HomeMy WebLinkAbout26-1155ORDINANCE NO. 26-1155
AN ORDINANCE OF THE CITY OF DENTON APPROVING AN ECONOMIC
DEVELOPMENT AGREEMENT UNDER CHAPTER 380 OF THE LOCAL GOVERNMENT
CODE TO PROMOTE ECONOMIC DEVELOPMENT AND TO STIMULATE BUSINESS
ACTIVITY AND ECONOMIC GROWTH OF THE CITY OF DENTON BETWEEN THE CITY
OF DENTON AND EQUIPMENTSHARE.COM INC, REGARDING THE EXPANSION OF
OPERATIONS AND INCREASE IN THE NUMBER OF JOBS IN THE CITY OF DENTON;
AUTHORIZING THE EXPENDITURE OF FUNDS THEREFOR IN AN AMOUNT NOT -TO -
EXCEED $926,975; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on March 17, 2026, EquipmentShare.com Inc (the "Applicant") submitted an
application to the City of Denton ("City") for economic development incentives under Chapter
380 of the Texas Local Government Code for a recruitment and job -based grant to expand their
business and increase the number of high wage or knowledge -based jobs in the city to stimulate
economic development and growth ("Grant Application"); and
WHEREAS, the Grant Application was reviewed and an economic development incentive
was recommended by the Economic Development Partnership Board on September 30, 2026, as
compliant with the City of Denton's Chapter 380 Incentive Policy (Resolution No. 24-822, as
adopted, on May 7, 2024) and the City Council hereby also finds compliance therewith; and
WHEREAS, City and Applicant have negotiated a Chapter 380 Economic Development
Agreement to reflect the terms of the incentive, a copy of which is attached hereto and made a part
hereof by reference (the "Agreement"); and
WHEREAS, the City Council of the City of Denton hereby finds that the contemplated
purposes and considerations provided for in the Grant Application and the Agreement, and the
other terms and conditions of the Agreement, will promote economic development, increase
employment, and stimulate business and commercial activity within the City of Denton for the
benefit of the public and therefore meets the requirements under Chapter 380 of the Texas Local
Government Code; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON, TEXAS HEREBY ORDAINS:
SECTION 1. The recitals and findings contained in the preamble of this Ordinance are
found to be true and are incorporated into the body of this Ordinance.
SECTION 2. The City Manager, or their designee, is hereby authorized to execute the
Agreement attached hereto on behalf of the City of Denton and to carry out the City's
responsibilities and rights under the Agreement, including without limitation the authorization to
make the expenditures set forth in the Agreement.
SECTION 3. This Ordinance shall become effective immediately upon its passage and
approval.
Page 1
The motion to approve this Ordinance was made by Nick Stevens and
seconded by George Ferrie
, the Ordinance was passed and approved by
the following vote F - 0 1:
Aye
Nay Abstain Absent
Chris Watts, Mayor:
V
Jordan Villarreal, District 1:
Nick Stevens, District 2:
Suzi Rumohr, District 3:
Joe Holland, District 4:
George Ferrie, At Large Place 5:
Jill Jester, At Large Place 6:
PASSED AND APPROVED this the 13th
ATTEST:
KRISTI GILBERT, CITY SECRETARY
BYI'�P�jjt<�,kLj
C-a �
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
S� Scott Bray
Depute City Atwrnry
BY:
day of October , 2026.
v
CHRIS WATTS, MAYOR
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THE STATE OF TEXAS §
COUNTY OF DENTON §
ECONOMIC DEVELOPMENT AGREEMENT WITH
EQUIPMENTSHARE.COM INC
This Economic Development Agreement (this "Agreement") is made and entered into as
of the Effective Date as defined herein by EquipmentShare.com Inc ("Grantee"), a Texas
corporation, with its principal place of business at 5710 Bull Run Dr, Columbia, Missouri, and the
City of Denton ("City"), a Texas home -rule municipal corporation located at 215 E. McKinney
St., Denton, Texas, for the purposes and considerations stated below. Grantee and City may be
individually referred to as a "Parry" and collectively as the "Parties."
WHEREAS, this Agreement is authorized pursuant to Article III, Section 52-a of the Texas
Constitution and Chapter 380 of the Texas Local Government Code (the "Act") to promote local
economic development and to stimulate business and commercial activity in the City of Denton;
and
WHEREAS, Grantee intends to locate their business and increase the number of high -wage
or knowledge -based Jobs as defined herein in the City of Denton; and
WHEREAS, on or about March 17, 2026, Grantee submitted an application to the City to
request economic development incentives pursuant to the Act (the "Grant Application"); and
WHEREAS, the Grant Application was reviewed by the Economic Development
Partnership Board (the "EDP Board") in accordance with the City of Denton Chapter 380 Policy
on July 22, 2026 and September 30, 2026, and the EDP Board found the Grant Application meets
the qualifications for financial incentives and recommended approval of the proposed incentives
unanimously; and
WHEREAS, the City Council of the City of Denton ("City Council") authorized, by
ordinance, an incentive in the form of a grant to the Grantee to expand the business and retain jobs
in the City of Denton and found that the contemplated use of funds to be provided will promote
economic development, increase employment, and stimulate business and commercial activity
within the City of Denton for the benefit of the public and therefore meets the requirements under
Chapter 380 of the Texas Local Government Code; and
WHEREAS, the City Council determined that a grant of funds in accordance with the terms
of this Agreement will accomplish the public purpose of stimulating economic development and
that all transactions involving the use of public funds and resources in the establishment and
administration of this Agreement contain controls likely to ensure that the public purpose is
accomplished; and
NOW, THEREFORE, the City and Grantee, for and in consideration of the premises
contained herein do hereby contract, covenant, and agree as follows:
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1.
DEFINITIONS
"Ad Valorem Rebate" has the meaning set forth in paragraph III.A.1 of this Agreement.
"Annual Salary" means wages, paid bonuses, commissions, incentive pay or any other amounts
that are included when reporting to the Texas Workforce Commission or Internal Revenue
Service for unemployment insurance or tax purposes.
"Base Year" means the 2026 calendar year.
"Base Year Value" means the 2026 certified valuation on January 1, 2027 by the Denton Central
Appraisal District ("DCAD") of the land comprising the Premises, there being no Improvements
on the Premises during the Base Year.
