Res 2006-190 - Laserfiche WebLink

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approximately 6,000 square feet in size (the "Facility") on the Property at a cost of approximately $800,000. Section 2.02. The Association will ensure that the Facility is completed by December 31, 2005. The Association may, by written notice to the City, delay this completion deadline until December 31, 2006; in this event, the tax abatement period will be postponed. Section 2.03. The Association will transfer at least five full-time job equivalents to the Facility from the Association's existing headquarters office by December 31, 2006, and the Association will maintain at least five full-time job equivalents at the Facility during calendar years 2006, 2007, 2008, and 2009. The Association may, by written notice to the City, delay these job creation and maintenance requirements, respectively, until December 31,2007 (creation) and the calendar years 2007, 2008, 2009, and 2010 (maintenance); in this event, the tax abatement period will be postponed. The requirement for the transfer of each "full-time job equivalent" will be met by the scheduling of one or more transferred employees for at least 40 hours of work per week at the completed Facility during at least two weeks prior to the transfer deadline. The requirement for maintenance of each "full-time job equivalent" will be met by a total of 2,000 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. TERMtt 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 will be abated (the "Tax Abatement") for five years if the Association satisfies all of its obligations under this Agreement. The five years of Tax Abatement (the "Abatement Period") will be the tax years 2007 through 2011, inclusive. If the Association delays the construction completion and/or job creation and maintenance requirements by notice under Section 2.02 and/or Section 2.03 above, however, the Abatement Period shall be the tax years 2008 through 2012, inclusive. Section 3.02. The Tax Abatement will not include any inventory, materials, or other personal property, nor will it include any increase in the value of the Property (after construction of the Facility) 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, the 2