Res 2006-154 - Laserfiche WebLink

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Abatement for the current tax year. Section 4.02. At all times until the City's rights to declare default against Genlyte have expired, the City will have access to the Property and the Facility upon reasonable prior notice for the purpose of inspecting them to ensure that the Facility and the Equipment are constructed, installed, maintained and used in accordance with the terms of this Agreement. PARTS. DEFAULT Section 5.01. The City Manager may declare a default under this Agreement if Genlyte: 1. fails to complete construction ofthe Facility and installation ofthe Equipment by the deadline in Section 2.02 above; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the provision for the retention, creation and maintenance of job equivalents in Section 2.03 above; 3. made any representation in this Agreement or in the application to the City for development incentives that is false or misleading in any material respect; or 4. allows ad valorem taxes on the Property, the Facility or the Equipment owed to the City to become delinquent unless Genlyte timely and properly protests or contests the taxes. Section 5.02. Ifthe City Manager determines that Genlyte is in default of this Agreement on a basis other than the failure to retain or create jobs or to pay ad valorem taxes on the Property, the Facility or the Equipment, the City Manager will notify Genlyte in writing, and if the default is not cured within 60 days from the date of the notice, then the City Manager may terminate this Agreement. No cure is allowed for defaults involving the failure to retain or create jobs or to pay ad valorem taxes on the Property, the Facility or the Equipment. If the City Manager terminates this Agreement, the Tax Abatement for the remainder of the Abatement Period will be rescinded. Section 5.03. If the City Manager determines that Genlyte has failed to retain or create the full number of full-time job equivalents described in Section 2.03 by December 31, 2007, then this Agreement will terminate, and the Tax Abatement will be rescinded. If the City Manager determines that Genlyte has failed to maintain the full number of full-time job equivalents required in Section 2.03 for the 2008, 2009, 2010, or 2011 calendar year, then Genlyte's Tax Abatement for the respective following tax year will be limited to A/X of the taxable value of the Facility, the 3