Res 2004-067 - Laserfiche WebLink

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accommodate the Equipment. Section 2.02. T.B. Wood's will ensure that the installation of the Equipment and the associated capital investments in the Facility are completed by December 31, 2004. Section 2.03. T.B. Wood's will ensure that at least 10 new full-time jobs are created at the Facility by December 31, 2004, and that at least 10 full-time jobs are maintained at the Facility during the calendar years 2005 and 2006. The requirement for the creation of each full-time job will be met by the scheduling of the new employees for at least 40 hours of work per week at the completed Facility during at least four weeks prior to December 31, 2004. The requirement for maintenance of each full-time job will be met by a total of 2,000 hours worked by one or more employees at the Facility during the 2005 and 2006 calendar years. 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 of the Facility, and on 100% of the taxable value of the Equipment, will be abated (the "Tax Abatement") for three years ifT.B. Wood's satisfies all of its obligations under this Agreement. The three years of Tax Abatement (the "Abatement Period") will be the tax years 2005, 2006 and 2007. 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 installation of the Equipment and the capital investments in the Facility) upon which the Facility is situated, or 3) the amount of the value of the Facility 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, T.B. Wood's will furnish records to the City supporting T.B. Wood's' tax abatement for the current tax year. These records will pertain to T.B. Wood'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 T.B. Wood's additional information needed to help the City determine T.B. Wood's' compliance with this Agreement. Upon the City's verification of compliance with this Agreement by T.B. Wood's for the previous calendar year, the City will issue a tax abatement certificate to T.B. Wood's validating the Tax Abatement for the current tax year. Section 4.02. At all times until the City's rights to declare default against T.B. Wood's have