g�`J
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` + ''+ `. ,'sd ,sem '' '+m.:'ts: - i"-;1s -•"L y x - ..w, - i y
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- s
TAX SNT
STATEMENT DATE:..Y1VM999LEGAL BUSINESS PERSONAL PROPERTY
ACCOUNT: 00008547425
SEE ABATEMENT FILE
OWNER SIECOR CORP PIDN: =P V
PARCEL ADDRESS::-0009275 DENTON HWY ��� � ACRES 0 If
EXEMPTION CODES: F 1
902
_.'r e ..`:• a.: - EXEMPTION k4 TAX RATE ;:
_ s P, LTY 3
TAXING ENTITIES t AMOUNT VALUE; PER 100 BASE TAX x WA
TARRANT COUNTY `20,504,5378,238,365 0.264836 21818.16 000
T C HOSPITAL •: 20.504,537 8,238.365 0.234070 "19283.54
T C COLLEGE �' " : ''_::8 863 512 ,22.379 390 ;x.00
0. 08410 23813.91 ,_ 0.00
EMERG SVC#1 :_6,383,512 _ :22;379.390 0.080000 17903.51 D.00
KELLER ISD r 0' 28 742 902 'F 1.+475000 423957.80' 0.00
SUBTOTAL 778 '�
TOTAL AMOUNT DUE:' 508 778.92 ''-
=iz Y
• _
MPROVID
F OPERTY TAX
SUILTANTS, INC.
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._._Tl.irb.n.anAfndcnd vm►.cwe+e�Iwd enhwrJr.r�ewnir icyrnr na�wiN, ._ . _ PMwsw fena.mvResp.lclrlR_fiil�ntlfl/ifO��1R7lif►1gi11. __...,,.._�.
i
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STATE OF TEXAS,COUNTY OF TARRANTH;;., TARRANT COUNTY ADMINISTRATION BUILDING
*UNE GARRISON,ASSESSOR-COLLECTOR 100 E.WEATHERFORD,FORT WORTH,TEXAS 76196-0301
,'` �.. .-..'• ,�. � � ... _.;�----�._�y.: �� fy,W1884-1100It
_
`''7AX STATEMENT 1999 = = s _l #287
TATEMENT DATE: 10/08/1969 LEGAL:YEDMONDSr, JOHN SURVEY
r
ACCOUNT: 00003864340 As.457 TR 1 ID-
OWNER: S I ECOR DEVELOPMENT CORP -r r PIDN.A457-1 ID
PARCELADDRESS: 0000000 =DENTON HWYr-
� ACRES 29.62
EXEMPTION CODES: AGO02 ..
'LAND VALUE VALUE,
5D2 _058P723a ';
EXEMPTION TAXABLE - =TAX RATE PENALTY b ;
TAXING ENTITIES BASE TAX
:- AMOUNT VALUE APER$100 INTEREST'
,ARRANT COUNTY 357,223 4x''058 0.264836 0.75 x 00
T'C HOSPITAL a `857,223 �i X058 0.234070 I�0 000"
T-C COLLEGE br: 357,223 - 41058 0. 106410 4$92lrl -,
o00
EMERG SVC #1 -367,223 "k4 1058 0.D80000 ' 25 `b10
KELLER ISD -357,223 4,058 1.475000 ,; 59 86 l00
-SUBTOTAL 87.68 0:"00
TOTAL AMOUNT DUE _ 87,.:68
rl
OCT 2 [ 1999 ..
y .
This top portion and your canrefed cheek*Il serve as your receipt Please see rertrie A6 for bnparbwt wfmmadmL
li {I IpI,li"N ill FirDOO�UL D
STATE OF TEXAS,COUNTY OFTARRANT TARRANT COUNTY ADMINISTRATION BUILDING
JURE GARRISON,ASSESSOR-COLLECTOR ?�Ta: 100 E.WEATHERFORD,FORT WORTH,TEXAS 76196-0301
- TAX ST T�Biil@IT 1999 �. �.�a ,2T428t
STATEMENT DATE: 10/08/1999 LEGAL: EDMOND3, JOHN SURVEY
x _ A .45F `_TR 11C
ACCOUNT 84
0000383$2 ' ��
OWNER: SI,ECO EVELOPMENT COMP, _$.-PIDN:A45T t tC z
,PARCEL ADDRESS:,000927,5-` ENTONHW_ YY `* _. - !-ACRES:
EXEMPTION CODES: A000
46 850LUE ti? 5 �WAVE 5. 0 OOQ. VALE
ti ..tea
TAXING ENTITIES EXEMPTION TWBLE `TAX RATE B E PENALTY St 4
,_-
IMOUNT `1lAL�TE ER X104 '� =dN'tEREST
TARRANT COUNTY W807,684 2X92.3 16 ,264836 24.73 . X00
C NOSP f TAL 2-1807,684 R
.,,2_ . 0Z;31S rt34070 . 4.1 t0
C-COLLEGE' 0_ 5 00,000 Y "
k . 0 106410 1:78 Y00
fjMERG SVC#1 P _0 00.0 0$000p :DO p"..
