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Res 2020-230/approving a Chapter 380 Economic Development Incentive Agreement with DBI San Marcos Property, L.P., providing incentives in the form of refunds of a percentage of real property taxes over three years for the development of approximately 174,
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Res 2020-230/approving a Chapter 380 Economic Development Incentive Agreement with DBI San Marcos Property, L.P., providing incentives in the form of refunds of a percentage of real property taxes over three years for the development of approximately 174,
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5/26/2021 10:16:57 AM
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11/24/2020 1:44:52 PM
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Resolutions
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Agreement
Number
2020-230
Date
10/20/2020
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C. copies of paid invoices from the Tax Office showing the amount of Real <br />Property Taxes paid for the preceding tax year; <br />d. a statement regarding whether any or all of the Building Improvements are <br />fully leased <br />e. a statement that Developer is in full compliance with its obligations under <br />this Agreement. <br />Upon receipt of any such form, the City may notify the Developer in writing of any questions that <br />the City may have with any of the information provided by the Developer, and the Developer shall <br />diligently work in good faith to respond to such questions to the City's reasonable satisfaction. <br />Section 7.03. Review of Developer Records. The Developer agrees that the City will <br />have the right to review the business records of the Developer as reasonably necessary, that relate <br />to Developer's compliance with the terms of this Agreement at any reasonable time and upon at <br />least seven days' prior notice to the Developer in order to determine compliance with this <br />Agreement. To the extent reasonably possible, the Developer shall make all such records available <br />in electronic form or otherwise available to be accessed through the internet. <br />ARTICLE VIII <br />DEFAULT, TERMINATION AND REMEDIES <br />Section 8.01. Default and Termination. If the Developer is not in compliance with this <br />Agreement, the City may, in its sole discretion, withhold Grant Payments that would otherwise be <br />due to Developer for the year during which the noncompliance occurred or terminate the <br />Agreement by providing written notice thereof to Developer. If the City elects to withhold Grant <br />Payments, the City may, in its sole discretion, resume Grant Payments for any subsequent years <br />during the Term in which the Developer is complying with this Agreement; however, any Grant <br />Payments withheld by the City for any years during which Developer is not complying shall be <br />
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