"Certificate of Occupancy" means a Certificate issued by the City Building Official for the use of
a building, structure or land, when it is determined by the Building Official that the building,
structure or proposed land use complies with the provisions of all applicable Codes of the City of
Denton pursuant to the Denton Development Code Subchapter 23-5.
"City" means the City of Denton, a home -rule municipal corporation located at 215 E. McKinney,
Denton, Texas 76201.
"Construction Materials" has the meaning set forth in Paragraph III.G of this Agreement.
"Coverage Period" means a year indicated in Table III-1, with Year 1 meaning the calendar year
2027 and the following years corresponding to the respective subsequent calendar year.
"Eligible Job" means a Job which is paid an Annual Salary of at least Sixty -Five Thousand Dollars
($65,000) per year and includes a standard employee benefits package.
"Established Resident(s)" means an individual hired by applicant/grantee with a primary dwelling
place inside the corporate limits of the City of Denton at the time an employment application was
submitted or the date the employee was offered the position with Grantee.
"Force Majeure" means when because of flood, fire, explosions, civil disturbances, strikes, war,
acts of God, or other causes beyond the control of either party, including, without limitation, any
delay in the approval or recordation of the subdivision or conveyance plat for the Parent Tract, any
delay in the approval or recordation of easements in the forms required by and disclosed in the
Purchase Agreement (defined below), any delay in the issuance of a governmental permit, license,
or approval (including any Conditional Use Permit or Special Use Permit), and any moratorium or
other governmental action affecting the Premises or the Improvements, either party is not able to
perform any or all of its obligations under this Agreement, then the respective party's obligations
hereunder shall be suspended during such period but for no longer than such period of time when
the party is unable to perform or periods of time specified in this Agreement.
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"Grantee" has the meaning provided in the preamble of this Agreement.
"Improvements" means the real property improvements erected or affixed to the Premises by the
Grantee following the Base Year, including the improvements to be constructed on the Premises
detailed in Exhibit B, attached hereto and incorporated by reference, and tangible personal property
located on or at the Premises —excluding inventory, vehicles, and supplies, which are not eligible
property.
"Job" means a permanent, full-time employment position that has provided or will result in
employment with scheduled hours of at least 2,080 hours per position per year. Part-time positions
may be aggregated to create a full-time position for consideration in this Agreement.
"Job Grant" has the meaning set forth in paragraph III.B of this Agreement.
The "Premises" means substantially the property depicted in Exhibit C-1 attached hereto,
comprising the northern approximately 125-acre portion of the property described in Exhibit C-2
(the "Parent Tract"), the final boundaries of such portion to be designated by Grantee pursuant to
Section VI.0 of this Agreement, which boundaries and legal description shall be established by
the conveyance plat for the Parent Tract that is approved by the City and recorded in the Official
Public Records of Denton County, Texas.
The "Required Completion Date" has the meaning set forth in Section III.F of this Agreement.
"Residency Bonus" has the meaning set forth in Section III.B of this Agreement.
"Sales and Use Tax(es)" means the 1.5% general municipal sales and use taxes imposed by the
City pursuant to Chapter 321 of the Texas Tax Code.
"Sales Tax Grant" has the meaning set forth in Section III.G of this Agreement.
"Texas Direct Payment Permit" means a permit issued by the Comptroller allowing payment of
Sales and Use Taxes directly to the Comptroller, instead of the seller collecting the Sales and Use
Taxes, as authorized by Texas Administrative Code, Title 34, Chapter 3, Subchapter O, Rule
Section 3.288, which is received by filing a qualifying Texas Application for Direct Payment
Permit, Form AP-101 of the Comptroller.
"Texas Direct Payment Return" means Form 01-119 of the Comptroller used for reporting and
paying Sales and Use Taxes directly to the Comptroller under a Texas Direct Payment Permit, or
other form used for this purpose that may be required by the Comptroller in the future.
II.
GRANT CONDITIONS
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Grantee shall satisfy the following conditions to receive the grant payments from the City
provided in Articles III and IV, and to avoid termination of this Agreement pursuant to Article
VIII:
A. Grantee covenants and agrees that the City's obligations under this Agreement are
subject to the fulfillment of the Grantee's obligations under this Agreement, and Grantee hereby
agrees to perform and comply with the terms, conditions, and provisions of this Agreement and in
all other instruments and agreements, if any, between Grantee and the City with respect to the
financial or other incentives provided herein.
B. Grantee is duly authorized and existing under U.S. law and is in good standing
under such laws and is registered to do business in the State of Texas.
C. In the event of any conflict between the City of Denton Code of Ordinances or
federal, state, or other local regulations and this Agreement, such ordinances and/or regulations
shall control.
D. In accordance with Chapter 2264 of the Texas Government Code, Grantee
covenants and certifies that Grantee shall not knowingly employ any person who is not lawfully
admitted for permanent residence to the United States or who is not authorized under law to be
employed in that manner in the United States ("Undocumented Worker"). Simultaneously with the
execution of this Agreement, Grantee shall execute Exhibit D to certify that the Grantee does not
and will not directly employ Undocumented Workers, as required by state law for economic
development incentives, including tax abatements. The provisions in this Agreement regarding
Exhibit D are required by Chapter 2264, Tex. Gov't Code and shall govern over any conflicting
provisions of this Agreement. During the term of this Agreement, Grantee shall notify the City of
any complaint brought against Grantee alleging that Grantee has knowingly employed
Undocumented Workers. In accordance with section 2264.052 of the Texas Government Code, if
Grantee is convicted of a violation of 8 U.S.C. section 1324a(f) for employing an Undocumented
Worker, all grant payments shall be terminated, and Grantee shall repay the amount of all grants
with interest of ten percent (10%) per annum from the date the grant payment(s) was made.
Repayment shall be paid within 120 days after the date Grantee receives notice of such conviction
from the City.
E. Grantee agrees to obtain a Texas Direct Payment Permit prior to purchasing any
Construction Materials Grantee wants to include in the grant, as defined below, and to thereafter
pay Sales and Use Taxes for purchases relating to the construction of the Improvements using
Texas Direct Payment Returns. To the extent desired by Grantee to be included in the calculation
of the Grant amount, Grantee shall only enter into "separated contracts, and not lump -sum
contracts," as those terms are defined in Texas Administrative Code, Title 34, Chapter 3,
Subchapter O, Rule Section 3.291(a)(3) and (13), for construction of the Improvements.
