Res 2005-023 - Laserfiche WebLink

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I I I March 31, 2006 Section 2.03. SMVP wIll ensure that occupancy of Phase One and Phase Two of the FaCIlIty IS achIeved by December 31, 2006, and that occupancy of Phase One and Phase Two of the FacIhty IS mamtamed dunng calendar year 2007 The reqUIrement for achIevmg occupancy of Phase One and Phase Two of the FaCIlIty wIll be met for 2006 If 65% of the square footage of Phase One and Phase Two of the FaCIlIty IS under lease by SMVP to one or more thIrd partIes as of December 31, 2006 The reqmrement for mamtammg occupancy of Phase One and Phase Two of the FaCIlIty WIll be met for 2007 If75% of the square footage of Phase One and Phase Two of the FacIhty IS under lease by SMVP to one or more thIrd partIes as of June 30, 2007 and as of December 31, 2007 PART 3. TERM. ABATEMENT PERIOD AND RATE OF ABATEMENT Section 3.01 The eXIstmg and any real estate or ad valorem property taxes hereafter Imposed by the CIty on 50% of the taxable value of Phase One and Phase Two of the FacIhty as of January 1, 2006 wIll be abated (the "Tax Abatement") for three years If SMVP satIsfies all of ItS oblIgatIOns under thIS Agreement. The three years of Tax Abatement (the "Abatement Penod") wIll be the tax years 2006 through 2008, mclusIve Section 3.02. The Tax Abatement wIll not mclude 1) the value of any mventory, matenals, eqUIpment, or other personal property, 2) any mcrease m the value of the Property (after the date of thIS Agreement) upon WhICh the FacIhty IS sItuated, 3) any mcrease m the value of Phase One and Phase Two of the FacIhty after January 1,2006 (mcludmg any portIOn of Phase One and Phase Two of the FacIhty completed after that date), or 4) any of the value of Phase Three of the FacIhty PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1st of each year of the Abatement Penod, SMVP WIll furnIsh a letter to the CIty Manager certIfymg whether SMVP has comphed WIth thIS Agreement for the prevIOUS calendar year The CIty wIll evaluate the mformatIOn furnIshed, and wIll have the nght to request and receIve from SMVP addItIonal mformatIOn needed to help the CIty determme SMVP's comphance WIth thIS Agreement. Upon the CIty'S venficatIOn of comphance WIth thIS Agreement by SMVP for the prevIOUS calendar year, the CIty wIll Issue a tax abatement certIficate to SMVP valIdatmg the Tax Abatement for the current tax year Section 4 02. At all tImes untIl the CIty'S nghts to declare default agamst SMVP have expIred, the CIty WIll have access to the Property and the FaCIlIty upon reasonable pnor notIce for the 2