Res 1999-073 - Laserfiche WebLink

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Page 3 delays the construction completion and/or job creation and maintenance requirements by notice under Section 2.02 and/or Section 2.03 above), HEB will furnish records to the City supporting HEB's tax abatement for the current tax year. These records will pertain to HEB's compliance with this Agreement for the previous calendar year. The City will evaluate the information furnished, and will have the right to request and receive from HEB additional information needed to help the City determine HEB' s compliance with this Agreement. Upon the City's verification of compliance with this Agreement by HEB for the previous calendar year, the City will issue a tax abatement certificate to HEB validating the Tax Abatement for the current tax year. Section 4.02. At all times until the City's rights to declare default against HEB have expired, the City will have access to the Property and facilities ofHEB upon reasonable prior notice for the purpose of inspecting them to ensure that the New Improvements are constructed, installed, maintained and used in accordance with the terms of this Agreement. PARTS. DEFAULT Section 5.01. The City Council may declare a default under this Agreement ifHEB: 1. fails to complete construction of the New Improvements by the deadline in Section 2.01 above; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the provision for the creation and maintenance of jobs in Section 2.03 above; 3. made any representation in frtis Agreementor in the application to the City fm: tax abatement that is false or misleading in any material respect; or 4. allows ad valorem taxes on the Property owed to the City to become delinquent and fails to timely and properly protest or contest the taxes. Section 5.02. If the City Manager determines that HEB is in default of this Agreement on a basis other than the failure to create jobs or to pay ad valorem taxes on the Property, the City Manager will notify HEB in writing, and if the default is not cured within 60 days from the date of the notice (the "Cure Period"), then the City Council may terminate this Agreement. No cure is allowed for defaults involving the failure to create jobs or to pay ad valorem taxes on the Property.