Res 1996-208 - Laserfiche WebLink

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Z 3D - Page 5 maintain jobs or to pay ad valorem taxes on the Property. If the City Council terminates this Agreement, all taxes previously abated by virtue of this Agreement will be recaptured, the Tax Abatement will be rescinded and Genlyte will pay the previously abated taxes to -- the City within 60 days of the termination date. C. If the City Manager determines that Genlyte has failed to ensure the creation of the full number of full-time jobs described in Section 2 by December 31, 1998, then this Agreement will terminate, and the Tax Abatement will be rescinded. If the City Manager determines that Genlyte has failed to ensure the maintenance of the full number of full-time jobs for calendar year 1999 specified in Section 2, then Genlyte's Tax Abatement for the 2000 tax year will be limited to A/38 of the taxable value of the Improvements, with "A" . being the number of full-time jobs maintained during the previous calendar year. D. If this Agreement is terminated under this Section, Genlyte 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 paymept is not timely made. E. At the time this Agreement is fully performed by Genlyte, the City Manager will execute a certificate in recordable form stating this Agreement has been performed, and Genlyte will be released of all further duties or obligations under this Agreement. F. The City Council reserves the sole discretion to choose among the remedies for default enumerated in subsections A through D above. These remedies may be used in conjunction with one another or exclusively, and together with any other statutory or common law rights ofthe City.