Res 1993-169 - Laserfiche WebLink

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IDs/.:) 1030 405 5. rescinded and the Owner will pay such previous Real Property Abated Taxes, and the Tenant will pay such previous Equipment Abated Taxes, to the City prior to the delinquency date for the current tax year, or within 60 days of the termination date, whichever is later. C. If the City Council determines that the Tenant has failed to create the full cumulative number of jobs described in Section 2 by any respective date specified, then this Agreement shall terminate, the ... Tax Abatement will be rescinded, and for each job required to be created by the respective deadline which has not been created, the Owner shall pay the City an amount of money equal to 1/X of the previous Real Property Abated Taxes, and the Tenant shall pay the City an amount of money equal to 1/X of the previous Equipment Abated Taxes, prior to the delinquency date for the current tax year, or within 60 days of the termination date, whichever is later, with "X" being the number of cumulative jobs to be created by the deadline. D. If the City terminates this Agreement, in whole or in part, the City shall be entitled to collect ~ from the Tenant the full value of all fee waivers provided for in Section 6 below. The City shall be entitled to record a lien against the Property to secure the full value of the fees so waived. E. At such time as this Agreement is fully performed by the Tenant and/or the Owner, the City Manager will execute a certificate in recordable form stating this Agreement has been performed, whereupon the Owner and the Tenant shall be released of all further duties or obligations under this Agreement. I F. The City Council reserves the sole and exclusive right to choose among the remedies for default enumerated in subsections A through D above. These alternate remedies may be used in conjunction with one another or exclusively, in the sole discretion of the City Council. 6. ECONOMIC INCENTIVES PROVIDED BY THE CITY OF SAN MARCOS A. As partial consideration for the construction of the I mprovements by the Tenant and the creation of the jobs described in Section 2 above, the City agrees to provide the following incentives and benefits to the Tenant: