Res 1994-152 - Laserfiche WebLink

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/46/3 Page 3 compliance with this Agreement for the twelve months preceding the date of the report. The City shall evaluate the information furnished, and shall have the right to request and receive from Butler additional relevant information needed to help the City determine Butler's compliance with this Agreement. Upon the City's verification of compliance with this Agreement by Butler, the City shall issue a tax abatement certificate to Butler validating the Tax Abatement described in Section 3 for the 1995 tax year. B. At all times until the City's rights to declare default against Butler have expired, the City shall have access to the Property and facilities of Butler upon reasonable prior notice for the purpose of inspecting them to ensure that the Improvements are constructed, installed, maintained and used in accordance with the conditions of this Agreement. 5. DEFAULT A. On or before June 30, 1996, the City Council may declare a default hereunder if Butler , 1. fails to complete construction of the Improvements by the deadline set out in Section 2 above; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the provision for the creation of jobs by the specified deadline; 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. Should the City Council determine Butler to be in default of this Agreement on a basis other than the creation of jobs or the payment of taxes, the City Manager shall notify Butler 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 Period is allowed for defaults involving the creation of jobs or the payment of taxes. B. If the City Council terminates this Agreement on a basis other than the creation of jobs, all Abated Taxes previously abated by virtue of this Agreement will be recaptured, the Tax Abatement will be rescinded and Butler will pay the Abated Taxes to the City within 60 days of the termination date.