Res 2005-187 - Laserfiche WebLink

Home Browse Search

I I I column m the table attached to thIS Agreement as ExhibIt B The actual mvestment level for each mdIVIdual year may vary from the amounts shown m thIS table, but CF AN agrees to ensure that the cumulatlve total mvestment level for each year described m the "Cumulatlve Investment" column m the table attached to thIS Agreement as ExhibIt B IS met or exceeded. Section 2.03. CF AN wIll ensure that the total number of full-tlme Jobs at the FaCIlIty durmg each calendar year dunng the Abatement Penod (defined m SectIOn 3 01 below) IS at or above the level stated m the "ProJected Full-Time Employment" column m the table attached to thIS Agreement as ExhibIt B The reqUIrement for each full-tlme Job for a calendar year wIll be met by a total of 1,820 hours worked by, or compensated as leave tIme to, one or more employees of CF AN at the FacIhty dunng a calendar year 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 100% of the mcrease m the taxable value of the FacIhty, and on 100% ofthe taxable value of the EqUIpment, and on 100% of the mcrease In the taxable value of the manufactured products mventory wIll be abated for seven years, and the eXIstIng and any real estate or ad valorem property taxes hereafter Imposed by the CIty on 50% of the mcrease m the taxable value ofthe FacIhty, and on 50% ofthe taxable value of the EqUIpment, and on 50% of the mcrease m the taxable value of the manufactured products mventory WIll be abated for three years, If CF AN satlsfies all of ItS obhgatIOns under thIS Agreement. The seven years of 1 00% Tax Abatement Will be the tax years 2006 through 2012, mclusIve. The three years of 50% Tax Abatement wIll be the tax years 2013 through 2015, mclusIVe. The "Abatement Penod" wIll consIst of the tax years 2006 through 2015, mclusIve For purposes of thIS sectIOn, the "Increase In the taxable value" of the FacIhty, the EqUIpment, and the manufactured products Inventory Will be determined for each year of the Abatement Penod by comparmg the taxable value of the FacIhty, the EqUIpment, and the manufactured products mventory for 2005 WIth the taxable value of the Facihty and the EqUIpment for the respectlve year of the Abatement Penod. Section 3.02. The Tax Abatement wIll not mclude a) personal property other than the EqUIpment and the manufactured products Inventory, b) any mcrease m the value ofthe land (after completIOn of the Improvements or the InstallatIOn of the EqUIpment) upon whIch the FaCIlIty IS sItuated, or c) the taxable value of the FaCIlIty, the EqUIpment, or the manufactured products 2