SELLER ISD �; 5 00;000 475000 S0 00 f 0
TOTAL lf-;290 62 `" :00. D t00
JO'�AL DUE 9A«6
OCT 2 1
E 9
nwop potion adyor cnd "for inpormw infonna—� vs
. s
------------------ --�-..-----_ ---. --.-------------------------------- ---------------
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r
Gr, U
AL Description of the Project:
Siecor proposes to construct an office expansion for its Fort Worth facility. The facility,
presently about 328,500 SO FT of occupied floor space on a 60-acre tract, has recently
been annexed by the City of Fort Worth.
This Sieoor Plant contains these activities:
♦ Manufacturing (metal fabrication, powder painting, injection molding, optical fiber
connector and distribution hardware assembly, outside plant hardware assembly)
♦ Warehouse
♦ Marketing offices
♦ Product Development offices
♦ General Administration offices
♦ Product Development Laboratories
Siecor traditionally has manufactured products for telecommunications providers
throughout NAFTA and Japan. Siecor has recently come under the sole ownership of
Coming Incorporated; consequently, Siecor's customer base will potentially become
world-wide. Sieco(s customers are Private Network Providers, Public Network
Providers and Original Equipment Manufacturers.
The facility in Fort Worth has the opportunity to grow its businesses and hire additional
engineers, technicians, marketing professionals and administrative support personnel if
an office expansion proves economically viable to our owners.
�,� EEO Dc,
J,
7. C. Jobs to be created (Phase 1)
1 Year 5 -Year- I e Year
Office 30 125 145
Manufacturing 40 50 50
Office
Exempt Jobs Salary Range
Product Development Engineer $45,000 -$60,000/year
Product Specialist $45,000 -$60,000/year
Product Line Manager $60,000 -$75,000/year
Non-Exempt Jobs Salary Range
Designer/Drafter $13.40 - $24.00/hour
Product Development Technician $13.40 -$24.00/hour
Lab Assistant $10.30-$15.50/hour
Marketing Specialist $14.80- $24.00/hour
Manubd6uring
Exempt Jobs Salary Range
Manufacturing Engineer $45,000 -$60,000/year
Non-Exempt Jobs Salary Range
Manufacturing Technician $13.40 - $24.00/hour
Assembler $ 8.05 -$14.00/hour
Distribution Center Clerk $ 9.30 - $15.50/hour
FEWID
Siecor Operations, LLC may, but is not obligated hereunder, proceed to construct a Phase 2
of the project. Phase 2 would likely be a manufacturing floor space addition including some additional
offices, parking lot expansions, drive and site improvements and landscaping.
Phase 2 would likely add up to 200,000—250,000 square feet of new floor space for manufacturing
optical telecommunications products. Phase 2 is estimated to cost$15,000,000 for construction and
likely would include$15,000,000 in equipment,machinery and furnishings.
Projected Jobs to be created (Phase 2)
1 st Year 5 Year I&Year
Office 10 25 45
Manufacturing 40 90 200
Phase 2 job descriptions should be similar in type and pay range to those in Phase 1.
SIECOR CORPORATION
BENEFITS
AT
A
GLANCE
Jennifer M.Woods,PHR
Human Resources
Siecor
9275 Denton Highway
Keller TX 76248-5199 USA
Telephone(817)431-7187
Fax(817)431-7702
1-800-SIECORI,ext.7187
jen niter.woods@siecor.com
http://www.siecor.com
The purpose of this article is to provide general information relative to Siecoes plans.
The official plan documents are the sole authority on all benefits. Siecor reserves the
right to alter,amend, or terminate its benefit plans at any time.
crr
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(5 ' IIS^J S'M i7f2M
BENEFITS TIMING CHART
1st Year
Dental Assistance Plan(After 60 Days)
Lite Insurance Plan(After 60 Days)
Medical Insurance Plan(After 60 Days)
Disability Income Plan(After 60 Days)
Educational Assistance Plan—Undergraduate(After 6 Months)
Basic Retirement Plan(After 1 Year)
Investment Plan(After 1 Year-50%Match Up To 5%)
Paid Holidays
2nd Year
Educational Loan Program(US Aid Funds)
Educational Assistance Plan—Masters<$20,000
3rd Year
Basic Retirement Plan(20%Vested)
Investment Plan(20%Vested)
4th Year
Basic Retirement Plan(40%Vested)
Investment Plan(40%Vested)
5th Year
Vacation(3 Weeks)
Basic Retirement Plan (60%Vested)
Investment Plan(60%Vested)
Educational Assistance Plan—Masters>$20,000
Educational Scholarship Program(Deceased)
6th Year
Basic Retirement Plan(8096 Vested)
Investment Plan(80%Vested)
7th Year
Basic Retirement Plan(100%Vested)
Investment Plan(100%Vested)
10th Year
Educational Scholarship Program(Disabled)
15th Year
Vacation(4 Weeks)
20th Year
Investment Plan (75% Match Up To 5%)
25th Year
Investment Plan (100% Match Up To 5%)
Vacation(Extra Week's Pay)
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VACATION
The initial vacation qualifying date is June 30 of the year hired. Thereafter,length of
service determines the amount of vacation you are entitled to earn during the calendar
year.
