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<br />Doc Bk Vol Pg <br />00013211 OPR 1679 247 <br /> <br />Page 2 <br /> <br />PART2. PROPERTY IMPROVEMENTS <br /> <br />Section 2.01. The Developer intends to construct facilities on the Property that include a <br />12,000 square foot clubhouse at a cost of approximately $1,000,000, and an 18 hole championship <br />golf course valued at approximately $5,000,000. These facilities are referred to collectively in this <br />Agreement as the "Facilities". <br /> <br />Section 2.02. The Developer will ensure that all of the Facilities are completed by December <br />31,2001. <br /> <br />Section 2.03. The Developer will create at least 32 new full-time job equivalents at the <br />Facilities by December 31,2001, and will maintain at least that number of full-time job equivalents <br />at the Facilities during calendar years 2002 and 2003, inclusive. The requirement for the creation <br />of each "full-time job equivalent" will be met by the scheduling of employees for a total of at least <br />1,280 hours of v/Ork per week at the completed Facilities during at least two weeks prior to <br />December 31,200 I. The requirement for maintenance of each "full-time job equivalent" will be met <br />by a total of 2,000 hours worked by one or more persons during a calendar year. <br /> <br />PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <br /> <br />Section 3.01. The existing and any real estate or ad valorem property taxes hereafter <br />imposed by the City on 100% of the taxable value of the Facilities will be abated (the "Tax <br />Abatement") for three years if the Developer satisfi~s all of its obligations under this Agreement. <br />The three years of Tax Abatement (the "Abatement Period") will be the tax years 2002 through 2004, <br /> <br />inclusive. <br /> <br />Section 3.02. The Tax Abatement will not include any equipment, nor will it include <br />inventory, materials, or other personal property, nor will it include any increase in the value of the <br />land (after construction of the Facilities) upon which the Facilities are situated. <br /> <br />PART 4. RECORDS AND AUDITS <br /> <br />Section 4.01. On or before February 1st of each year ofthe Abatement Period, the Developer <br />will furnish records to the City supporting the Developer's tax abatement for the current tax year. <br />These records will pertain to the Developer's compliance with this Agreement for the previous <br />