Res 2008-170 - Laserfiche WebLink

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not count against this operation obligation), then 50 percent of the Grant Payments that have been made by the City to the Developer for that Qualified Improvement shall be returned by the Developer within sixty (60) days after the City's written demand for that return accompanied by reasonably satisfactory evidence that operations have ceased at the Qualified Improvement. The square footage of a New Building, and the Jobs created with. regard to such New Building, that is not a Qualified Improvement will nevertheless be counted toward the overall square footage and Jobs goals of this Agreement. SECTION 2.5. The City levies ad valorem taxes on real property, which taxes are billed and collected by the Hays County Tax Office (the "Tax Office'). The "Real Property Taxes" hereunder for any Qualified Improvement in any given year during the Term of this Agreement are the City's share of the ad valorem taxes received from the Tax Office on the value of that Qualified Improvement in excess of the ad valorem. taxes received for the Land (or relevant portion thereof on which the Qualified Improvement is located) based on the Base Tax Year Value. Following their receipt by the City, and after appropriation by the City as provided in Section 4.2, an amount equal to the Real Property Taxes received for a Qualified Improvement during the 10-year period of the Grant Payment applicable to such Qualified Improvement (as further described below) shall be deposited into the Tax Fund (as defined below), with each Qualified Improvement having its own subaccount in that Tax Fund. SECTION 2.6. The "Term" of this Agreement (hereinafter so called) shall commence on the Effective Date and extend until December 31, 2029, provided that to the extent that Real Property Taxes for 2029 are assessed and timely paid and received, the Term of this Agreement shall extend beyond December 31, 2029 for the purpose of completing the Grant Payments due under this Agreement for prior years. For each Qualified Improvement, the payout period of the Grant for that Qualified Improvement shall be the 10-year period beginning with the first full calendar year after the year in which the Qualified Improvement is completed and put into operation. If the Term of the Agreement ends before the 10-year payout period for any particular Qualified Improvement has expired, then the Grant Payments for that Qualified Improvement will end with the Term, provided, however, that if the Developer has developed at least 750,000 additional square feet of distribution warehouse space on the Land by the end of the Term, then the Developer may ask the City for an extension of the Term in order to receive the full amount of the Grant for any Qualified Improvement for which the 10-year payout period has not then expired, which extension of time may or may not be granted by the City, in its sole discretion. ARTICLE III DEVELOPER'S OBLIGATIONS SECTION 3.1. JOB CREATION. Developer shall create at least 320 Jobs, hire persons to fill such Jobs and keep such Jobs filled during the Term in substantial accordance with the schedule attached hereto as Exhibit "B". Developer will be deemed to have complied with this section if, at the end of any applicable phase as indicated in Exhibit "B", 80 percent of the Jobs for that phase and all preceding phases are filled.