Res 2015-093/Chapter 380 Economic Development Incentive Agreement with Tanger Properties Limited Partnership that provides incentives over ten years in an amount not to exceed $2,500,000.00 in the form of annual refunds of a portion of new property and s

Home Browse Search

example, if Tanger is in default and has not effected a Cure in the year 2020, Tanger will not receive a Grant Payment in 2021. Tanger will, however, be eligible to receive a Grant Payment in 2022 if the default is Cured in 2021. Except as to circumstances arising from an event of force majeure, the Term shall not be extended as a result of any Cure period agreed to by the City under this Section. Section 5.03. Termination for Misrepresentation. Notwithstanding any provision for notice of non - compliance and any opportunity to cure, the City may terminate this Agreement immediately by providing written notice to Tanger if Tanger, its officers or signatories to this Agreement misrepresented or misrepresent any material fact or information: (i) upon which the City relied in entering into this Agreement; (ii) upon which the City relies in making a Grant Payment to Tanger; or (iii) as an inducement for the City to make a Grant Payment to Tanger. Section 5.04. Other Remedies. Upon breach of any obligation under this Agreement, in addition to any other remedies expressly set forth in this Agreement with respect to such breach, the City may pursue such remedies as are available at law or in equity for breach of contract. Similarly, with regard to violations of applicable ordinances of the City, the City may seek such relief as is available for violation so such ordinances, including fines and injunctive relief. Section 5.05. Offset. The City may deduct from any Grant Payments, as an offset, any delinquent and unpaid fees, sums of money or other fees, charges or taxes assessed and owed to or for the benefit of the City by Tanger. If such amounts are deducted from any Grant payment, Tanger shall have an opportunity to cure or resolve the underlying delinquency of unpaid sums within 120 after the date of the Grant Payment. If the deficiency is cured within such 120 period, the amount deducted from the Grant Payment will be added back to the next Grant Payment. Section 5.06. Force Majeure. A force majeure event means an event beyond the reasonable control of a party obligated to perform an act or take some action under this Agreement including, but not limited to, acts of God, earthquake, fire, explosion, war, civil insurrection, acts of the public enemy, act of civil or military authority, sabotage, terrorism, floods, lightning, hurricanes, tornadoes, severe snow storms or utility disruption, strikes, lockouts, major equipment failure or the failure of any major supplier to perform its obligations. ARTICLE 6. INFORMATION Section 6.01. Information. Tanger shall, at such times and in such form as the City may reasonably request from the City, provide information concerning the performance of the City's obligations under this Agreement. Section 6.02. Annual Compliance Certification. Beginning in calendar year 2016 and continuing each calendar year thereafter during the Term, Tanger shall submit to the City, on or before March 1 of each such year, a duly executed Compliance Certificate in substantially the form attached as Exhibit "C" certifying that Tanger is in full compliance with its obligations under this Agreement or, if not in full compliance, a statement disclosing the nature of any non- compliance and any reasons therefor. After receiving a timely submitted Compliance Certificate, lit