Res 1998-093 - Laserfiche WebLink

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1435 094 Page 2 PART2. PROPERTY IMPROVEMENTS Section 2.01. Dayton Hudson agrees to have the following improvements (the "New Improvements") performed and constructed on the Property: Demolish existing improvements and construct a 122,000 square foot retail department store at an estimated cost of $4,300,000 Section 2.02. Dayton Hudson will ensure that the New Improvements are completed by July 31, 1999. Section 2.03. Dayton Hudson will create at least 100 new full-time jobs and 75 part-time jobs on the Property by December 31,1999, with a total estimated annual payroll of $2,000,000. PART 3. TERM, 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 New Improvements will be abated for one year (the "Tax Abatement"), if Dayton Hudson satisfies all of its obligations under this Agreement. The period of the Tax Abatement (the "Abatement Period") shall be for the tax year 2000. Section 3.02. The Tax Abatement will not include any inventory, materials, or other personal property other than the manufacturing equipment described in Section 2.01, nor will it include any increase in the value of the land upon which the New Improvements are situated. PART 4. RECORDS AND AUDITS Section 4.01. On or before February 1,2000, Dayton Hudson will furnish records to the City supporting Dayton Hudson's tax abatement for the 2000 tax year. These records will pertain to Dayton Hudson' compliance with this Agreement for the 1999 calendar year. The City will evaluate the information furnished, and will have the right to request and receive from Dayton Hudson additional information needed to help the City determine Dayton Hudson's compliance with this Agreement. Upon the City's verification of compliance with this Agreement by Dayton Hudson, the City will issue a tax abatement certificate to Dayton Hudson validating the Tax Abatement for the 2000 tax year.