F. For the term of the Grant, Grantee must maintain the Premises as a place of business
within the corporate limits of the City of Denton. For the avoidance of doubt, nothing herein
precludes Grantee from maintaining its principal place of business and satellite offices in any
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location, provided the Premises is maintained as a place of business within the corporate limits of
the City of Denton.
G. Grantee shall not fail to render for taxation any property located within the City of
Denton, nor shall it allow the ad valorem taxes owed to the City on any property owned by the
Grantee and located within the City of Denton (with respect to periods from and after Grantee's
acquisition of a fee simple or leasehold interest in the Premises) to become delinquent beyond the
last day they can be paid without assessment of penalty, as such date is generally extended to allow
for any appeal.
H. Grantee shall not allow any other municipal fees, levies, assessments, bills, or fines
issued by the City to become delinquent.
I. Grantee shall not discriminate in employment and contracting based on race, sex,
sexual orientation, gender identity, age, disability, creed, color, genetics, or national origin, and
shall not violate any applicable anti -discrimination laws in connection with Grantee's business.
J. Grantee agrees to use good faith efforts to purchase and select goods, services, and
contractors from businesses located in the City of Denton whenever such goods, services, and
contractors are comparable in availability, quality, and price. In the selection of contractors,
suppliers, or other persons proposed for work on this Agreement, Grantee agrees to use its good
faith efforts to select and employ historically underutilized businesses for work on this Agreement,
whenever such vendors are comparable in availability, quality and price; however, Grantee is not
required to use such vendors. Grantee is not required to but may submit information related to any
good faith efforts as it relates to the local procurement of goods and services or the use of
historically underutilized businesses with its annual Certificate of Compliance in the form attached
hereto as Exhibit A.
K. Grantee's obligations under this Agreement, including the making of the
Improvements and the creation of Jobs, are expressly contingent upon (i) the acquisition of the
Premises by Grantee or a Grantee affiliate pursuant to that certain Purchase and Sale Agreement
between Grantee (or its affiliate), as buyer, and Baker 345, LLC and RM Squared Denton, Ltd., as
seller (the "Purchase Agreement"), and if applicable (ii) Grantee's entry into a lease of the
Premises (the "Lease"). If the Purchase Agreement is terminated in accordance with its terms and
neither Grantee nor a Grantee affiliate acquires the Premises, or if Grantee does not obtain its
leasehold interest in the Premises, either Party may terminate this Agreement upon written notice,
whereupon this Agreement shall be of no further force or effect, no grant payments shall be owed,
and neither Party shall have any further liability or repayment obligation to the other. Grantee shall
notify the City in writing within ten (10) business days after any such termination of the Purchase
Agreement.
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III.
TERMS OF GRANT
A. As consideration for the Grantee's business and increased capital investment within
the City of Denton, and subject to the Grantee meeting all of the terms and conditions of this
Agreement, the City will provide the following grant (the "Ad Valorem Rebate") to the Grantee:
An annual grant equal to fifty percent (50%) of the increase in City ad valorem taxes
above the City ad valorem taxes arising from the Base Year Value, to the extent such
increase is attributable to the Improvements, as determined by the Denton Central
Appraisal District (DCAD), paid annually for a period of six (6) years, commencing
the first year following receipt by Grantee of the new Certificate of Occupancy based
on the Improvements completed after the Base Year, in a total amount not to exceed
Six Hundred Sixteen Thousand, Thirty -Seven dollars ($616,037).
B. The City agrees to provide the Grantee with a Job Grant in the amount shown in
TABLE V-1 for each new Eligible Job added during the Coverage Periods as shown in TABLE
III-1. The total amount of the Job Grant shall not exceed Seventy -Eight Thousand Dollars
($78,000) over the term of this Agreement; provided, however, that if Grantee's employee roster,
as reported and certified in an annual Certificate of Compliance pursuant to Article IV, reflects
that Grantee has created a cumulative total of at least one hundred thirty-six (136) Jobs filled
concurrently, the maximum amount of the Job Grant shall thereafter increase to, and shall not
exceed, Ninety -Five Thousand Dollars ($95,000) over the term of this agreement. The calculation
of the Job Grant payment amount and the schedule of payments shall be made in accordance with
Articles IV and V.
C. The City will provide a Residency Bonus to Grantee in the amount of $500 for each
new Eligible Job added that is held by an Established Resident in the applicable Coverage Period
as shown in TABLE III-1 if the Grantee provides documentation of such employee's residency in
the City of Denton corporate limits during the applicable Coverage Period. The total amount of
the Residency Bonus shall not exceed Five Thousand dollars ($5,000).
D. To receive a Job Grant or Residency Bonus payment for a Coverage Period, the
Grantee must submit the annual Certificate of Compliance which contains all information required
by this Agreement, along with all documentation required in Section IV.A of this Agreement, on
or before the corresponding Certification Due date provided in TABLE III-1 below:
E. A condition of the Job Grant, Residency Bonus, and Ad Valorem Rebate is that the
employee rosters required by Section IV.A submitted with each Certificate of Compliance in the
respective Coverage Period should reflect Grantee's employment of an amount of Jobs and
Established Residents equal to the number provided in TABLE III-1 below. Grantee has the ability
to begin the Year 1 Coverage Period and subsequent Coverage Periods and Certificate of
Compliance deadlines up to two years later than the dates provided in TABLE III-1, to account for
the timing of (i) the acquisition of the Premises by Grantee or a Grantee affiliate under the Purchase
Agreement, (ii) the commencement of the Lease, (iii) the City's approval and recordation of the
conveyance plat for the Parent Tract, and (iv) Grantee's receipt of required governmental
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approvals, subject to approval from the City. City may, in its sole discretion, grant an extension of
up to 180 days for the creation of these Jobs.
TABLE III-1
Coverage
Period
Certification
Due
Required
Cumulative
Jobs
Required Cumulative
Established Residents
Year 1
March 31, 2028
0
0
Year 2
March 31, 2029
40
20
Year 3
March 31, 2030
50
25
Year 4
March 31, 2031
58
29
Year 5
March 31, 2032
65
32
Year 6
March 31, 2033
68
34
F. A condition of the Ad Valorem Rebate and the Sales Tax Grant is that, by December
31, 2029 (the "Required Completion Date"), subject to Force Majeure delays not to exceed One
Hundred Eighty (180) days, Grantee shall have made the Improvements on the Premises which
result in an increased combined assessed valuation of the improvements and tangible personal
property (excluding inventory, vehicles, and supplies) on the Premises of at least $31,064,811
more than the Base Year Value, as determined by DCAD. The City may grant an extension of up
to One Hundred Eighty (180) days in its sole discretion, and may grant such further extension as
is reasonably necessary to account for any delay in acquisition of the Premises by Grantee or a
Grantee affiliate under the Purchase Agreement, the commencement of the Lease, in the City's
approval and recordation of the conveyance plat for the Parent Tract; or issuance of required
approvals, for the making of the Improvements.
