The tax abatement is conditioned on IP Meitner, LLC constructing and installing the specified data-center improvements within the agreement’s required schedule; failure to complete the project can result in loss of the abatement.

IP Meitner, LLC must meet the agreement’s required investment in taxable improvements and maintain those improvements during the abatement period.

The company must continue operating and using the property for the approved project during the abatement term; discontinuing the required use can terminate the abatement.

The company must remain current on taxes and comply with the agreement’s conditions. Nonpayment or noncompliance can result in termination of the abatement and recovery of previously abated taxes.

The company must provide the county with required annual certifications and supporting information concerning the project, improvements, investment, and compliance.

Gray County designates the specified property as a reinvestment zone, making the project eligible for a county property-tax-abatement agreement.

The county provides a property-tax abatement for qualifying data-center improvements and business personal property placed in service for the project, subject to the agreement’s eligibility requirements and abatement schedule.

The tax benefits are conditioned on IP Meitner’s compliance with the agreement, including the required project development and investment commitments; the county may terminate the abatement or recover benefits if those obligations are not met.

Provides a 100% abatement of County property taxes on qualifying improvements and other eligible property for 10 full calendar years, beginning January 1, 2028. The abatement excludes separately assessed County road taxes and does not cover pre-existing or ineligible property. Tax Abatement Agreement

Defines eligible property broadly to include new, expanded, or modernized buildings and structures, fixed machinery and equipment, batteries, site improvements, related fixed improvements, and other qualifying real and tangible personal property. Inventory and supplies are excluded, and real-property taxes are abated only on value above the agreement-year baseline. Eligible Property

Sets the base-year value for proposed improvements at zero, allowing the full appraised value of newly constructed qualifying improvements to receive the stated abatement. The base year value

Allows the owner to request a deferral of the abatement period for up to 18 months, subject to County approval, which may not be unreasonably withheld. The total abatement period cannot exceed 10 years. Abatement period may be deferred

Permits the agreement and project interests to be assigned to other parties, lenders, or foreclosure purchasers, supporting financing, ownership transfers, and lender remedies. Assignment and lender rights

Requires the County to provide reasonable assistance with project financing, including information, assignment consents, estoppel certificates, certifications, and requested cooperation with lenders' engineers or advisers. County financing assistance

Allows the owner and contractors to use County roads, rights-of-way, and easements for access, temporary encroachments, and overhead or underground utility crossings during construction, operation, and maintenance. Road and right-of-way use

Provides for a separate County Judge letter, if requested, evidencing permission to use County roads, rights-of-way, and easements. Separate letter evidencing permission

Protects the agreed abatement value and owner payment obligations if a later law, rule, or regulation would otherwise reduce the abatement or increase the required County payments; the parties must amend the agreement to preserve the original values and obligations. Protection against later requirements

Excuses a default caused by force majeure, including governmental actions, fires, floods, strikes, court or government orders, epidemics, and machinery or line accidents. Force majeure protection

Gives the owner and notified lenders 90 days to cure a default, or to begin and diligently continue performance when curing requires more time, before termination or tax recapture can occur. 90-day cure period

Limits the County's remedy for an uncured default to cancellation or modification of the agreement and tax recapture, with recaptured taxes reduced by payments already made under the agreement. Limits on default remedies

Requires the County to give 72 hours' notice before inspecting improvements and requires inspections to avoid unreasonable interference with construction or operations and to follow applicable safety standards. Inspection limits