Length of Service Vacation Eligibility Subsequent Calendar Year
Hourly and A&T Vacation Accruals
Hired after 6/30 One Week -1/1 to 12/31
Hired on or before 6/30 Two Weeks -1/1 to 12!31
After 5 calendar years Three Weeks-1/1 to 12/31
After 15 calendar years Four Weeks -1/1 to 12!31
Exempt Vacation Accruals
Hired on or before 6/30 One Week-Initial Year from 7/1 to 12131
Second Year Two Weeks-1/1 to 12131
After 5 calendar years Three Weeks-1/1 to 12131
After 15 calendar years Four Weeks-1/1 to 12131
On your 25th anniversary date,and each fifth year thereafter,you will receive one week's
pay in addition to your eligible vacation.
You must take your vacation during the current calendar year. It cannot be carried over
into the next year, nor is it payable to employees who quit or are discharged. Earned
vacation benefits are payable in the case of death, disability or retirement. Vacation time
is not to be used in lieu of notice upon employee's resignation.
HOLIDAYS
Siecor observes eight(8) paid holidays annually. They are:
' New Years Day
' Good Friday
' Memorial Day
• Fourth of July
• Labor Day
• Thanksgiving Day
• Day after Thanksgiving
• Christmas Day
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THE SIECOR-KELLER WELLNESS PROGRAM
Mission Statement
The Wellness Program is an ever-evolving series of on-and-off-the-job activities
sponsored by Siecor-Keller with the goal of creating greater unity in the workplace. Its
objectives are to offer the tools,education,and information to assist employees and their
families in managing common health care problems and improving their own well-being.
Health Tests
Siecor-Keller offers on4he-job testing to help screen for heart disease risk,diabetes, high
blood pressure,and high cholesterol. In addition the wellness program offers
mammography and prostate cancer screenings. If you participate,you receive the results
of each test in a confidential report. When necessary,you will be advised to see your
personal physician.
Health Education
Educational seminars on a variety of health subjects are conducted every month.
Seminars are held on-site and may be attended during lunch breaks or after work.
Fitness
A fitness center, called"The Firm",is located in the Siecor-Keller facility. It features a
machine-based weight circuit,treadmills,exercycles,stair-climbers,free weights,an
aerobics program and Tai Chi classes. Instruction is available using videotape programs,
the aerobic instructors, or through knowledgeable members. Annual dues are$120.00
and are automatically deducted each pay period from your paycheck. Deductions are
$2.30 for weekly pay periods and$5.00 for semi-monthly pay periods. Additional
members are charged at the rate of$1.15(weekly)or$2.50(semi-monthly). Membership
enrollment forms may be obtained outside the entrance to 'The Firm'.
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Education & Training
Ongoing education can be a major factor in your career development. it's also a key to
improving the quality of each person's contribution to the Company. You can,with your
supervisor's direction and consent, build an education plan to sharpen your skills and
keep them up-to-date.
Employee Tuition Plan
If you are interested in going to school to improve your education and job skills,you may
be eligible for the employee tuition plan. You must be a full-time employee with six(6)
months of current,continuous service to apply for undergraduate tuition reimbursement.
You must be employed two(2) years for master's reimbursement<;20,000 and five(5)
years for advanced degree reimbursement>$20,000.
Membership in Professional &Technical Organizations
Siecor supports memberships in organizations that add to your technical knowledge or
professional development. The company pays 100%of organization dues and fees once
membership is approved by your department or plant manager. With prior approval, you
can also be reimbursed for costs associated with meetings of a professional or technical
organization.
Education Scholarship Program
This program is designed to provide educational assistance for dependent children of
Siecoes deceased and disabled employees. Each eligible child in grades 7-12 will be
entitled to$500 per school year and each eligible child enrolled in a four(4) year college
degree program will be entitled to$2,500 per school year. This benefit is available to
dependent children of deceased employees with a minimum of five (5)years of service
and dependent children of total or permanently disabled employees with a minimum of
ten(10)years of service.
Education Assistance Loan Program
All regular full-time employees who have completed at least two years of service may
apply for this program. You must also be an employee,dependent child, independent
child or spouse who is accepted for enrollment in an undergraduate or graduate program
on at least a half-time basis. This loan program is managed by United Student Aid Funds
for Siecor.
THE SIECQR RETIREMENT PLAN
All active employees of Siecor who complete at least 1,000 hours during the plan year
(January 1 to December 31)and remain employed on December 31 will receive a
contribution to their account equal to 10%of their covered compensation each year. The
plan is fully funded by Siecor. You are not required to make any contributions to the
plan, nor are voluntary contributions permitted.
The ownership of the money S"iecor contributes to your account occurs when you
become vested. The amount you will be entitled to receive depends on your account
balance and your vested percentage at your termination date. You will be 100%vested in
your account if you leave Siecor after completing seven(7)years or more of credited
service or if you leave because of retirement,disability or death. The vesting schedule is
as follows:
Years of Service Percent Vested
3 years 200A
4 years 40%
5 years 60%
6 years 80%
7 years 100%
You may invest your retirement money in any of the four investment funds offered by the
Trustee, First Union National Bank. The funds are:
*Siecor Stable Fund
* Evergreen Select Balanced Fund
*Vanguard Windsor 11 Fund
*Spartan U.S. Equity Fund
Participants have 24-hour access to information about their accounts. In addition,each
participant receives quarterly statements. Siecors annual contribution is made March 1
of each year and is reflected on the first quarter statement.
