Res 2009-104 - Laserfiche WebLink

Home Browse Search

attached as Exhibit "C" and made apart hereof for all purposes. Section 2.06. "Personal Property" means all, materials, supplies, equipment or other personal property subject to ad valorem taxes on the Land. Section 2.07. "Personal Property Taxes" in any given year during the Term of this Agreement are the City's share of the ad valorem taxes received from the Tax Office on the value of all Personal Property in excess of the ad valorem taxes received for Personal Property based on the Base Tax Year Value. Section 2.08. "Project" means the expansion of the Business on the Land, to include the addition of any improvements to real property and Personal Property (as defined below) and the creation of new Jobs in accordance with the requirements of Sections 3.01 and 3.02 below. Section 2.09. "Tax Office" means the Hays County Tax Assessor-Collector. Section 2.10. The "Term" of this Agreement shall commence on the Effective Date and continue until December 31, 2019, except that, to the extent that Personal Property Taxes are assessed and timely paid and received, the Term shall be extended for the limited purpose of completing the Grant Payments due under this Agreement for the last full eligible calendar year of the Term. ARTICLE III DEVELOPER'S OBLIGATIONS Section 3.01. Job Creation. It is the goal of this Agreement for the Developer to create at least 18 new Jobs over the Tenn. Developer shall create at least one Job per $250,000.00 of Personal Property added after the Effective Date, hire persons to fill such Jobs and keep such Jobs filled during the Term. While the titles or classification of new Jobs may change, the total number of new Jobs created shall be maintained through the end of the Term. Section 3.02. Addition of Personal Property and Real Property Improvements. The