Res 2011-146 - Laserfiche WebLink

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Section 3.02. Five -Year Eligibility Period. Developer is eligible to apply for Grant Payments in an amount up to $122,000.00 per year during a five - year period after completion of the New Facility. The first year for which Developer is eligible to apply for a Grant Payment is the first calendar year after the year of completion of the New Facility. For example, if the year of completion of the New Facility is 201 -23, 201-34 would be the first tax year reflecting the full tax - assessed value of the Land after completion of the New Facility. Thus, in 20145 Developer would apply for a Grant Payment that refunds a portion of Real Property Taxes paid for the 20134 tax year. Thereafter, Developer will be eligible to apply for Grant Payments for each of the next four consecutive years in a total amount not to exceed $610,000.00. F. Section 4.01 of the Agreement is hereby amended to read as follows: Section 4.01. Term. Unless sooner terminated under Article 5, this Agreement shall expire at the end of the fifth year for which Developer is eligible to receive Grant Payments (December 31, 20199 if the year of completion of the New Facility is 201 -23), subject to the City's continuing obligation to make a final Grant Payment to Developer in the manner provided in Article 3 and subject to the limited option of the Developer to extend the term of the Agreement under Section 4.02. G. The Schedule of Jobs and Salaries in Exhibit "C" is hereby amended such that the reference to "2012" under Year One shall be changed to "2013" with the chronological sequence for all subsequent years changed accordingly. H. The Table of Revenue Projections in Exhibit "D" is hereby amended such that the reference to "2013" under Year One shall be changed to "2014" with the chronological sequence for all subsequent years changed accordingly. I. All other terms of the Agreement not amended, modified or supplemented by this First Amendment shall remain the same and in full force and effect. The remaining terms of the Agreement and the First Amendment to Agreement shall be read together and harmonized to the extent reasonably possible. J. The Citv's approval of this Addendum and all extensions of time provided in this Addendum are contingent upon Developer's compliance with the demolition requirements of Section 2.03 of the Agreement as amended under paragraph 2(B) of this First Amendment and no further extensions of time for performance under the Agreement beiniz allowed except as stated in the Agreement. If Developer fails to comply with such demolition requirements, this First Amendment shall automaticallv, and without anv notice being necessary, become null and void and be of no further force or effect. [SIGNATURES ON FOLLOWING PAGE)