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15.12. Completion of the Project shall be evidenced by the issuance by the City of a Certificate <br />of Occupancy to Developer for all improvements. <br />Section 2.02. Business Operation. As soon as reasonably practicable after completion <br />of the Project, Developer shall begin operation of the Business on the Premises. If, at any time, <br />the primary activity of the business conducted by Developer on the Premises is no longer the <br />selling of new vehicles, Developer will be deemed to have discontinued operating the Business <br />as contemplated by this Agreement. In connection with the Business the Developer shall <br />endeavor to maintain on the Premises during the first year equipment and personal property with <br />a taxed assessed value of $2,000,000.00. Developer will also endeavor to employ 100 <br />employees with an estimated payroll of at least $2,750,000.00. <br />Section 2.03. Sign Installation. Developer shall install only such signs as are identified <br />in Exhibit `B ", attached hereto and made a part hereof for all purposes, and only in accordance <br />with the specifications for each sign set forth therein. Such signs shall be installed only in the <br />locations for each sign as shown in Exhibit "A ". <br />PART 3. ECONOMIC DEVELOPMENT INCENTIVES PROVIDED BY THE CITY <br />Section 3.01. Waiver of Certain Land Development Code Requirements. It is <br />understood and agreed by Developer that its completion of the Project as described and operation <br />of the Business as defined in this Agreement are material inducements to the City in entering into <br />this Agreement and granting the waivers set forth below. As such, the granting of these waivers <br />shall be strictly limited to the terms set forth in this Agreement, including, but not limited to, any <br />remedies for default by Developer and any restrictions applicable to signs after Developer <br />discontinues operating the Business. The City shall waive certain requirements of the Land <br />Development Code applicable to signs to be installed by the Developer on the Premises as <br />9 <br />