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<br />Facility will be equipped with manufacturing, processmg and handling equipment (the <br />"Equipment"). <br />Section 2.02. Genlyte will ensure that the Facility is completed and the Equipment is <br />installed by December 31, 2002. <br />Section 2.03. Genlyte will retain 137 full-time job equivalents by transfer to the Facility <br />from other Genlyte facilities in the City, and create at least 180 new full-time job equivalents at the <br />Facility, by December 31, 2003. Genlyte will maintain at least 317 full-time job equivalents at the <br />Facility during the calendar years 2004 through 2009, inclusive. The requirement for the creation <br />of each "full-time job equivalent" will be met by the scheduling of new employees for at least 40 <br />hours of work per week at the completed F acUity during at least two weeks prior to December 31, <br />2003. The requirement for maintenance of each "full-time job equivalent" will be met by a total of <br />2,000 hours worked by one or more persons at the Facility during each of the calendar years 2004 <br />through 2009, inclusive. <br />Genlyte may determine, at its sole discretion, to either: <br />A. complete the Facility and install the Equipment by December 31,2001, and move up the <br />transfer of retained full-time job equivalents, and the creation of new full-time job <br />equivalents at the Facility to December 31, 2001; or <br />B. move up the transfer of retained full-time job equivalents, and the creation of new full- <br />time job equivalents at the Facility to December 31, 2002. <br />If Genlyte elects either of these options, Genlyte will provide written notice of this to the City prior <br />to the respective deadline, and the period during which Genlyte \\Till be required to maintain at least <br />317 full-time job equivalents at the Facility will be changed to the calendar years 2002 through 2007, <br />if Genlyte elects option A above, or calendar years 2003 through 2008 if GenIyte elects option B <br />above. <br /> <br />PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <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 Facility and the Equipment will be abated <br />(the "Tax Abatement") for seven years if Genlyte satisfies all of its obligations under this Agreement. <br />The seven years of Tax Abatement (the "Abatement Period") will be the tax years 2004 through <br /> <br />2 <br />