Res 1998-137 - Laserfiche WebLink

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1457 460 have expired, the City will have access to the Property and facilities of Springtown Shops upon reasonable prior notice for the purpose of inspecting them to ensure that the New Improvements are constructed, installed, maintained and used in accordance with the terms of this Agreement. PARTS. DEFAULT Section 5.01. The City Council may declare a default under this Agreement if Springtown Shops: 1. fails to complete construction of the New Improvements by the deadline in Section 2.02 above; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the provision for the creation of jobs in Section 2.03 above; 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 on the Property owed to the City to become delinquent and fails to timely and properly protest or contest the taxes. Section 5.02. If the City Manager determines that Springtown Shops is in default of this Agreement on a basis other than the failure to create or maintain jobs or to pay ad valorem taxes on the Property, the City Manager will notify Springtown Shops in writing, and if the default is not cured within 60 days from the date of the notice (the "Cure Period "), then the City Council may terminate this Agreement. No cure is allowed for defaults involving the failure to create or maintain jobs or to pay ad valorem taxes on the Property. If the City Council terminates this Agreement, the tax abatement will be rescinded. Section 5.03. lfthe City Manager determines that Springtown Shops has failed to ensure the creation of the full number of full-time jobs described in Section 2.03 by the deadline stated in that section, then this Agreement will terminate, and the Tax Abatement will be rescinded. Section 5.04. lfthis Agreement is terminated under this Section, Springtown Shops will pay to the City the full value of all fee waivers provided for in Section 6 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 Springtown Shops, the City