Res 2010-170 - Laserfiche WebLink

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Section 2.06. "Personal Property Taxes" are the City's share of the ad valorem taxes received from the Hays County Tax Assessor - Collector on the value of all Personal Property. Section 2.07. "Project" means the operation of the Business on the Land and the addition of Real Property Improvements (as defined below) and the creation of new Jobs. Section 2.08. "Real Property Improvements" comprising an approximately 17,500 square foot production building for the operation of the Business is constructed on the Land in accordance with the specifications attached in Exhibit "C ", attached hereto and made a part hereof for all purposes. Section 2.09. "Sales Taxes" are the City's share of local sales taxes received from the Texas Comptroller of Public Accounts attributable to the Business on the Land. Section 2.10. The "Term" of this Agreement shall commence on the Effective Date and continue until December 31, 2016 (unless terminated sooner as provided in this Agreement), except that PrimeForm's obligation to submit a compliance certification for the year 2016 as provided under section 7.02 and the City's obligation, if any, to complete the Grant Payments due under this Agreement for the year 2016 shall continue subject to the limitations of this Agreement. In the event the City pays Grant Payments in the amount of $175,000.00 before the end of the Term, the City's obligations under this Agreement shall cease, but PrimeForm's obligations shall continue. ARTICLE III PRIMEFORM'S OBLIGATIONS Section 3.01. Job Creation. After the Effective Date, PrimeForm shall create Jobs in accordance with the schedule in Exhibit `B" and keep such Jobs filled during the Term. While the titles or classification of Jobs may change, the total number of Jobs created shall be maintained through the end of the Term. The Parties recognize that it may be necessary for