Res 2000-163 - Laserfiche WebLink

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or more defaults by Genlyte 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 Genlyte described in Part 2 above, the City agrees to provide the following incentives and benefits to Genlyte: 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 constmction 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. 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 Genlyte 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 Genlyte are consented to and do not require further City Council approval; in this case, Genlyte or its successor will give written notice to the City within 10 days after the transaction, and Genlyte will be released of any further duties or obligations under this Agreement. Section 7.02. For transfers which will 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. Section 7.03. The new owner will assume all the duties and obligations of Genlyte upon the same terms and conditions as set out in this Agreement. Any assignment of this 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 will be approved if the assignor or the assignee is indebted to the City for ad valorem taxes or other obligations. 5