Res 2005-066 - Laserfiche WebLink

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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 A) 100% of the taxable value of the Facilities, and B) 100% of the increase in the taxable value of the Property, if any, that occurs after completion of the Facilities, will be abated (the "Tax Abatement") for five years if the Developer satisfies all of its obligations lUlder this Agreement. The five years of Tax Abatement (the "Abatement Period") will be the tax years 2007 through 2011, inc1usi ve. Section 3.02. The Tax Abatement will not include A) the value of any inventory, materials, equipment, or other personal property, or B) the taxable value of the Property prior to the completion of the Facilities. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1 st of each year of the Abatement Period, the Developer will deliver a letter to the City Manager certifying whether the Developer has complied with this Agreement for the previous calendar year. The City will evaluate the information fumished, and will have the right to request and receive from the Developer additional information needed to help the City determine the Developer's compliance with this Agreement. Upon the City's verification of compliance with this Agreement by the Developer for the previous calendar year, the City will issue a tax abatement certificate to the Developer validating the Tax Abatement for the current tax year. Section 4.02. At all times until the City's rights to declare default against the Developer have expired, the City will have access to the Property and the Facilities upon reasonable prior notice for the purpose of inspecting them to ensure that the Facilities are constructed, 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 the Developer: A. fails to complete construction of the Facilities by the deadline in Section 2.02 above; B. refuses, fails or neglects to comply with any of the terms ofthis Agreement; C. made any representation in this Agreement or in the development incentive application to the City that was false or misleading in any material respect; or D. allows ad valorem taxes on the Property or the Facilities owed to the City to become 2