Res 2000-142 - Laserfiche WebLink

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Doc Bk Vol 00019273 OPR 1705 ~SY3 Page 4 Abatement for the remainder of the Abatement Period will be rescinded. Section 5.03. If the City Manager determines that Thermon has failed to create the full munber of full-time job equivalents described in Section 2.03 by the deadline stated in that section, then this Agreement will terminate, and the Tax Abatement will be rescinded. Ifthe City Manager determines that Thermon has failed to maintain the full number of full-time job equivalents during any year of the Abatement Period, then Thermon's Tax Abatement for the following tax year will be limited to A/6 of the taxable value ofthe Facility and the Equipment, with "A" being the number of full-time job equivalents maintained during the previous calendar year. Section 5.04. If this Agreement is terminated under this Section, Thermon will pay to the City the full value of all fee waivers provided for in Section 6 below within 60 days of the termination date. TIle City will be entitled to record a lien against the Property to secure the full value ofthe fees so waived if this payment is not timely made. Section 5.05. At the time this Agreement is fully performed by Thermon, and upon the written request of Thermon, the City Manager will execute a certificate in recordable form stating this Agreement has been perfom1ed, and Thermon will be released of all further duties or obligations under this Agreement. Section 5.06. The City Council reserves the sole discretion to choose among the remedies for default enumerated in Sections 5.01 through 5.04 above. These remedies may be used in conjunction with one another or separately, and together with any other statutory or common law remedies available to the City. Any failure by the City to enforce this Agreement with respect to one or more defaults by Therffion will not waive the City's ability to enforce the agreement after that time. PART 6. ECONOMIC INCENTIVES PROVIDED BY THE CITY Section 6.01. As partial consideration for the construction of the Facility and the creation of the jobs by Thermon described in Part 2 above, the City agrees to provide the following incentives and benefits to Thermon: 1. The City agrees to waive all City fees (the "Fee Waiver") associated with zoning, the subdivision process, and building permits and inspections associated with the construction of the Facility and the installation of the Equipment. The Fee Waiver does not extend to water and wastewater impact fees charged by the City.