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THE SIECOR INVESTMENT PLAN
The Siecor Investment Plan is a tax-deferred retirement savings plan or 401(k)plan.
Employees can join the Plan on the first day of the month after one year of employment.
You decide how much money you want to contribute before taxes are taken from your
paycheck(up to 12%). Therefore,you reduce your taxable income by that amount and
you pay less taxes. You are always 100%vested in the value of your own contributions
and their earnings. You may also choose to participate on an after tax basis.
As a participant in the Siecor Investment Plan,Siecor will match a portion of your
contribution up to 5%. Eventually, based on your years of service,Siecor will match your
contribution dollar for dollar up to 5%. The company matching contribution is
automatically invested in Coming, Incorporated Common Stock. The company match
schedule is as follows:
For Each$You Contribute
Years of Service Siecor Contributes Up To 5%
Less Than 19 $ 0.50
19, But Less Than 24 0.75
24 Or More 1.00
Your ownership of the Siecor matching contribution is based on the same vesting
schedule as the Retirement Plan.
While the Siecor matching contribution is always invested in Corning Common Stock,
you can decide how your own contributions will be put to work. No matter how you
invest,all investment earnings are sheltered from taxes until you take them out of the
Plan.
Your contributions can be directed to one or more of the following funds:
* Siecor Stable Fund
* Evergreen Select Balanced Fund
* Vanguard Windsor II Fund
* Spartan U.S. Equity Index Fund
* Templeton Foreign Fund
* Coming Stock Fund
You may take a loan from your vested account balance. If you take a loan from your
account,you:
*May borrow up to 50%of your vested account
balance, not exceeding$50,000(if you have that
much in your account)
*Pay a monthly loan fee of$2.75
*Pay interest on your loan, but that interest
goes into your account
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VISION PIAN
When you elect medical coverage, this includes vision benefits provided through Davis Vision. There is no
additional charge for this benefit. Davis Vision has a directory of participating doctors from which you may select
to receive your eye care treatment.
When using a participating Davis Vision doctor, there is no deductible and there are no claim forms to file. You
simply need to identify yourself as a Siecor employee or covered dependent.The participating doctor will verify
your eligibility with Davis Vision.
Item Frequency
Examination 12 months
Lenses 12 months
(for glasses or contact lenses)
Frames 24 months
Item In-Network Copay
Examination $10 copay
Lenses
• Single Vision $10 copay
• Bifocal $10 copay
• Trifocal $10 copay
Frames
• Designer $10 copay
• Premier $25 copay
Contacts (Annual Benefit)
• Standard, soft, daily wear $25 copay
(one pair per calendar year)
- includes fitting fees
• Disposable/planned replacement $45 copay
(3-6 month supply depending on
wearing habits) - includes fitting fees
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BASIC LIFE INSURANCE
Siecor provides a basic life insurance benefit to all full-time and job-share employees after 60 days of employment.
Liberty Mutual has been selected as the new carrier for this benefit because of their superior record of customer
service and their strong financial rating. This life insurance benefit is equal to two times your annual basic
rate of pay to the nearest thousand dollars, which is automatically increased at the time of any basic pay increase.
Annual basic rare of pay is based on a 40-hour work week, unless an employee works 37.5 hours per week, in
which case the calculation uses 37.5 hours instead of 40 hours.
Payment of your life insurance benefit will be made to the beneficiary(ies) named in writing by you and on file in
your location Human Resources Department. You may change your beneficiary at any time by completing a new
beneficiary designation form available in your Human Resources Department.
Job-share employees— Life insurance benefits will be prorated based on earnings.
All employees will need ro.zomplete-.a new beneficiary.designation form, provided by Liberty Mutual. These will
he distributed at your SiecorSelect Seminar.
LB V
SUPPLEMENTAL LIFE INSURANCE
Siecor employees are eligible to purchase additional term life insurance at group rates.This monthly rate is 22
cen is per $1,000 of additional coverage purchased.Term insurance does not include any cash accumulation or
policy surrender values, but it is a very economical way to purchase Iife insurance.
Benefit Options: 1) 1 times annual basic rate of pay
2) 2 times annual basic rate of pay
3) 3 times annual basic rate of pay
Enrollment Provision
Finployees may increase their supplemental life insurance benefits by only one level during enrollment without
providing evidence of insurability. For example,-if you currently have-n-crsupplemental life insurance with Aetna,
YOU can select 1 times your annual basic rate of pay in supplemental life insurance. If you wanted to purchase 2
times your annual basic rate of pay, you would need to submit evidence of insurability to Liberty Mutual. If an
employee currently has 2 times annual basic rate of pay, he/she may then elect to increase to 3 times the annual
basic race of pay without providing evidence of insurability.
How Much Insurance Do You Need?
Here are some questions to ask yourself when trying to determine how much life insurance you need:
• How much of the family income do I provide? If I were to die early, how would my survivors, especially my
children, get by? Does anyone else depend on me financially, such as a parent, grandparent, brother, or sister?
• Do I have children for whom I'd like to set aside money to finish their education in the event of my dearh?
