Res 2008-044 - Laserfiche WebLink

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of 84,640 square feet to provide adistribution/warehouse facility of at least 148,900 square feet on the Property at a cost of approximately $5,950,000 and to be leased to multiple tenants. The real property improvements consisting of these two buildings shall be referred to in this Agreement as "The Facility". Section 2.02. Owner will ensure that the construction of the Facility is completed by March 31, 2009. PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT Section 3.01. The City will abate 50% of the taxable value of the Facility for tax years 2009 and 2010 and 25% of the taxable value of the Facility for tax years 2011, 2012, and 2013. Tax years 2009 through 2013 shall hereinafter be referred to as the "Abatement Period." Section 3.02. The tax abatement will not include any materials or other personal property. The tax abatement will not include the value of the Property on which the Facility is constructed or any increase in the value of the Property during the term of this Agreement. The tax abatement will not include any property owned by a tenant at the Facility. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1st of each year of the Abatement Period, Owner will furnish records to the City supporting Owner's tax abatement for the current tax year. These records will pertain to Owner's compliance with this Agreement for the previous calendar year. The City will evaluate the information furnished, and will have the right to request and receive from Owner additional information needed to help the City determine Owner's compliance with this Agreement. Upon the City's verification of compliance with this Agreement by Owner for the previous calendar year, the City will issue a tax abatement certificate to Owner validating the tax abatement for the current tax year. Section 4.02. At all times until the City's rights to declare default against Owner have expired, the City will have access to the Property and the Facility upon reasonable prior notice for the purpose of inspecting them to ensure that the Facility is constructed, installed, maintained and used in accordance with the terms of this Agreement. PART 5. DEFAULT Section 5.01. The City Manager may declare a default under this Agreement if Owner: fails to complete construction of the Facility by the deadline in Section 2.02 above; 2