Res 1997-114 - Laserfiche WebLink

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, Page 2 1998. Section 2.03. The Developer will create at least five new full-time jobs on the Property by April 30, 1998, 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 100% of the taxable value of the Improvements will be abated for one year (the "Tax Abatement"), if the Developer satisfies all of its obligations under this Agreement. The one year of Tax Abatement (the "Abatement Period") shall be the tax year 1998, Section 3.02. The Tax Abatement will not include any equipment, inventory, materials, or other personal property, nor will it include any increase in the value of the land upon which the Improvements are situated. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1, 1999, the Developer will furnish records to the City supporting the Developer's tax abatement for the 1999 tax year, These records will pertain to the Developer's compliance with this Agreement for the.1998 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, the City will issue a tax abatement certificate to the Developer validating the Tax Abatement for the 1999 tax year. Section 4.02. At all times until the City's rights to declare default against the Developer have expired, the City will have access to the Property and facilities of the Developer upon reasonable prior notice for the purpose of inspecting them to ensure that the Improvements are constructed, installed, maintained and used in accordance with the terms of this Agreement. PART 5. DEFAULT Section 5.02. The City Council may declare a default under this Agreement if the Developer: 1, fails to complete construction of the Improvements by the deadline in Section 2 above; 2, refuses, fails or neglects to comply with any of the terms of this Agreement, including the provision for the creation of jobs in Section 2 above; 3. made any representation in this Agreement or in the application to the City for tax abatement that is false or misleading in any material respect; or 4. allows ad valorem taxes on the Property owed to the City to become delinquent and fails to timely and properly protest or contest the taxes,