• How will my family pay final expenses-andrepaydebtsafter my death?
• Do I have family members or organizations to whom I would like to leave money?
• Will there be estate taxes to pay after my death?
• How will inflation affect future needs?
As you figure out what assets you have to meet these needs, count the life insurance that you have now,
including your Siecor provided basic life insurance. Add other assets that you have: Siecor Retirement Plan,
Siecor Investment Plan, savings, investments, real estate, and personal property.
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DEPENDENT LIFE INSURANCE
Siecor provides life insurance coverage for your spouse and children in the amount of$5,000 for each eligible
dependent at no cost to you. You may also purchase additional dependent life insurance in the coverage levels
and monthly rates as follows:
Coverage Monthly Cost
$5,000 spouse / $3,000 each child $1.39
$10,000 spouse / $3,000 each child $2.40
$15,000 spouse 1 $5,000 each child $3.67
Please note chat the cost for dependent life insurance is on a flat, per family basis. It is not determined according
to the number of dependents you have.
Job-share employees — Can purchase dependent life insurance and additional dependent life insurance.
M
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ACCIDENTAL DEATH &
DISMEMBERMENT INSURANCE
Siecor provides you with accidental death and dismemberment (AD&D) insurance that will pay a benefit to you
if you suffer the loss of limbs, speech, hearing, or sight, or to your beneficiary(ies) if you are killed as the result
of an accident either on- or off the=job. Siecor provides $25,000 of insurance coverage to you at no charge.
Because of Siecor's negotiated rates, we are able to offer employees the opportunity to purchase additional AD&D
coverage themselves and coverage for their spouse and/or dependents. You may purchase coverage on yourself in
55,000 increments up to 10 times your annual salary (maximum of$500,000). You may elect to purchase up to
$200,000 of coverage on your spouse (your spouse may not be insured for more than the amount you select for
yourself), and up to $50,000 on your dependent children. Coverage on your dependents may be purchased in
55,000 increments. If you purchase coverage on your dependents, you will have the following benefits:
• Spouse Retraining Benefit
• Special Education Benefit
• Day Care Benefit.
AD&D coverage terminates on the date of termination of employment or the date of retirement. Even if you
have previously elected optional AD&D coverage on yourself and/or your dependents, please re-elect showing
the amount purchased for yourself and/or your dependents separately.
Assist America
As an additional benefit at no cost to you,.your AD&D coverage includes Assist America. If you and/or your
dependents are traveling more than 100 miles from home and need to locate a physician, need emergency
medication, or need emergency evacuation,you can call Assist America 24 hours a day at 1-800-872-1414.
WHR-03
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SHORT-TERM
DISABILITY INSURANCE
Siecor's short- and long-term disability insurance (STD and LTD) will now be provided by Liberty Mutual. Again,
Liberty Mutual was selected for their outstanding customer service and superior financial ratings. Both STD and
LTD is still provided at no cost to you.
The benefir levels will remain at current levels with the first G weeks paid at 100% and the next 20 weeks based on
years of service:
< 5 years of service - 25% of annual pay
5 < 10 years of service - 50% of annual pay
10 < 15 years of service- 75% annual pay
15+ years of service - 100% of pay
If Liberty Mutual continues to certify that an employee is disabled, the employee would then be eligible for long-
term disability coverage.
STD payments are based on a rolling 12 month period starting with the first payment regardless of the number of
disabilities that occur within that 12 month period.
Twelve months must elapse from the last disability period for an employee to stars new disability payment of
100°'0.
For example, on April 13th through May 27th you were on STD. The six weeks were paid to you at 100% of
your base salary. If you have another disability(s) before next May 27th, you will be paid a percentage of your base
salary depending on your years of service.Eowever, if your next-STD occurs after,next May 27th, you will again
receive the 100% of your base salary for the first six weeks.
To receive your STD benefits,,your must contact.Liberty-Mutual-within 3 days (if you are a 12-hour shift employee),
or 5 days (if you are an 8-hour�shifc employee),of the start-of your disability at-1-800-713-7384 to ensure uninter-
rupted payment of your STD benefits. No STD payments will be made until your disability is certified by Liberty
Mutual.
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LONG-TERM
DISABILITY INSURANCE
Long-term disability insurance is provided at no cost to you. Siecor wants to ensure that you will not face financial
hardship if you should become disabled.
After 26 weeks of disability, if Liberty Mutual certifies that you remain disabled, you will receive 60% of your pay.
A summary of the definition of pay considered for disability is:
Exempt Employees
The sum of..
• The base monthly rate of pay in effect for the last full month before the period-of total disabiliry began;
and some other forms of pay may also be included. Refer to your summary plan description for additional
information.
Non-Exempt Employees
The sum of:
• The base weekly rate of pay in effect for the last full week before the period of total disability began.
Any other form of compensation (including, but not limited to, overtime, bonuses under any program not
specifically noted above or allowances for business-related expenses) are excluded from consideration in the
calculation of benefits under this program.
JUST A REMINDER: ENROLL BY
5 :00 PM EST, MAY 22 -
IT'S AS EASY AS 1 -2-3 !
Siecor reserves the right to alter, amend, or terminate its benefits plans at any time.