G. The City agrees to provide the Grantee a Sales Tax Grant equal to fifty percent
(50%) of the Sales and Use Taxes, up to a maximum of Two Hundred Ten Thousand, Nine
Hundred Thirty -Eight dollars ($210,938), paid by Grantee and actually received by the City on
taxable purchases for items utilized in or incorporated into the construction, development, and
furnishing of the Improvements, such items which include, but are not limited to, construction
materials, furniture, fixtures, equipment, and operational supplies and equipment (collectively, the
"Construction Materials") as set forth in the Texas Direct Payment Returns submitted by Grantee
to the Comptroller and verified by the City's Economic Development and Finance Departments;
provided however, that City shall not be obligated to pay any portion of the Sales Tax Grant related
to Construction Materials purchased for the Improvements after the later of (i) 180 days after the
date upon which a Certificate of Occupancy is issued for the Improvements, or (ii) the Required
Completion Date. Grantee acknowledges and understands that: (i) the Construction Materials are
required by state law to be purchased for Grantee's own use and not resold; and (ii) labor is not
taxable, so the contract(s) entered by Grantee, and desired by Grantee to be included in the
calculation of the Grant amount, must be "separated contracts" rather than "lump -sum contracts"
in order for the Sales and Use Tax to be eligible for payment on Texas Direct Payment Returns
and included in the Sales Tax Grant calculations.
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H. The total amount of the Job Grant, Residency Bonus, Ad Valorem Rebate and the
Sales Tax Grant shall not exceed Nine Hundred Twenty -Six Thousand, Nine Hundred Seventy -
Five dollars ($926,975).
I. Payment of any portion of the Grant is subject to annual appropriation by the City
Council in the annual budget, and the City's obligations under this Agreement shall not constitute
a general obligation of the City or indebtedness under the constitution or laws of the State of Texas.
J. If the assessed value for the Premises for any year of the Ad Valorem Rebate term
after the Required Completion Date, as determined by the DCAD, is less than $31,064,811 above
the Base Year Value, the City will not make any payment for any portion of the Ad Valorem
Rebate for that year.
K. The City agrees to use its best efforts to coordinate with, and to provide reasonable
cooperation and assistance to, Grantee in order to support the timely development and construction
of the Improvements on the Premises, including using its best efforts to coordinate with Grantee
in support of (i) the prompt processing, approval, execution, and recordation of all pending public
utility and roadway easements, the conveyance plat for the Parent Tract, and other municipal
approvals, instruments, and authorizations required for the development of the Improvements as
identified in the Purchase Agreement; and (ii) a roadway easement agreement with respect to the
contemplated Texas Department of Transportation ("TxDOT") right-of-way to which the Premises
will be subject. The City shall not impose unreasonable conditions on, or cause unreasonable delay
in, any matter within its administrative control under this Section. Nothing in this Section requires
the City to exercise, or to commit in advance to exercise, any legislative, zoning, or other
discretionary or quasi-judicial authority in any particular manner; or to waive any applicable law,
ordinance, or regulation; or to provide Grantee any preferential treatment that differs from standard
practices.
IV.
PAYMENTS OF GRANTS
A. The City will pay the Job Grant, Residency Bonus, and Ad Valorem Rebate
requested pursuant to the requirements of this Agreement within 60 days of receiving the request,
Certificate of Compliance, and the following documentation:
• Annual employment roster from Grantee's payroll systems or other document
requested by the City from an officer of Grantee (or, at Grantee's election, its
independent accountant) stating, for the applicable Coverage Period, titles of positions,
employee resident zip code and city, total wages per employee (inclusive of overtime
and bonus payments), annual benefits paid by the employer per employee, and total
compensation (salary + benefits) amount per employee; and
• Documentation showing the date on which each Job was filled and if Grantee has
received a Job Grant payment for that Job.
B. Payments of the Ad Valorem Rebate shall be made annually for a period not to
exceed six (6) years, with the first payment being due and payable on or before 90 days after the
City is in receipt of all City ad valorem taxes due and payable for the Premises and Improvements
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as of January 1 st of the year following the calendar year in which a Certificate of Occupancy is
issued by the City for the Premises and the business personal property category breakdown is
provided by DCAD.
C. To receive the Sales Tax Grant, Grantee shall submit a written Request for the Sales
Tax Grant payment to City no later than sixty (60) days after the Required Completion Date.
Grantee's written request for payment of the Sales Tax Grant ("Request for Grant Payment") shall
include: (i) a copy of Grantee's Texas Direct Payment Returns, with evidence of filing and
payment of amounts reflected thereon, which reflect an amount to be included in the calculation
of the Sales Tax Grant payment and the total Sales Tax Grant payment requested and (ii) a
completed Certificate of Compliance (Exhibit A). The City will pay the Sales Tax Grant requested
pursuant to the requirements of this Agreement within 60 days of receiving the request.
D. Payments shall be issued to EquipmentShare.com Inc unless an approved
assignment occurs under Article XVI herein, and in which case payment shall be directed to the
entity assigned rights under this Agreement.
E. Prior to any payment of the Ad Valorem Rebate, Grantee shall provide written
proof of payment by Grantee of all City ad valorem taxes payable for the Premises and the
Improvements for the preceding year in the form of (a) an invoice for taxes issued by DCAD, (b)
an itemized receipt for a rent payment including payment of ad valorem taxes issued by the owner
of the Premises, (c) another written form of proof acceptable to the City of Denton Director of
Economic Development, or (d) any combination of the foregoing. Grantee shall attach this proof
of payment of ad valorem taxes to each Certificate of Compliance.
V.
CALCULATION OF INSTALLMENT PAYMENTS
A. The Job Grant for a Coverage Period, if any, shall be calculated by multiplying the
number of new Eligible Jobs added in the Coverage Period by the "Grant Amount per Eligible
Job" in TABLE V-1.
TABLE V-1
Annual Salary Ranges
Grant Amount Per Eligible Job
$65,000 to $74,999.99
$500
$75,000 to $89,999.99
$1,000
$90,000 to $99,999.99
$2,500
$100,000 or greater
$5,000
B. There is no cap on the Job Grant payments for any Coverage Period, so long as the
cumulative Job Grant payments do not exceed Seventy -Eight Thousand dollars ($78,000) over the
term of this Agreement; provided, however, that if Grantee's employee roster, as reported and
certified in an annual Certificate of Compliance pursuant to Article IV, reflects that Grantee has
created a cumulative total of at least one hundred thirty-six (136) Jobs, the cumulative cap on Job
Grant payments shall thereafter increase to, and shall not exceed, Ninety -Five Thousand Dollars
($95,000) over the term of this Agreement.
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C. The Residency Bonus shall be calculated by multiplying the total number of new
Eligible Jobs established in any Coverage Period which Grantee can successfully demonstrate are
held by an Established Resident during the applicable Coverage Period by Five Hundred dollars
($500).
D. There is no cap on the Residency Bonus payment for any Coverage Period so long
as the cumulative Residency Bonus payments do not exceed Five Thousand dollars ($5,000) over
the term of the Agreement.
VI.
OTHER GRANTEE OBLIGATIONS
A. Grantee shall deliver to the City before March 31 st of each year their written request
for incentive payment, if any, the Certificate of Compliance, and any other documentation required
by this Agreement or requested by the City, beginning on the year following issuance of the
Certificate of Occupancy and each year thereafter during the term of this Agreement. Said written
request and required documentation shall reflect all relevant information from the previous
calendar year. Grantee shall warrant to the City in its Certificate of Compliance that it is in full
compliance with its obligations under this Agreement for the preceding year, unless an approved
assignment occurs under Article XVI herein, and in which case payment shall be directed to the
entity assigned rights under this Agreement.
B. Grantee shall submit to the City documentation supporting Grantee's request and
demonstrating proof of Jobs, in accordance with the terms of this Agreement, sufficient to justify
Grantee's receipt of the Job Grant, Residency Bonus, and Ad Valorem Rebate. A failure to provide
the supporting documentation by the "Certification Due" date set forth in TABLE III-1, may, in
the sole discretion of the City, result in Grantee being ineligible to receive the Job Grant, Residency
Bonus, and Ad Valorem Rebate for the applicable Coverage Period; provided, however, that the
City shall first give Grantee written notice of the deficiency and a period of thirty (30) days to
complete or correct the Certificate of Compliance and supporting documentation before any such
ineligibility takes effect.
C. Upon recordation of the conveyance plat for the Parent Tract, the acquisition of the
Premises by Grantee or a Grantee affiliate under the Purchase Agreement, and issuance of a Parcel
ID number by DCAD, Grantee shall designate the Premises by providing City the legal description,
DCAD Parcel ID number, and a copy of the Lease in the Premises. Grantee shall make such
designation within sixty (60) days after the later of recordation of the conveyance plat for the
Parent Tract and commencement of the Lease, and shall deliver the foregoing items in the manner
provided in Article XVI. No grant payments shall be made prior to the designation of the Premises
by Grantee.
VII.
AUDITS AND MONITORING
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Grantee shall deliver to the City before March 31 st of each year a Certificate of Compliance
utilizing the form attached as Exhibit A, beginning on the year following issuance of the
Certificate of Occupancy and each year thereafter during the term of this Agreement. Said
Certificate of Compliance shall reflect all relevant information from the previous calendar year.
In the Certificate of Compliance, Grantee shall warrant to the City that it is in full compliance with
its obligations under this Agreement for the preceding year.
During the term of this Agreement, the City reserves the right to conduct audits of the
employment records of the Grantee related to this Agreement upon reasonable prior written notice,
during normal business hours, and limited to records relevant to the calculation of the Grant.
Grantee agrees upon reasonable advance request to furnish the City with additional records and
information reasonably requested to support that the terms and conditions of this Agreement have
been satisfied. Failure to provide such assistance, following expiration of all applicable notice and
cure periods, may be deemed an Event of Default, and City may withhold the affected Grant
payment until such assistance is provided. During the term of this Agreement, the City will keep,
or cause to be kept, copies of the Certificates of Compliance and all documentation or employment
records provided by the Grantee, payments made to Grantee, and any other calculations,
allocations, and payments required by this Agreement.
VIII.
DEFAULT AND TERMINATION
A. If a party fails to perform any of its obligations under this Agreement and such
failure is not cured within thirty (30) days after written notice, the failure of the non -performing
party to cure within such thirty (30) day period (or to commence and diligently pursue the cure of
such default if the nature of the failure cannot reasonably be cured within 30 days in the exercise
of reasonable due diligence) shall constitute a default under this Agreement ("Event of Default").
An Event of Default by Grantee shall entitle the City to all remedies available at law or in equity,
including but not limited to, termination of this Agreement, injunctive relief, specific performance,
and suspending or withholding Job Grant, Residency Bonus, Ad Valorem Rebate, and Sales Tax
Grant payments. An Event of Default by the City shall entitle Grantee as its sole remedy to seek
specific performance of the terms of this Agreement.
B. The Premises shall be operated and maintained for the purposes set forth herein
except as otherwise authorized or modified by this Agreement. The City shall have the right to
terminate the Agreement if the Grantee does not occupy and operate the Premises continuously for
the purposes set forth in the Agreement for the entire term of the Agreement; provided that (i) a
cessation of operations resulting from Force Majeure, casualty, condemnation, renovation, or
temporary market conditions shall not constitute a failure to operate continuously so long as
Grantee resumes operations within a period deemed reasonable in City's discretion; (ii) the
expiration or earlier termination of Grantee's Lease, shall not constitute a failure to operate
continuously so long as Grantee has satisfied the investment and job requirements of this
Agreement and continuously operates as owner or lessee of the Premises; and (iii) the City shall
provide the written notice and cure period set forth in Section VII.A before exercising any right to
terminate under this Section.
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C. If the City terminates this Agreement due to the Grantee's breach pursuant to
Section VIII.A above within the first five (5) years of the Effective Date, the Grantee shall, upon
demand by City, repay to City the full amounts of any Job Grant, Residency Bonus, Sales Tax
Grant, and Ad Valorem Rebate paid to Grantee for the most recent past Coverage Period for which
payment was made as shown in Table VIII-1. Repayment of grant payments shall become due
sixty (60) days following Grantee's receipt of such demand and shall accrue interest if overdue at
the rate of the lesser of either 10% per annum or the greatest rate which may be charged or collected
under applicable law. In the years following the end of the initial five-year recapture period
contained herein, Grantee shall refund to City the percentage of the amount of any Job Grant,
Residency Bonus, Sales Tax Grant, and Ad Valorem Rebate payment paid to Grantee for the most
recent past Coverage Period for which payment was made, as shown in Table VIII-1 below. The
rights of the City to require recapture and demand repayment of grant payments, and the obligation
of Grantee to pay such, shall survive termination of the Agreement.
TABLE VIII-1
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Refund to
100%
100%
100%
100%
100%
50%
City
IX.
INDEMNITY
IT IS UNDERSTOOD AND AGREED THAT GRANTEE IN PERFORMING ITS
OBLIGATIONS HEREUNDER IS ACTING INDEPENDENTLY AND THE CITY
ASSUMES NO RESPONSIBILITIES OR LIABILITIES IN CONNECTION THEREWITH
TO THIRD PARTIES AND GRANTEE AGREES TO DEFEND, INDEMNIFY, AND
HOLD HARMLESS THE CITY FROM AND AGAINST ANY AND ALL DIRECT
DAMAGES INCURRED BY THE CITY RESULTING FROM CLAIMS, SUITS, AND
CAUSES OF ACTION OF ANY NATURE WHATSOEVER BROUGHT BY ANY THIRD
PARTY ARISING OUT OF GRANTEE'S NEGLIGENCE IN THE PERFORMANCE OF
ITS OBLIGATIONS HEREUNDER, EXCEPT TO THE EXTENT SUCH DAMAGES ARE
CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE
CITY, ITS EMPLOYEES, OR ITS AGENTS.
X.
REPRESENTATIONS AND WARRANTIES BY THE CITY
The City represents and warrants that:
A. The City is a home rule Texas municipal corporation that has the power to enter
into and has taken all actions to date required to authorize this Agreement and to carry out its
obligations hereunder; and
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B. The City knows of no litigation, proceedings, initiative, referendum, investigation,
or threat of any of the same contesting the powers of the City or its officials with respect to this
Agreement that has not been disclosed in writing to Grantee; and
C. The City knows of no law, order, rule, or regulation applicable to the City or to the
City's governing documents that would be contravened by, or conflict with, the execution and
delivery of this Agreement; and
D. This Agreement constitutes a valid and binding obligation of the City, enforceable
according to its terms, except to the extent limited by governmental immunity and bankruptcy,
insolvency, and other laws of general application affecting creditors' rights and by equitable
principles, whether considered at law or in equity; and
E. The funds granted by the City are derived from sources lawfully available to the
City and are not proceeds of bonds or other obligations of the City payable from ad valorem taxes.
XI.
REPRESENTATIONS AND WARRANTIES BY GRANTEE
Grantee represents and warrants that:
A. Grantee is a corporation duly registered and validly existing under the laws of the
State of Texas and is, or prior to the Effective Date of this Agreement will be, qualified to do
business in the State of Texas and has the legal capacity and the authority to enter into and perform
its obligations under this Agreement; and
B. The execution and delivery of this Agreement and the performance and observance
of its terms, conditions and obligations have been duly and validly authorized by all necessary
action on its part to enter into this Agreement; and
C. Grantee knows of no litigation, proceeding, initiative, referendum, or investigation
or threat of any of the same contesting the powers of the City, Grantee or any of its principals or
officials with respect to this Agreement that has not been disclosed in writing to the City; and
D. Grantee has the necessary legal ability to perform its obligations under this
Agreement and has the necessary financial ability, through borrowing or otherwise, to construct
improvements on the portions of the Premises that Grantee may acquire or improve in accordance
with this Agreement. This Agreement constitutes a valid and binding obligation of Grantee,
enforceable according to its terms, except to the extent limited by bankruptcy, insolvency and other
laws of general application affecting creditors' rights and by equitable principles, whether
considered at law or in equity.
E. Pursuant to Chapter 2273 of the Texas Government Code, Grantee certifies that it
is not an "abortion provider" or an "affiliate" of an "abortion provider" as those terms are defined
therein.
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XII.
RIGHTS OF LENDERS AND INTERESTED PARTIES
The City is aware that financing for Grantee may be provided, in whole or in part, from
time to time, by one or more third parties, including, without limitation, lenders, major tenants,
equity partners and purchasers or developers (individually, an "Interested Party" and collectively,
"Interested Parties"). In the event Grantee fails to perform any of its obligations under this
Agreement, and such failure results in an Event of Default hereunder, all notices to which Grantee
is entitled under Article XVII of this Agreement shall be provided to the Interested Parties at the
same time they are provided to Grantee (provided the Interested Parties have previously been
identified to the City and provided their notice addresses to the City). If any Interested Party is
permitted under the terms of its agreement with Grantee to cure the Event of Default and/or to
assume Grantee's position with respect to this Agreement, the City agrees to recognize such rights
of the Interested Party and to otherwise permit the Interested Party to cure the Event of Default
and to assume all of the rights and obligations of Grantee under this Agreement. The City shall, at
any time upon reasonable request by Grantee, provide to any Interested Party an estoppel
certificate or other document evidencing that this Agreement is in full force and effect and that no
Event of Default by Grantee exists hereunder (or, if appropriate, specifying the nature and duration
of any existing Event of Default). Upon request by any Interested Party, the City will enter into a
separate assumption or similar agreement with such Interested Party, consistent with the provisions
of Article XVI.
XIII.
COMPLIANCE
This Agreement shall be conditioned upon and subject to compliance with
applicable federal, state, and City laws, ordinances, rules, and regulations.
XIV.
NO VESTED RIGHTS
The Grantee shall be subject to all applicable ordinances of the City, whether now existing
or in the future arising. This Agreement shall confer no vested rights, as defined and referenced in
Chapter 245 of the Texas Local Government Code, as amended, on the Grantee or property where
Grantee conducts business. Grantee agrees and acknowledges that this Agreement is not required
by the City to complete the project described in the Grant Application.
XV.
ENTIRE AGREEMENT; CHANGES AND AMENDMENTS
This Agreement constitutes the entire agreement of the Parties with regard to the subject
matter hereof. Except as specifically provided otherwise in this Agreement, any alterations or
deletions to the terms of this Agreement shall be by written amendment executed by both Parties
to this Agreement.
