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Res 2022-200R/approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years
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Res 2022-200R/approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years
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10/26/2022 10:53:10 AM
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10/25/2022 3:57:36 PM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Approving
Number
2022-200R
Date
9/6/2022
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Section 7.02. Certification. Upon completion of each building constituting a Building <br /> Improvement and before the City shall make the first Grant Payment due in connection with such <br /> building, Developer or the Development Venture, as defined below, shall submit to the City a <br /> certified statement in a form reasonably acceptable to the City, signed by an authorized officer or <br /> employee of the Developer,providing the following information: <br /> a. a description of the completed Building Improvements,together with a copy <br /> of the associated final shell building certificate or certificates of occupancy; <br /> b. copies of paid invoices from the Tax Office showing the amount of Real <br /> Property Taxes paid for the preceding tax year; <br /> C. a statement regarding whether and the extent to which any or all buildings <br /> are leased; and <br /> d. 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. Developer may make all such records available in electronic form or otherwise <br /> available to be accessed through the internet. <br /> 12 <br />
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