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Res 2018-184/approving a Chapter 380 Economic Development Incentive Agreement with Katerra, Inc. to locate an Automated Building Component Manufacturing and Distribution Facility along State Highway 80 East of State Highway 21, which agreement provides i
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Res 2018-184/approving a Chapter 380 Economic Development Incentive Agreement with Katerra, Inc. to locate an Automated Building Component Manufacturing and Distribution Facility along State Highway 80 East of State Highway 21, which agreement provides i
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2/28/2019 8:00:34 AM
Creation date
10/23/2018 3:20:14 PM
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City Clerk - Document
Resolutions
City Clerk - Type
Agreement
Number
2018-184
Date
10/16/2018
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Section 7.02. Limitations on City Obligations. The Grant Payments made and any other <br />financial obligation of the City hereunder shall be paid solely from lawfully available funds that <br />have been budgeted and appropriated by the City each applicable fiscal year during the Term as <br />provided in this Agreement. Under no circumstances shall the City's obligations hereunder be <br />deemed to create any debt within the meaning of any constitutional or statutory provision. <br />Consequently, notwithstanding any other provision of this Agreement, the City shall have no <br />obligation or liability to pay any Grant Payments or other payments unless the City budgets and <br />appropriates funds to make such payments during the City's fiscal year in which such Grant <br />Payment(s) or other payments are payable under this Agreement. If the City fails to appropriate <br />funds for a Grant Payment during any fiscal year, Company may at its option terminate this <br />Agreement effective upon written notice to the City, subject to any unpaid Grant Payment properly <br />due to Company for which a lawful appropriation of funds has occurred. <br />Section 7.03. No Recourse. Company shall have no recourse against the City for the <br />City's failure to budget and appropriate funds during any fiscal year to meet the purposes of and <br />satisfy its obligations under this Agreement and such failure shall not constitute a breach of this <br />Agreement. <br />go- <br />"1LAA-I <br />Mo W- <br />110 O My V LN <br />Section 8.01. Information. Company shall, at such times and in such form as the City <br />may reasonably request from Company, provide information concerning the performance of <br />Company's obligations under this Agreement. <br />Section 8.02. Annual Certification Related to Minimum Jobs Requirement and <br />Compliance With Agreement. Beginning in calendar year 2020 and continuing each calendar <br />year thereafter during the Term, Company shall submit to the City, on or before January 30 of each <br />
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