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T
SIECC R SW=Operations,LLC
9275 Denton Flwy
Keller,Texas 76248
Keller Plant
Employee Benefits
Continuous Improvement Program Incentives
Onsite Credit Union
Direct Bank Deposits
Employee Newsletters
Good Housekeeping Incentives
(distributed quarterly)
Perfect Attendance Incentives
(for hourly employees)
Quality & Safety Incentives
Discount Movie Tickets for General Cinema Theaters
(children: $3.00, adult $5.00 per ticket)
Six Flags Discount Passes
(one day pass: $25.50, season pass: $56.57)
Fort Worth Zoo Discount Tickets
(children: $3.00, adult: $5.50 per ticket)
Siecor Company Store
15% Employee Discount at Coming/Revere Outlets
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EQUAL EMPLOYMENT OPPORTUNITY
To remain a successful company,we must provide the highest quality products and
services to our customers. In order to achieve this,we need to hire and develop the best
people we can find.
Siecor will not overlook anyone as a potential employee because of race, color,religion,
age,sex,rational origin, handicap or veteran status. Besides complying with the taw, it
is simply good business practice to apply the principles of equal opportunity in all
employment and personnel practices.
To ensure equal opportunities for each employee and job applicant,we have a written
company policy under which we strive to provide equal job evaluation and advancement
practices.
In addition to adopting a policy of equal employment and opportunity for all, Siecor has a
policy of using specific Affumative Action Programs for minorities and women.
ABOUT THIS PAMPHLET
The benefit descriptions in this pamphlet are based upon official legal documents which
are available for your review. Because legal documents can be technical and difficult to
read,we've tried to write the book in understandable language. If there are any
disagreements between this information and the documents,the documents will always
govem. Also,these descriptions reflect the plans under current law, because laws are
subject to change in the future,too.
11. Environmental Impacts
Siecor Operations, LLC will incorporate Storm Water detention/control provisions in its
site work during construction activities as regulations require.
No other known environmental impacts are associated with the implementation of this
project.
12. Benefits to the City of Fort Worth
♦ Job growth for the area.
♦ Growth in volume of services, supplies and equipment purchased from Fort
Worth companies. Continued nurturing of Fort Worth businesses as suppliers to
other Siecor locations as well.
♦ Increased levels of sales taxes paid to Fort Worth as Siecor population increases
and business grows.
Growth of the local Siecor plant as a leader in leading-edge communications
technologies...good for Fort Worth as well.
Via/
16. Why is tax abatement necessary for the
success of this project?
Siena- is experienang a large increase in its property, sales and inventory tax costs with its
annexation Fib the CAy of Fort Worth. This fbdity is a manLAKMrng plant which has a high
level of overhead costs due to the marketing and prodid development activities takng place in
the facility. Secor's ma xtcxMred products must be priced competitively in an aggressive
market
Siecor has a number of facilities that must compete at any given time for limited business
e)pansion funding. Siec&s Senior Management has the option of funding projects for
plants in other locations instead of expanding the Fort Worth location. Sieoor needs a
significant incentive to make expansion of the Fort Worth faaity economically feasible.
Signfcant tax abatement will address corporate concerns about retaining business
operations in Fort Worth instead of investing in new operations at locations which
offer better growth opportunities.
�9KIN t'
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Revision 1
3-27-00
Exhibit 1
Siecor Operations, LLC.
Tax Abatement Structure*
Siecor Operations, LLC would receive a graduated ten-year tax abatement on real and personal property that could
reach a maximum of 100% annually. The abatement incorporates Siecor's total workforce and total supply and
service spending on an annual basis at the site located in north Fort Worth. The proposed tax abatement structure is
as follows:
Base abatement=35%-45%:
Maintaining FW & IC employees 26%FW & 4% IC of total 15 percentage points
Employing FW contractors 25% of construction costs 10 percentage points
Employing M/WBE contractors 15% of construction costs 10 percentage points
For maintaining 26% Fort Worth residents and 4% "inner city" residents (of the total number of employees),
Siecor will receive 15 percentage points. If in any year the base employment percentages are exceeded, the base
abatement will be increased by 1% for each percentage above the 26% FW residents and 2% for each percentage
above the 4% "inner city" residents, for a maximum of 25 percentage points for "base" employees. If in any year
the base employment percentages are not maintained, the abatement will be reduced by 1% for each percentage
below the 26% FW residents and 2% for each percentage below the 4% "inner city" residents. For spending 25%
of the total construction cost with Fort Worth contractors, Siecor will receive 10 percentage points and an
additional 10 percentage points will be given if 15%of construction spending is with certified M/WBE contractors.
Expenditures with certified Fort Worth MWBE contractors will be counted at 1.5 times.
Additional tax abatement increments can be achieved in any given year through the increased employment of Fort
Worth and "inner city" residents and through the company's supply and service spending. The total tax abatement
has a cap of 100%per annum. The ability to increase the abatement above the base will be as follows:
Employment= 25% maximum additional abatement
Beyond the base employees, if 26% of new employees hired are FW residents and 4% are "inner city" residents,
Siecor will receive 15 percentage points. For each percentage point above the 26% FW residents, the abatement
will be increased by 1 percentage point. For each percentage point above the 4% "inner city" residents, the
abatement will be increased by 2 percentage points. Conversely, for each percentage point below the 26% FW
residents, the abatement will be reduced by 1 percentage point. For each percentage point below the 4% "inner
city"residents, the abatement will be reduced by 2 percentage points.
