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Res 1994-155
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Res 1994-155
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7/2/2007 9:19:41 AM
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7/2/2007 9:19:41 AM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Tax Abatement
Number
1994-155
Date
10/10/1994
Volume Book
117
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<br /> GB <br /> 3. <br />report. The City shall evaluate the information furnished, and shall have the right to request and receive <br />from Mensor additional relevant information needed to help the City determine Mensor's compliance with <br />this Agreement. Upon the City's verification of compliance with this Agreement by Mensor, the City shall <br />issue a tax abatement certificate to Mensor authorizing the Tax Abatement as described in Section 3 for <br />the current tax year. Mensor shall be responsible for filing this certificate with the Hays County Appraisal <br />District for rendition purposes. <br />B. At all times until the City's rights to declare default against Mensor have expired, the City shall <br />have access to the Property and facilities of Mensor upon reasonable prior notice for the purpose of <br />inspecting them to ensure that the Improvements and the Equipment are constructed, installed, maintained <br />and used in accordance with the conditions of this Agreement. <br /> 5. <br /> DEFAULT <br /> - <br />A. On or before June 30, 1997, the City Council may declare a default hereunder if Mensor: <br /> 1. fails to complete construction of the Improvements and installation of the Equipment by the <br /> deadline set out in Section 2 above; <br /> 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the <br /> provision for the creation of jobs by the specified deadline; <br /> 3. made any representation in this Agreement or in the application to the City for Tax <br />-.. Abatement that is false or misleading in any material respect; or <br /> 4. allows ad valorem taxes on the Property 'owed to the City to become delinquent and fails <br /> to timely and properly protest or contest the taxes. <br />Should the City Council determine that Mensor is in default of this Agreement on a basis other than the <br />creation of jobs or the payment of taxes, the City Manager shall notify Mensor in writing, and if such default <br />is not cured within 60 days from the date of such notice (the "Cure Period"), then the City may terminate <br />this Agreement. No Cure Period is allowed for defaults involving the creation of jobs or the payment of <br />taxes. <br />B. If the City Council terminates this Agreement on a basis other than the creation of jobs, all <br />Abated Taxes previously abated by virtue of this Agreement will be recaptured, the Tax Abatement will be <br />
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