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<br /> , (PI} <br /> 2. <br />G. All proposed improvements described in Section 2 below shall conform to all applicable City <br />ordinances and regulations, including but not limited to the City's Construction Codes, Master Plan, <br />Subdivision Ordinance and Zoning Ordinance. <br /> 2. <br /> PROPERTY IMPROVEMENTS AND JOB CREATION <br />A. Mensor agrees to construct improvements (the "Improvements") on the Property, and to install <br />equipment (the "Equipment") on the Property, the total estimated cost of which is approximately $700,000, <br />for the operation of a state-of-the-art manufacturing facility for pressure instruments and gauges and <br />deadweights. Mensor shall complete the construction of the Improvements and the installation of the <br />Equipment by December 31, 1995. <br />B. Mensor agrees to create, and to have on the payroll at least 25 new, permanent full-time jobs <br /> - <br />at the facilities described above no later than December 31, 1995, and to maintain those jobs through <br />December 31, 1996. <br /> 3. <br /> TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <br />A. The City agrees to abate existing and hereinafter imposed ad valorem taxes on 100% of the <br />- <br />value of the Improvements and the Equipment for the ta~ years 1996 and 1997. <br />B. The Tax Abatement shall not include any inventory, materials, or other personal property, nor <br />shall it include any increase in the value of the land upon which the Improvements and Equipment are <br />situated. <br /> 4. <br /> RECORDS AND AUDITS <br />A. On or before February 1 of each year of the Abatement Period, Mensor shall furnish to the City <br />certified records supporting Mensor's request for tax abatement for the current tax year. These records <br />shall pertain to Mensor's compliance with this Agreement for the twelve months preceding the date of the <br />