Supply & Service = 30% maximum additional abatement
For each$100,000 spent with Fort Worth companies over a base of$10,000,000, Siecor will receive one additional
percentage point of tax abatement, capped at 20 percentage points. For each $50,000 spent with certified M/WBE
companies over a base of$1,500,000, Siecor will receive one additional percentage point of tax abatement; if the
certified M/WBE company is a Fort Worth company, Siecor will receive an additi z� point,
capped at 20 percentage points. U�rJ C
'This is a proposal for discussion purposes. Ultimately,any tax abatement agreement must be approved by the Fort Worth Ci C
p o
City of Fort Worth, Texas
4Va dCoun"R omunication or An
DATE REFERENCE NUMBER LOG NAME PAGE
3/28/00 G-12866 02SIECOR 1 of 3
SUBJECT MAKE FINDINGS CONCERNING A PROPOSED TAX ABATEMENT AGREEMENT
WITH SIECOR OPERATIONS, LLC AND AUTHORIZE EXECUTION OF THE
AGREEMENT
RECOMMENDATION:
It is recommended that the City Council:
1. Find that the improvements contained within the attached agreement are feasible and practical and
would be a benefit to the land and to the City after the expiration of the tax abatement agreement;
and
2. Find that written notice of the City's intent to enter into the attached Tax Abatement Agreement and
copies of the agreement were delivered to all affected taxing units in accordance with state law; and
3. Find that the terms and conditions of the Tax Abatement Agreement and the property subject to the
agreement meet the criteria of the City's Tax Abatement Policy Statement for Qualifying
Development Projects (the "Tax Abatement Policy") as approved by M&C G-12829 (Resolution No.
2617); and
4. Authorize the City Manager to enter into the attached Tax Abatement Agreement with Siecor
Operations, LLC in accordance with the Tax Abatement Policy.
DISCUSSION:
The property subject to abatement is located in north Fort Worth, east of Interstate 35W and west of
State Highway 377. This property, along with other property, was annexed into the City in October
1999. The City Council has designated this property as Tax Abatement Reinvestment Zone Number
35.
This reinvestment zone is located in COUNCIL DISTRICT 4.
Project:
Siecor Operations, LLC (Siecor) has traditionally manufactured products for telecommunications
providers throughout North American Free Trade Agreement countries and Japan. Siecor has recently
come under the sole ownership of Corning, Inc., consequently, Siecor's customer base will potentially
become worldwide. Siecor's customers are private network providers, public network providers, and
original equipment manufacturers. The company is in the process of expanding its operations with two
possible phases of construction. Phase 1 will include a 37,000 square foot office area with an
estimated cost of construction of $5,250,000. The additional investment, including personal property
and inventory, is estimated at $10,000,000. Phase 2, if constructed, will consist of a 200,000 square
foot manufacturing area for optical telecommunications products. The estimated cost of construction
for Phase 2 is $15,000,000. In addition to the construction cost, the investment in personal property
and inventory is estimated to be $15,000,000.
City of Fort Worth, Texas
"ayor and Councit Communication
DATE REFERENCE NUMBER I LOG NAME PAGE
3/28/00 G-12866 02SIECOR 2 of 3
SUBJECT MAKE FINDINGS CONCERNING A PROPOSED TAX ABATEMENT AGREEMENT
WITH SIECOR OPERATIONS, LLC AND AUTHORIZE EXECUTION OF THE
AGREEMENT
Employment:
It is estimated that Siecor will ultimately employ over 1300 people with the two phased planned
expansion. Siecor currently has 867 employees, of whom 26% are Fort Worth residents and 4% are
"inner city" residents. As a condition of this abatement, Siecor will maintain these same percentages for
the existing as well as new positions.
Utilization of Fort Worth Businesses:
Regarding utilization of Fort Worth based businesses, Siecor has committed 25% of total construction
spending to Fort Worth construction contractors and/or subcontractors. Additionally, the company has
committed 50% of total supply and service expenditures to Fort Worth companies.
Utilization of M/WBE Businesses:
Regarding Minority Business Enterprises (MBEs) and Women Business Enterprises (WBEs), Siecor
has committed 15% of total construction spending to M/WBE construction contractors and/or
subcontractors. Additionally, the company has committed 15% of total supply and service expenditures
to Fort Worth companies.
ABATEMENT TERMS
Siecor will receive a graduated ten-year tax abatement on real and personal property that could reach a
maximum of 100% annually. The abatement incorporates Siecor's total workforce and total supply and
service spending on an annual basis at the expansion project site.
