Res 2006-154 - Laserfiche WebLink

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products (the "Inventory"). Section 2.02. Genlyte will ensure that the remodeling of the Facility is completed and the Equipment is installed by December 31, 2007, Section 2.03. Genlyte will retain 51 full-time job equivalents by transfer to the Facility from other Genlyte facilities in the City by December 31, 2007, and Genlyte will create at least 10 new full-time job equivalents at the Facility by December 31, 2007. Genlyte will maintain 61 full-time job equivalents at the Facility during the calendar years 2008 through 2011, inclusive. The requirement for the retention or creation of each "full-time job equivalent" will be met by the scheduling of transferred or new employees for at least 40 hours of work per week at the completed Facility during at least two weeks prior to the respective retention or creation deadline. The requirement for maintenance of each "full-time job equivalent" will be met by a total of2,000 hours worked by one or more persons at the Facility during each of the calendar years for which a job maintenance requirement must be met. 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 Facility, the Equipment, and the Inventory will be abated (the "Tax Abatement") for five years if Genlyte satisfies all of its obligations under this Agreement. The five years of Tax Abatement (the "Abatement Period") will be the tax years 2008 through 2012, inclusive. Section 3.02. The Tax Abatement will not include any materials or other personal property other than the Equipment and Inventory, nor will it include any increase in the value of the Property upon which the Facility is situated. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1st of each year of the Abatement Period, Genlyte will furnish records to the City supporting Genlyte's tax abatement for the current tax year. These records will pertain to Genl yte' 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 Genlyte additional information needed to help the City determine Genlyte's compliance with this Agreement. Upon the City's verification of compliance with this Agreement by Genlyte for the previous calendar year, the City will issue a tax abatement certificate to Genlyte validating the Tax 2