Res 2005-121 - Laserfiche WebLink

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Facilities by December 31,2006. The requirement for the retention of each "full-time job equivalent" will be met by the scheduling of transferred employees for at least 40 hours of work per week at the completed Facilities during at least two weeks prior to December 31,2006. PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT Section 3.01. The existing and any real estate or ad valorem property taxes hereafter imposed by the City on A) 50% ofthe taxable value of the Facilities, and B) 50% of the increase in the taxable value of the Property, if any, that occurs after completion of the Facilities, will be abated (the "Tax Abatement") for one year if the Developer satisfies all of its obligations under this Agreement. The one year of Tax Abatement (the "Abatement Period") will be the tax year 2007. Section 3.02. The Tax Abatement will not include A) the value of any inventory, materials, equipment, or other personal property, or B) the taxable value of the Property prior to the completion of the Facilities. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1, 2007, the Developer will deliver a letter to the City Manager certifying whether the Developer has complied with this Agreement for the previous calendar year. The City will evaluate the information furnished, and will have the right to request and receive from the Developer additional information needed to help the City determine the Developer's compliance with this Agreement. Upon the City's verification of compliance with this Agreement by the Developer for the previous calendar year, the City will issue a tax abatement certificate to the Developer validating the Tax Abatement for the 2007 tax year. Section 4.02. At all times tUltil the City's rights to declare default against the Developer have expired, the City will have access to the Property and the Facilities upon reasonable prior notice for the purpose of inspecting them to ensure that the Facilities are constructed, maintained and used in accordance with the terms of this Agreement. PARTS. DEFAULT Section 5.01. The City Manager may declare a default under this Agreement if the Developer: A. fails to complete construction of the Facilities by the deadline in Section 2.02 above; B. fails to transfer the required number of jobs to the Facilities by the deadline in Section 2.03 above; 2