Res 2005-121 - Laserfiche WebLink

Home Browse Search

C. refuses, fails or neglects to comply with any of the terms of this Agreement; D. made any representation in this Agreement or in the development incentive application to the City that was false or misleading in any material respect; or E. allows ad valorem taxes on the Property or the Facilities owed to the City to become delinquent unless the Developer timely and properly protests or contests the taxes. Section 5.02. If the City Manager determines that the Developer is in default of this Agreement under Section 5.0 1.A or B above, the City Manager will notify the Developer in writing, and if the default is not cured within 60 days from the date of the notice, then the City Council may terminate this Agreement. No cure is allowed for defaults under Section 5.01.C or D above. If the City Council terminates this Agreement, the Tax Abatement for the Abatement Period will be rescinded. In addition, if the City Council terminates this Agreement on the basis of a misrepresentation by the Developer under Section 5.0 1.C above, and the Council determines that the misrepresentation substantially undermines the purposes of this Agreement, the Council may require the Developer to pay to the City an amount up the full value of the taxes abated thus far under this Agreement, and the Developer agrees to pay such amount within 60 days of the date of termination of this Agreement. The City will be entitled to record a lien against the Property to secure such amount if this payment is not timely made. Section 5.03. If this Agreement is terminated under this Section, the Developer will pay to the City the full value of the Fee Waiver provided for in Section 6.01 below within 60 days of the termination date. The City will be entitled to record a lien against the Property to secure the full value of the Fee Waiver if this payment is not timely made. Section 5.04. At the time this Agreement is fully performed by the Developer, and upon the written request of the Developer, the City Manager will execute a certificate in recordable form stating this Agreement has been performed, and the Developer will be released of all further duties or obligations under this Agreement. Section 5.05. The City Council reserves the sole discretion to choose among the remedies for default enumerated in Sections 5.01 through 5.03 above. These remedies may be used in conjunction with one another or separately, and together with any other statutory or common law remedies available to the City. Any failure by the City to enforce this Agreement with respect to one or more defaults by the Developer will not waive the City's ability to enforce the Agreement after that time. 3