Laserfiche WebLink
<br />Page 4 <br /> <br />If the City Council terminates this Agreement, the Tax Abatement will be rescinded. <br />Section 5.03. If the City Manager determines that HEB has failed to create the full number <br />of full-time jobs described in Section 2.03 by December 31,2000 (2001 in the event HEB delays the <br />construction completion and/or job creation and maintenance requirements by notice under Section <br />2.02 and/or Section 2.03 above), then this Agreement will terminate, and the Tax Abatement will <br />be rescinded. If the City Manager determines that HEB has failed to ensure the maintenance of the <br />full number of full-time jobs during calendar year 2001 (2002 in the event HEB delays the <br />construction completion and/or job creation and maintenance requirements by notice under Section <br />2.02 and/or Section 2.03 above), then HEB's Tax Abatement for tax year 2002 (2003 in the event <br />HEB delays the construction completion and/or job creation and maintenance requirements by notice <br />under Section 2.02 and/or Section 2.03 above) will be limited to A/75 of the taxable value of the <br />New Improvements, with "A" being the number of full-time jobs maintained during the previous <br />calendar year. <br />Section 5.04. If this Agreement is terminated under this Section, HEB will pay to the City <br />the full value of all fee waivers provided for in Section 6 below within 60 days of the termination <br />date. The City will be entitled to record a lien against the Property to secure the full value of the fees <br />so waived if this payment is not timely made. <br />Section 5.05. At the time this Agreement is fully performed by HEB, and upon the written <br />request of HEB, the City Manager will execute a certificate in recordable form stating this <br />Agreement has been performed, and HEB will be released of all further duties or obligations under <br />this Agreement. <br />Section 5.06. The City Council reserves the sole discretion to choose among the remedies <br />for default enumerated in Sections 5.01 through 5.04 above. These remedies may be used in <br />conjunction with one another or separately, and together with any other statutory or common law <br />remedies available to the City. <br /> <br />PART 6. ECONOMIC INCENTIVES PROVIDED BY THE CITY <br />Section 6.01. As partial consideration for the construction of the New Improvements and <br />the creation of the jobs by HEB described in Part 2 above, the City agrees to provide the following <br />