/"T
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SUCCESSORS AND ASSIGNS
This Agreement shall be binding on and inure to the benefit of the Parties, their respective
successors, and assigns. Grantee may assign all or part of its rights and/or obligations in or to or
under this Agreement upon written notice to the City of such assignment. The City acknowledges
that fee title to the Premises will be held by a Grantee affiliate and that Grantee's interest in the
Premises will be a leasehold, and Grantee may collaterally assign this Agreement to any leasehold
mortgagee with notice in accordance with this section. The City may execute an amendment to
this Agreement evidencing the assignment and the City's execution of said amendment to the
Agreement shall not be unreasonably withheld or delayed. If an assignee agrees in writing to be
bound by the terms and conditions of this Agreement and executes an amendment to this
Agreement stating the same, the assignor shall be released as to the obligations assigned but not
as to any obligations or liabilities of the assignor to the City that arose prior to the assignment.
XVII.
NOTICE
Any notice and/or statement required or permitted to be delivered shall be deemed
delivered five business days after being deposited in the United States mail, certified with return
receipt requested, postage prepaid, addressed to the appropriate parry at the following addresses,
or at such other addresses provided by the Parties in writing. Any such notice and/or statement
shall also be deemed delivered when delivered by a nationally recognized delivery company (e.g.,
FedEx or UPS) with evidence of delivery signed by anyone at the delivery address. Notice may
also be given by electronic mail to the email address set forth below, and shall be deemed delivered
upon confirmation of transmission.
If to Grantee:
EQUIPMENTSHARE.COM INC
Attn: Karaline Cartagena Edwards
5710 Bull Run Dr
Columbia, MO 65201
Email: karaline.edwards@equipmentshare.com
If to the City:
City of Denton
Attn: City Manager
215 E. McKinney St
Denton, Texas 76201
Phone: (940) 349-8307
Fax: (940) 349-8596
With a copy to:
City of Denton
Attn: City Attorney
215 E. McKinney St
Denton, Texas 76201
Phone: (940) 349-8333
Fax: (940) 382-7923
XVIII.
APPLICABLE LAW
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This Agreement shall be governed by and construed in accordance with the laws and court
decisions of the State of Texas. Venue for any action under this Agreement shall be the State's
District Court of Denton County, Texas. This Agreement is performable in Denton County, Texas.
XIX.
BENEFIT OF AGREEMENT
This Agreement is executed solely for the benefit of the Parties and their successors and
assigns, and nothing in this Agreement is intended to create any rights in favor of or for the benefit
of any third party.
XX.
LEGAL CONSTRUCTION/PARTIAL INVALIDITY OF AGREEMENT
In case any one or more of the provisions contained in this Agreement shall for any reason
be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provision thereof and it is the intention of the Parties to
this Agreement that in lieu of each provision that is found to be illegal, invalid or unenforceable,
upon written, mutual agreement of both parties and approval of the City Council, a provision be
added to this Agreement which is legal, valid and enforceable and is as similar in terms as possible
to the provision found to be illegal, invalid or unenforceable.
XXI.
FORM 1295
Submitted herewith is a completed Form 1295 generated by the Texas Ethics
Commission's (the "TEC") electronic filing application in accordance with the provisions of
Section 2252.908 of the Texas Government Code and the rules promulgated by the TEC (the
"Form 1295"). The City hereby confirms receipt of the Form 1295 from the Grantee and the City
agrees to acknowledge such form with the TEC through its electronic filing application not later
than the 30th day after the receipt of such form. The Parties understand and agree that, with the
exception of information identifying the City and the contract identification number, neither the
City nor its consultants are responsible for the information contained in the Form 1295; that the
information contained in the Form 1295 has been provided solely by the Grantee; and neither the
City nor its consultants have verified such information.
XXII.
TERM
This Agreement shall be effective as of the Effective Date. This Agreement will terminate
on the earlier to occur of December 31, 2035, or the date of termination for Event of Default in
accordance with Article VIII. After termination of this Agreement, the City shall not be liable to
make any further payments to Grantee.
[Signature Page Follows]
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EXECUTED and effective as of the day of , 2026 ("Effective
Date"), by the City signing by and through its City Manager, duly authorized to execute same by
action of the City Council, and by Grantee, acting through its duly authorized officials.
CITY OF DENTON, TEXAS
By:
CASSEY OGDEN, INTERIM CITY
MANAGER
ATTEST:
KRISTI GILBERT, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
S� Scott Bray
Deputy City Attorney
By:
MACK REINWAND, CITY ATTORNEY
EQUIPMENTSHARE.COM INC
L....-
dbby,
Name: ANTHONY MORGAN
THIS AGREEMENT HAS BEEN
BOTH REVIEWED AND APPROVED
as to financial and operational obligations and business
terms.
Brittany I tta y Sote o
SIGNATURE PRINTED NAME
Economic Development Director
TITLE
Economic Development
DEPARTMENT
Title: VP OF CONSTRUCTION & REAL ESTATE
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EXHIBIT A
CITY OF DENTON INCENTIVE ANNUAL CERTIFICATE OF COMPLIANCE
EquipmentShare.com Inc
A. Payment
1. The Economic Development Agreement provides annual payments for up to six years based on
conditions being met.
2. The City property taxes paid for the January 1, 20 valuation of the Premises are:
Real Property:
Business Personal Property:
3. List dates and periods of filing of Texas Direct Payment Returns and the amount of City of
Denton Sales and Use Taxes paid to the Comptroller with each return (attach additional page if
needed):
Reporting Period Date Return Filed Amount Paid
B. Required Attachments
1. Grantee to submit annual proof of payment of ad valorem taxes on the Premises and
Improvements, as provided in Section IV.E of the Agreement.
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2. Grantee to submit employee roster and relevant documentation, as provided in Section IV.A of
the Agreement.
I hereby certify that, to the best of my knowledge and belief, the information provided herein is
accurate and in compliance with the terms of the Economic Development Agreement with the City
of Denton, Texas. I have provided a copy of all documentation needed to substantiate the job
creation threshold requirement for which I am requesting a rebate payment.
Printed Name and Title of Certifying Officer
Signature of Certifying Officer Date
Note: This form is due by March 31 of each year after the commencement date, and as long as
this Agreement is in effect.
