Res 2004-040 - Laserfiche WebLink

Home Browse Search

uses, with finish out renovations determined by agreements with tenants. Global Rock will reconstruct, renovate and remodel the second floor of the Building for residential apartments. Although this description of work specifies certain uses, Global Rock acknowledges that uses ofthe Property and the Building are subject to all applicable City ordinances and regulations, such as construction standards and requirements, and zoning regulations including specific use permit standards and requirements. Section 2.02. Global Rock will ensure that the reconstruction, renovation and remodeling of the Building is completed by December 31, 2004. Section 2.03. Global Rock will ensure that at least five new full-time job equivalents are created at the Building by December 31, 2004, and that at least five full-time job equivalents are maintained at the Building during the calendar year 2005. The requirement for the creation of each "full-time job equivalent" will be met by the scheduling of the new employees for at least 40 hours of work per week at the completed Building during at least four weeks prior to December 31,2004. The requirement for maintenance of each "full-time job equivalent" will be met by a total of2,000 hours worked by one or more persons during the 2005 calendar year. PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT Section 3.01. The existing and any real estate or ad valorem property taxes hereafter imposed by the City on 100% of the increase in the taxable value ofthe Building will be abated (the "Tax Abatement") for two years if Global Rock satisfies all of its obligations under this Agreement. The two years of Tax Abatement (the "Abatement Period") will be the tax years 2005 and 2006. Section 3.02. The Tax Abatement will not include a) the value of any inventory, materials, or other personal property, 2) any increase in the value of the land (after reconstruction, renovation and remodeling of the Building) upon which the Building is situated, or 3) the amount ofthe value of the Building on the tax roll in the year in which this Agreement is executed. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1st of each year of the Abatement Period, Global Rock will furnish records to the City supporting Global Rock's tax abatement for the current tax year. These records will pertain to Global Rock'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 Global Rock additional information needed to help the City determine Global Rock's 2