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Doc Bk Vol Pg 00018331 OPR 1701 577 Page 2 PART2. PROPERTY IMPROVEMENTS Section 2.01. The Developer intends to construct facilities on the Property that include a 150 room hotel valued at approximately $4,000,000, an 18 hole championship golf course valued at approximately $8,000,000, and a 40,000 square foot convention center valued at approximately $1,200,000. These facilities are referred to collectively in this Agreement as the "Facilities", Section 2.02. The Developer will ensure that all of the Facilities are completed by December 31,2005. Section 2.03. The Developer will create at least 55 new full-time job equivalents at the Facilities by December 31,2005, and will maintain at least that number of full-time job equivalents at the Facilities during calendar years 2006 through 2008, inclusive. The requirement for the creation of each "full-time job equivalent" will be met by the scheduling of employees for a total of at least 2,200 hours of work per week at the completed Facilities during at least two weeks prior to December 31,2005. The requirement for maintenance of each "full-time job equivalent" will be met by a total of 2,000 hours worked by one or more persons during 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 taxable value of the Facilities will be abated (the "Tax Abatement") for four years if the Developer satisfies all of its obligations under this Agreement. The four years of Tax Abatement (the "Abatement Period") will be the tax years 2006 through 2009, inclusive. Section 3.02. The Tax Abatement will not include any equipment, nor will it include inventory, materials, or other personal property, nor will it include any increase in the value of the land (after construction of the Facilities) upon which the Facilities are situated. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1 st of each year ofthe Abatement Period, the Developer will furnish records to the City supporting the Developer's tax abatement for the current tax year.