This Certificate of Compliance should be mailed tot:
City of Denton
Attn: Economic Development
401 N. Elm St.
Denton, TX 76201
' Provided that Grantee may instead deliver the Certificate of Compliance and accompanying documentation by any
method permitted for notices under Article XVII, to the recipient designated therein.
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EXHIBIT C-2
PARENT TRACT
All that certain lot, tract or parcel of land lying and being situated in Denton County,
Texas and being a part of the R. Whitlock Survey, Abstract Number 1403, and being a
part of the James Haney Survey, Abstract Number 515, and also being all of that called
325.62 acre tract of land described in deed to Baker Family Partners, LTD. recorded in
Instrument Number 2002-113080, Real Property Records, Denton County, Texas and all of
Lot 23, of Little Brook Estates, recorded in Volume 489, Page 269, Deed Records, Denton
County,'fexas, and being more fully described by metes and bounds as follows:
BEGINNING at a 1 inch iron rod found at the Northerly most Northeast corner of said
325.62 acre tract, same being the Northwest corner of a called Parcel I described in deed to
Richard Ilarris, Jr. Heritage Trust, recorded in Instrument Number 2012-139300, Real
Property Records, Denton County, Texas;
THENCE South 00 degrees 09 minutes 38 seconds West, a distance of 3005.53 feet to a I
inch iron rod found at the Southwest corner of a called Parcel III described in deed to
Richard A. Harris, Jr., recorded in Instrument Number 2012-139302, Real Property
Records, Denton County, Texas;
THENCE South 89 degrees 34 minutes 25 seconds East, a distance of 1261.86 feet to a
capped iron rod set stamped "KAZ" at the Southeast corner of said Parcel 111, in the Nest
line of Kansas City Southern Railroad;
THENCE, South 16 degrees 07 minutes 24 seconds East, a distance of 692.60 feet to a 1/2
inch capped iron rod found at the beginning of a curve to the left with a radius of 9242.20
feet and a chord bearing and distance of South 16 degrees 52 minutes 51 seconds East, a
distance of 255.30 feet;
'THENCE along said curve, an are length of 255.31 feet to a 1/2 inch capped iron rod found
at the beginning of a curve to the left with a radius of 6950.60 feet and a chord bearing and
distance of South 19 degrees 04 minutes 08 seconds Fast, a distance of 349.60 feet;
THENCE along said curve, an are length of 349.64 feet to a capped iron rod set stamped
01"Z,1.
THENCE. South 28 degrees 15 minutes 08 seconds East, a distance of 204.66 feet to a 1/2
inch iron rod found at the beginning of a curve to the right with a radius of 6925.60 feet
and a chord bearing and distance of South 22 degrees 27 minutes 57 seconds East, a
distance of 110.76 feet;
THENCE along said curve, an are length of 110.76 feet to a 1/2 inch iron rod found;
THENCE South 00 degrees 26 minutes 28 seconds Fast, a distance of 842.17 feet to a 1/2
inch iron rod found;
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THENCE South 00 degrees 35 minutes 06 seconds East, a distance of 520.84 feet to a P.K.
Nail set in the centerline of Hampton Road;
THENCE South 89 degrees 57 minutes 54 seconds West, along said centerline, a distance of
3401.05 feet to a P.K. Nail set at the intersection of the centerline of Hampton Road and the
centerline of Masch Branch Road;
THENCE North 00 degrees 14 minutes 03 seconds East, along said centerline of Masch
Branch Road, a distance of 2272.90 feet to a concrete monument found at the Southeast
corner of the aforementioned Lot 23;
THENCE South 89 degrees 57 minutes 00 seconds West, along the South line of said Lot
23, a distance of 947.78 feet to a capped iron rod set stamped "KAZ";
THENCE North 00 degrees 04 minutes 28 seconds East, a distance of 918.80 feet to a 318
inch iron rod found in a concrete monument at the Northwest corner of said Lot 23;
THENCE North 89 degrees 57 minutes 00 seconds East, along the North line of said Lot 23,
a distance of 948.62 feet to a concrete monument found at the northeast corner of said Lot
23;
THENCE North 00 degrees 04 minutes 43 seconds East, a distance of 1374.73 feet to a
concrete monument found at the Northeast corner of Lot 21, of said Little Brook Estates;
THENCE North 00 degrees 17 minutes 09 seconds East, a distance of 687.54 feet to a
concrete monument found at the Northeast corner of Lot 20, of said Little Brook Estates;
THENCE North 00 degrees 06 minutes 47 seconds East, a distance of 668.98 feet to a
capped iron rod set stamped "KAZ" at the Nortlw cst corner of the aforementioned 325.69
acre tract;
THENCE South 89 degrees 16 minutes 26 seconds E.ast, a distance of 1598.12 feet to the
POINT OF 13EGINNING and containing 345.47 acres of land, more or less.
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EXHIBIT D
CERTIFICATION REGARDING THE EMPLOYMENT OF UNDOCUMENTED
WORKERS
The undersigned certifies, to the best of his or her knowledge and belief, that:
(1) The business receiving any public subsidies provides pursuant to this Agreement,
or a branch, division, or department of the business, does not and will not knowingly employ
undocumented workers. For purposes of this Certification, "Public Subsidies" means grants, loans,
loan guarantees, benefits relating to an enterprise or empowerment zone, fee waivers or rebates,
land price subsidies, infrastructure development and improvements designed to principally benefit
a single business or defined group of businesses, matching funds, tax refunds, tax rebates, or tax
abatements. For purposes of this Certification, "Undocumented worker" means an individual who,
at the time of employment, is not:
(A) lawfully admitted for permanent residence to the United States; or
(B) authorized under law to be employed in that manner in the United States.
(2) If, after receiving the Public Subsidies provide herein, the business entity or a
branch, division, or department of the business, is convicted of a violation under 8 U.S.C. Section
1324a(f), the business shall repay the amount of the Public Subsidy with interest to be charged at
the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of
the State of Texas, but without the addition of a penalty, according to the terms provided by this
Agreement under V.T.C.A. Government Code § 2264.053, not later than the 120a' day after the
date the City notifies the business of the violation.
This certification is a material representation of fact upon which reliance was placed when this
Agreement was made or entered into. Submission of this certification is a prerequisite for making
or entering into this transaction imposed by V.T.C.A. Government Code § 2264.
EQUIPMENTSHARE.COM INC
By:
(Type name and title)
24