Res 2006-182 - Laserfiche WebLink

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Section 2.03. Thompson will ensure that it will maintain 21 full-time jobs at the Facility during each calendar year during the Abatement Period (defined in Section 3.01 below). The requirement for each full-time job for a calendar year will be met by a total of 2,000 hours worked by one or more employees of Thompson at the Property during a calendar year. PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT I 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 land and the building that make up the Facility will be abated for three years, conditioned upon Thompson's satisfying all of its obligations under this Agreement. The three years of 100% Tax Abatement will be the tax years 2008 through 2010, inclusive. The "Abatement Period" will consist of the tax years 2008 through 2010, inclusive. Section 3.02. The Tax Abatement will not include the value of any inventory, materials, or other personal property. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1 st of each year of the Abatement Period, Thompson will furnish records to the City supporting Thompson's tax abatement for the current tax year. These I records will pertain to Thompson'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 Thompson additional information needed to help the City determine Thompson's compliance with this Agreement. Upon the City's verification of compliance with this Agreement by Thompson for the previous calendar year, the City will issue a tax abatement certificate to Thompson validating the Tax Abatement for the current tax year. Section 4.02. At all times until the City's rights to declare default against Thompson 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 is reconstructed, renovated and remodeled, and 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 Thompson: l. fails to complete the construction of the building by December 31, 2007; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the I provision for the creation and maintenance of jobs in Section 2.03 above; 2