Res 2003-046 - Laserfiche WebLink

Home Browse Search

the plans previously submitled to the City by Global Rock. Section 2.02. Global Rock will ensure that the reconstruction, renovation and remodeling of the Building is completed by March 31, 2004. Section 2.03. Global Rock will ensure that at least five new full-tinle job equivalents are crealed at the Building by December 31, 2004, and thai at leasI five full-lime job equivalents are maintained at the Building during the calendar year 2005 and 2006. The requirement for the creation of each "full-time.}ob equivalent" will be met by the scheduling of the new employees for at least 40 hours of work per week al the completed Building during at least four weeks prior to December 31,2004. The requirement for maintenance of each ~'full-time job equivalent" will be inet by a total of 2,000 hours worked by one or more persons dur/~g the 2005 a~d 2006 caJe~dar ),ears. PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT Seclion 3.01. Tile existing and any real estale or ad valorem property taxes hereafter imposed by the City oil 100% of the increase in the laxable value of the Building will be abaled (tile "Tax Abalement') for three years if Global Rock satisfies ail of its obligations under this Agreement. The tln'ee years of Tax Abalement 0he "Abalement Per/od") will be the tax years 2005, 2006 and 2007. Seclion 3.02. The Tax Abalement will nol include a) the value of any inventoD,, materials, or other persona] property, 2) any increase in tile value of the land (after reconstruction, renovation and remodeling of the Building) upon which the Building is situaled, or 3) lhe amounl of the value of the Building on the tax roll in the year in which this Agreement is executed. PART 4. RECORDS AND AUDITS Section 4.01. On or before Februm5, 1 st of each year of the Abalement Period, Global Rock will furnish records Io the City supporting Global Rock's tax abalement for the current lax year. These records will pertain to Global Rock's compliance with this Agreement for the previous calendar year. The City will evaluale the information furnished, and wilI have the right to request and receive fi'om Global Rock additional information needed to help the City determine Global Rock's compliance with lhis Agreement. Upon the City's verification of compliance with this Agreement by Global Rock for the previous calendar year, the City will issue a tax abatement ce~lificale to Global Rock validating the Tax Abalement for the current tax ),ear. Section 4.02. At all times until the City's rights to declare default against Global Rock have