Res 1999-083 - Laserfiche WebLink

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Page 2 PART2. PROPERTY IMPROVEMENTS Section 2.01. T.B. Wood's agrees to have the Improvements, consisting ofa 50,000 square foot manufacturing facility (the "Facility") and manufacturing equipment, constructed and installed on the Property at an estimated cost of $2,400,000. T.B. Wood's also agrees to relocate manufacturing operations for a T.B. Wood's product line from Gary, Indiana to the Facility. Section 2.02. T.B. Wood's will ensure that the Improvements are completed by July 31, 1999. Section 2.03. T.B. Wood's will create at least ten new full-time jobs at the Facility by December 31, 1999, and will maintain those jobs at the Facility at least through the 2000 calendar year. PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT Section 3.01. The existing and any real estate or ad valorem property taxes hereafter imposed by the City on 100% of the taxable value of the Improvements will be abated for two years (the "Tax Abatement"), ifT.B. Wood's satisfies all of its obligations under this Agreement. Thetwo years of Tax Abatement (the "Abatement Period") shall be the tax years 2000 and 2001. Section 3.02. The Tax Abatement will not include any inventory, materials, or other personal property other than the manufacturing equipment described in Section 2.01, nor will it include any increase in the value of the land upon which the Improvements are situated. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1,2000 and February 1,2001, T.B. Wood's will furnish records to the City supporting T.B. Wood's' tax abatement for the 2000 and 2001 tax years, respectively. These records will pertain to T.B. Wood's' compliance with this Agreement for the 1999 and 2000 calendar years, respectively. The City will evaluate the information furnished, and will have the right to request and receive from T.B. Wood's additional information needed to help the City determine T.B. Wood's' compliance with this Agreement. Upon the City's verification of compliance with this Agreement by T.B. Wood's, the City will issue a tax abatement certificate to T.B. Wood's validating the Tax Abatement for the respective tax year.