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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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City Clerk - Document
Resolutions
City Clerk - Type
Approving
Number
2022-200R
Date
9/6/2022
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Record, local job fairs) to inform the local labor force of any significant career opportunities that <br /> become available in connection with the development or operation of the Land. <br /> Section 3.06. Non-Discrimination. The Developer agrees that it will maintain, and shall <br /> use its best efforts to enforce, employment policies that prohibit discrimination from occurring in <br /> the hiring and employment of persons on the basis of race,creed, color,national origin, sex, sexual <br /> orientation,gender identity,age,disability,or other characteristics for which protection is available <br /> under applicable local, state and federal anti-discrimination laws or policies. Upon request of the <br /> City, the Developer shall report to the City any judicial or administrative agency determinations <br /> that the Developer has violated any such standards. <br /> Section 3.07.Health Insurance. All new full-time employees of the Developer and their <br /> dependents shall have access to employer sponsored healthcare during the Term of this Agreement. <br /> Section 3.08. Compliance with Laws. The Developer will comply with all applicable <br /> ordinances, including zoning ordinances, statutes, laws and regulations in connection with <br /> completing the Building Improvements and conducting or allowing to be conducted any activities <br /> on the Land. <br /> ARTICLE IV <br /> GRANT PAYMENTS FROM THE CITY <br /> Section 4.01. Three-Year Payment Period for Each Qualifying Building. Upon the <br /> satisfactory completion of any Building Improvements on a platted lot on the Land,the Developer <br /> shall be eligible to receive up to three Grant Payments for any completed Building Improvements <br /> in an amount equal to 50 percent of Real Property Taxes paid to and received by the City in the <br /> first full calendar year after the Building Improvements are completed. For example, if any <br /> Building Improvements on a platted lot on the Land are completed in 2024,the full assessed value <br /> for the completed Building Improvements will not be recognized until January 1,2025. Since 2025 <br /> 6 <br />
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