Res 2004-121 - Laserfiche WebLink

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The Facility will be equipped with manufacturing, processmg and handling equipment (the "Equipment"). Section 2.02. Genlyte will ensure that the Facility is completed by December 31,2005, and the Equipment is installed by December 31, 2006. Section 2.03. Genlyte will retain 164 full-time job equivalents by transfer to the Facility from other Genlyte facilities in the City by December 31,2005, and Genlyte will maintain these 164 full-time job equivalents during calendar year 2006. Genlyte will create at least 105 new full-time job equivalents at the Facility, by April 30, 2006. Genlyte will maintain 269 full-time job equivalents at the Facility during the calendar years 2007 through 2012, inclusive. The requirement for the retention or creation of each "full-time job equivalent" will be met by the scheduling of transferred or new employees for at least 40 hours of work per week at the completed Facility during at least two weeks prior to the respective retention or creation deadline. 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 at the Facility during each of the calendar years for which a job maintenance requirement must be met. 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 taxable value of the Facility and the Equipment will be abated (the "Tax Abatement") for eight years ifGenlyte satisfies all of its obligations under this Agreement. The eight years of Tax Abatement (the "Abatement Period") will be the tax years 2006 through 2013, inclusive. Section 3.02. The Tax Abatement will not include any inventory, materials, or other personal property other than the Equipment, nor will it include any increase in the value of the Property (after construction of the Facility) upon which the Facility is situated. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1 st of each year of the Abatement Period, Genlyte will furnish records to the City supporting Genlyte's tax abatement for the current tax year. These records will pertain to Genlyte'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 Genlyte additional information needed to help the City determine Genlyte's compliance with this 2