Res 2006-154 - Laserfiche WebLink

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Equipment and the Inventory, with "A" being the number of full-time job equivalents maintained during the calendar year, and "X" being the number of full-time job equivalents required to be maintained for the calendar year, and this Agreement will remain in effect for the remainder of the Abatement Period. Section 5.04. If this Agreement is terminated under this Section, Genlyte will pay to the City the full value of all fee waivers provided for in Section 6 below within 60 days of the termination date. The City will be entitled to record a lien against the Property to secure the full value of the fees so waived if this payment is not timely made. Section 5.05. At the time this Agreement is fully performed by Genlyte, and upon the written request of Genlyte, the City Manager will execute a certificate in recordable form stating this Agreement has been performed, and Genlyte will be released of all further duties or obligations under this Agreement. Section 5.06. The City Council reserves the sole discretion to choose among the remedies for default enumerated in Sections 5.01 through 5.04 above. These remedies may be used in conjunction with one another or separately, and together with any other statutory or common law remedies available to the City. Any failure by the City to enforce this Agreement with respect to one or more defaults by Genlyte will not waive the City's ability to enforce the agreement after that time. PART 6. ECONOMIC INCENTIVES PROVIDED BY THE CITY Section 6.01. As partial consideration for the construction ofthe Facility and the creation of the jobs by Genlyte described in Part 2 above, the City agrees to provide the following incentives and benefits to Genlyte: 1. The City agrees to waive all City fees (the "Fee Waiver") associated with zoning, the platting process, and building permits and inspections associated with the construction of the Facility and the installation of the Equipment. The Fee Waiver does not extend to water and wastewater impact fees charged by the City. 2. The City agrees to consider any other reasonable requests made by Genlyte in order to assist it in constructing the Facility and installing the Equipment. PART 7. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY Section 7.01. The Tax Abatement will be assignable to each new owner of the Property, or to financing entities in the event third party financing is sought, for the balance of the term of this 4