Res 2006-182 - Laserfiche WebLink

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I 3. made any representation in this Agreement or in the application to the City for tax abatement that is false or misleading in any material respect; or 4. allows ad valorem taxes owed to the City on the Property, the Facility or the Equipment to become delinquent, unless Thompson timely and properly protests or contests the taxes. Section 5.02. If the City Manager determines that Thompson is in default of this Agreement on a basis other than the failure to pay ad valorem taxes on the Property or the Facility, the City Manager will notify Thompson 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 pay ad valorem taxes on the Property or the Facility. If the City Council terminates this Agreement, the Tax Abatement for the remainder of the Abatement Period will be rescinded.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 Thompson has failed to maintain the full number of full-time jobs described in Section 2.03 for a calendar year of the Abatement Period, then Thompson's Tax Abatement for the following tax year will be limited to A/B of the increase in the taxable value of the Facility, with "A" being the number of full-time jobs maintained during the previous calendar year, and "B" being the number of full-time job equivalents required to be maintained for the previous calendar year. Section 5.04. If this Agreement is terminated under this Section, Thompson will pay to the City the full value of all fee waivers provided for in Section 6.01 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 Thompson, and upon the written request of Thompson, the City Manager will execute a certificate in recordable form stating this Agreement has been performed, and Thompson will be released of all further duties or obligations under this Agreement. Section 5.06. The City 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 Thompson will not waive the City's ability to enforce the agreement after that time. I I 3