Res 2000-142 - Laserfiche WebLink

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Doc Bk Vol 00019273 OPR 1705 ~ 591f Page 5 2. The City agrees to expedite the process for all hearings, reviews, inspections and contacts with City staff in order to ensure the timely completion of the construction process. 3. The City agrees to consider any other reasonable requests made by Thermon in order to assist it in constructing the Facility and installing the Equipment. PART 7. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY Section 7.01. The Tax Abatement will be assignable to each new owner of the Property, or to financing entities in the event third party financing is sought, for the balance of the term of this Agreement. Transfers which result in a continuation of the business in the same general manner as operated under Thermon are consented to and do not require further City Council approval; in this case, Thermon or its successor will give written notice to the City within 10 days after the transaction, and Thermon will be released of any further duties or obligations under this Agreement. Section 7.02. For transfers which ",rill not result in a continuation of business as described above, this Agreement may be assigned to a new owner of the Property with the written consent of the City Council, which will not be unreasonably withheld, and Thermon will be released of any further duties or obligations under this Agreement. Section 7.03. The new owner will assume all the duties and obligations of Thermon upon the same terms and conditions as set out in this Agreement. Any assignment ofthis Agreement will be to an entity that contemplates the same improvements to the Property, except to the extent the Facility and the Equipment installation have been completed. No assignment ,:vill be approved if the assignor or the assignee is indebted to the City for ad valorem taxes or other obligations. PART 8. PROPERTY TAX APPRAISED VALUE Section 8.01. It is understood and agreed between the parties that the Property and the improvements upon the Property will be appraised at market value for the purposes of property tax assessment throughout the term of this Agreement, and that this value may change during the term of this Agreement. The calculation of abated taxes will make use of this appraised value as it is determined for each year of the Abatement Period. PART 9. INDEPENDENT CONTRACTOR/INDEMNITY Section 9.01. It is understood and agreed between the parties that the City and Thermon, in executing this Agreement, and in performing their respective obligations, are acting independently,