Res 1994-152 - Laserfiche WebLink

Home Browse Search

IL/~ ¡; Page 5 3. The City agrees to consider any other reasonable requests made by Butler in order to assist it in constructing the Improvements. 7. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY A. The Tax Abatement shall vest in and shall be assignable to each new owner of the Property for the balance of the term of this Agreement. Transfers which result in a continuation of the business in the same general manner as operated under Butler are hereby consented to and do not require further City Council approval. In such cases Butler shall give written notice thereof to the City within ten (10) days after such transaction, and Butler shall be released of any further duties or obligations under this Agreement. B. For transfers which will not result in a continuation of business as described above, this Agreement may be assigned to a new owner of the Property with the written consent of the City , Council, which shall not be unreasonably withheld, and Butler shall be released of any further duties or obligations under this Agreement. C. The new owner shall assume all the duties and obligations of Butler upon the same terms and conditions as set out in this Agreement. Any assignment of this Agreement shall be to an entity that contemplates the same Improvements to the Property, except to the extent the Improvements have been completed. No assignment shall be approved if Bu~ler or the assignee are indebted to the City for ad valorem taxes or other obligations. 8. PROPERTY TAX APPRAISED VALUE It is understood and agreed between the parties that the Property and all Improvements upon the Property shall be appraised at market value for the purposes of property tax assessment throughout the term of this Agreement, and that this value may change during the term of this Agreement. The calculation of Abated Taxes shall make use of this appraised value as it is determined for tax year 1995.