Res 2005-035 - Laserfiche WebLink

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I I I approxImately 6,000 square feet m SIze (the "Faclhty") on the Property at a cost of approxImately $800,000 Section 2.02. The ASSOCiatIOn WIll ensure that the FacIlity IS completed by December 31, 2005 The AssocIatIOn may, by wrItten notIce to the CIty, delay thIS completIOn deadlme untIl December 31, 2006, m thIS event, the tax abatement penod wIll be postponed. Section 2.03. The ASSOCiatIOn wIll transfer at least five full-tIme Job eqUIvalents to the Faclhty from the ASSOCiatIOn's eXlstmg headquarters office by December 31, 2005, and the ASSOCiatIOn wIll mamtam at least five full-tIme Job eqUIvalents at the Faclhty dunng calendar years 2006, 2007, 2008, and 2009 The AssocIatIOn may, by wrItten notIce to the CIty, delay these Job creatIOn and mamtenance reqUIrements, respectIvely, untIl December 31, 2006 (creatIOn) and the calendar years 2007, 2008, 2009, and 2010 (mamtenance), m thIS event, the tax abatement penod WIll be postponed. The reqUIrement for the transfer of each "full-tIme Job eqUIvalent" WIll be met by the scheduhng of one or more transferred employees for at least 40 hours of work per week at the completed Faclhty dunng at least two weeks pnor to the transfer deadlme. The reqUIrement for mamtenance of each "full-tIme Job eqUIvalent" WIll be met by a total of2,000 hours worked by one or more persons at the Faclhty dunng each of the calendar years for whIch a Job mamtenance reqUIrement must be met. PART 3. TERM. ABATEMENT PERIOD AND RATE OF ABATEMENT Section 3.01 The eXlstmg and any real estate or ad valorem property taxes hereafter Imposed by the CIty on 100% of the taxable value of the Faclhty wIll be abated (the "Tax Abatement") for five years If the AssocIatIOn satIsfies all of ItS obhgatIOns under thIS Agreement. The five years of Tax Abatement (the "Abatement Penod") wIll be the tax years 2006 through 2010, mcluslve If the ASSOCiatIOn delays the constructIOn completIOn and/or Job creatIOn and mamtenance reqUIrements by notIce under SectIOn 202 and/or SectIOn 2 03 above, however, the Abatement Penod shall be the tax years 2007 through 2011, mcluslve Section 3.02. The Tax Abatement Will not mclude any mventory, matenals, or other personal property, nor WIll It mclude any mcrease m the value of the Property (after constructIOn of the Faclhty) upon WhICh the Faclhty IS sItuated. PART 4. RECORDS AND AUDITS Section 4.01 On or before February 1st of each year of the Abatement Penod, the 2