Res 2002-069 - Laserfiche WebLink

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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, 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 the Developer: 1. fails to complete construction of the Facilities by the deadline in Section 2.02 above; 2. refuses, fails or neglects to comply with any ofthe terms of this Agreement, including the provision for the creation and maintenance of job equivalents in Section 2.03 above; 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 allows ad valorem taxes on the Property owed to the City to become delinquent unless the Developer timely and properly protests or contests the taxes. Section 5.02. If the City Manager determines that the Developer is in default of this Agreement on a basis other than the failure to create jobs or to pay ad valorem taxes on the Property, the City Manager will notifY the Developer 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 create jobs or to pay ad valorem taxes on the Property. If the City Council terminates this Agreement, the Tax Abatement for the remainder of the Abatement Period will be rescinded.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 the Developer has failed to create the full number of full-time job equivalents described in Section 2.03 by the deadline stated in that section, then this Agreement will terminate, and the Tax Abatement will be rescinded. If the City Manager determines that the Developer has failed to maintain the full number of full-time job equivalents during any year of the Abatement Period, then the Developer's Tax Abatement for the following tax year will be limited to A/55 of the taxable value of the Facilities, with "A" being the number of full- 3 ,.., .J. 4.