The abatement is structured as follows:
Base-abatement of 50% for base commitments that meet the followin_g:
• Maintaining current percentage of employees
Fort Worth (FW) and Inner City (IC) 26% FW and 4% IC 30% points
• Employing contractors
Fort Worth contractors 25% of construction costs 10% points
r? M/WBE contractors 15% of construction costs 10% points
Additional tax abatement increments can be achieved in any given year through the increased
employment of Fort Worth and "inner city" residents, and through the company's supply and service
expenditures with Fort Worth and M/WBE companies. The ability to increase the abatement above the
base is as follows:
City of Fort Worth, Texas
imAyor And Council Communication
DATE REFERENCE NUMBER FLOG NAME PAGE
3/28/00 G-12866 02SIECOR 3 of 3
SUBJECT MAKE FINDINGS CONCERNING A PROPOSED TAX ABATEMENT AGREEMENT
WITH SIECOR OPERATIONS, LLC AND AUTHORIZE EXECUTION OF THE
AGREEMENT
Employment = 30% maximum additional abatement
Beyond the base employees, if 26% of new employees hired are Fort Worth residents, Siecor will
receive an additional 26 percentage points. Likewise, if 4% of new employees hired are "inner city"
residents, Siecor will receive 4 percentage points. For each percentage point below the 26% Fort
Worth residents, the abatement will be reduced by 1 percentage point. For each percentage point
below the 4% "inner city" residents, the abatement will be reduced by 1 percentage point.
Supply& Service = 20% maximum additional abatement
Siecor will receive an additional 20 percentage points if 50% of the total supply and service
expenditures are spent with Fort Worth suppliers and 15% is spent with certified M/WBE suppliers.
Expenditures with certified Fort Worth M/WBE suppliers will receive credit at 1.5 times. For each
percentage point that expenditures with Fort Worth suppliers is below 50% and expenditures with
certified M/WBE suppliers is below 15%, the abatement will be reduced by 1 percentage point. The
maximum reduction will be 20 percentage points.
The total tax abatement has a cap of 100% per annum.
If the maximum abatement (100%) is reached, the abated -taxes are projected to be $134,963.00
annually for Phase 1 and $265,500.00 annually for Phase 2. At the 100% tax abatement level, the
projected taxes paid to the City on inventory will be $20,443.00 annually. Additionally, Siecor will pay
taxes of $313,758.00 annually to the City on existing real property, personal property, and inventory.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that no expenditure of City funds is associated with approval of this
agreement.
MG:k
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
PfflOVED
Mike Groomer 6140 CITY COUNCIL
Originating Department Head: AS AMENDED
Tom Higgins 6192 (from) l'" 28 2000Aw.
Additional Information Contact:
MI. Sacretasy of the
Ardina Washington8003 city I Fort Wort%Tazw
�5 AML-0 bi l?EQ.1
Revision 1
3-27-00
Exhibit 1
Siecor Operations, LLC.
Tax Abatement Structure*
Siecor Operations, LLC would receive a graduated ten-year tax abatement on real and personal property that could
reach a maximum of 100% annually. The abatement incorporates Siecor's total workforce and total supply and
service spending on an annual basis at the site located in north Fort Worth. The proposed tax abatement structure is
as follows:
Base abatement=35%-45%:
Maintaining FW & IC employees 26% FW&4%IC of total 15 percentage points
Employing FW contractors 25% of construction costs 10 percentage points
Employing M/WBE contractors 15% of construction costs 10 percentage points
For maintaining 26% Fort Worth residents and 4% "inner city" residents (of the total number of employees),
Siecor will receive 15 percentage points. If in any year the base employment percentages are exceeded, the base
abatement will be increased by 1% for each percentage above the 26% FW residents and 2% for each percentage
above the 4% "inner city" residents, for a maximum of 25 percentage points for "base" employees. If in any year
the base employment percentages are not maintained, the abatement will be reduced by 1% for each percentage
below the 26% FW residents and 2% for each percentage below the 4% "inner city" residents. For spending 25%
of the total construction cost with Fort Worth contractors, Siecor will receive 10 percentage points and an
additional 10 percentage points will be given if 15% of construction spending is with certified M/WBE contractors.
Expenditures with certified Fort Worth MWBE contractors will be counted at 1.5 times.
Additional tax abatement increments can be achieved in any given year through the increased employment of Fort
Worth and "inner city" residents and through the company's supply and service spending. The total tax abatement
has a cap of 100%per annum. The ability to increase the abatement above the base will be as follows:
r,mployment= 25% maximum additional abatement
Beyond the base employees, if 26% of new employees hired are FW residents and 4% are "inner city" residents,
Siecor will receive 15 percentage points. For each percentage point above the 26% FW residents, the abatement
will be increased by 1 percentage point. For each percentage point above the 4% "inner city" residents, the
abatement will be increased by 2 percentage points. Conversely, for each percentage point below the 26% FW
residents, the abatement will be reduced by 1 percentage point. For each percentage point below the 4% "inner
city"residents, the abatement will be reduced by 2 percentage points.
Supply& Service=30% maximum additional abatement_
For each$100,000 spent with Fort Worth companies over a base of$10,000,000, Siecor will receive one additional
percentage point of tax abatement, capped at 20 percentage points. For each $50,000 spent with certified M/WBE
companies over a base of$1,500,000, Siecor will receive one additional percentage point of tax abatement; if the
certified M/WBE company is a Fort Worth company, Siecor will receive an additional '/Z of a percentage point,
capped at 20 percentage points.
This is a proposal for discussion purposes. Ultimately,any tax abatement agreement must be approved by the Fort Worth City Council.