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<br /> 1457 459 <br /> PART2. PROPERTY IMPROVEMENTS <br />Section 2.01. Springtown Shops agrees to have the following improvements (the "New <br />Improvements") performed and constructed on the Property: <br />Demolish existing improvements and construct 11,000 square feet of retail shop space at an <br />estimated cost of$715,000 <br />Section 2.02. Springtown Shops will ensure that the New Improvements are completed by <br />July 31, 1999. <br />Section 2.03. Springtown Shops will create at least 10 new full-time jobs and 10 part-time <br />jobs on the Property by December 31, 1999, with a total estimated annual payroll of $225,000. <br />PART 3. TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <br />Section 3.01. The existing and any real estate or ad valorem property taxes hereafter <br />imposed by the City on 100% of the taxable value of the New Improvements will be abated for one <br />year (the "Tax Abatement"), if Springtown Shops satisfies all of its obligations under this <br />Agreement. The period of the Tax Abatement (the "Abatement Period") shall be for the tax year <br />2000. <br />Section 3.02. The Tax Abatement will not include any inventory, materials, or other personal <br />property, nor will it include any increase in the value of the land upon which the New Improvements <br />are situated. <br /> PART 4. RECORDS AND AUDITS <br />Section 4.01. On or before February 1,2000, Springtown Shops \\-ill furnish records to the <br />City supporting Springtown Shops'tax abatement for the 2000 tax year. These records will pertain <br />to Springtown Shops' compliance with this Agreement for the 1999 calendar year. The City will <br />evaluate the information furnished, and will have the right to request and receive from Springtown <br />Shops additional information needed to help the City determine Springtown Shops' compliance with <br />this Agreement. Upon the City's verification of compliance with this Agreement by Springtown <br />Shops, the City will issue a tax abatement certificate to Springtown Shops validating the Tax <br />Abatement for the 2000 tax year. <br />Section 4.02. At all times until the City's rights to declare default against Springtown Shops <br />- <br />