Res 2004-121 - Laserfiche WebLink

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Agreement. Upon the City's verification of compliance with this Agreement by Genlyte for the previous calendar year, the City will issue a tax abatement certificate to Genlyte validating the Tax Abatement for the current tax year. Section 4.02. At all times until the City's rights to declare default against Genlyte 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 and the Equipment are constructed, installed, maintained and used in accordance with the terms of this Agreement. PARTS. DEFAULT Section 5.01. The City Manager may declare a default under this Agreement if Genlyte: 1. fails to complete construction of the Facility and installation of the Equipment by the deadline in Section 2.02 above; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the provision for the retention, creation and maintenance of job equivalents in Section 2.03 above; 3. made any representation in this Agreement or in the application to the City for tax abatement that is false or misleading in any material respect; or 4. allows ad valorem taxes on the Property, the Facility or the Equipment owed to the City to become delinquent unless Genlyte timely and properly protests or contests the taxes. Section 5.02. If the City Manager determines that Genlyte is in default of this Agreement on a basis other than the failure to retain or create jobs or to pay ad valorem taxes on the Property, the Facility or the Equipment, the City Manager will notify Genlyte in writing, and if the default is not cured within 60 days from the date of the notice, then the City Council may terminate this Agreement. No cure is allowed for defaults involving the failure to retain or create jobs or to pay ad valorem taxes on the Property, the Facility or the Equipment. If the City Council terminates this Agreement, the Tax Abatement for the remainder of the Abatement Period will be rescinded. Section 5.03. If the City Manager determines that Genlyte has failed to retain or create the full number of full-time job equivalents described in Section 2.03 by the deadline for the retention (December 31, 2005) or creation (April 30, 2006), then this Agreement will terminate, and the Tax Abatement will be rescinded. If the City Manager determines that Genlyte has failed to maintain the full number of full-time job equivalents required in Section 2.03 for the 2006 calendar year (164) or 3