Laserfiche WebLink
<br />-3- <br /> <br />80.1""f <br />J I~¡f <br /> <br />onl'1 <br />( i (" <br /> <br />improvements will be constructed substantially in accordance <br /> <br />with the project renderings and drawing previously presented <br /> <br />to <br /> <br />the <br /> <br />City <br /> <br />Council <br /> <br />of <br /> <br />the <br /> <br />City, <br /> <br />in <br /> <br />terms <br /> <br />of <br /> <br />layout, <br /> <br />appearance, and construction materials. <br /> <br />These improvements <br /> <br />shall be completed by January 1, 1991. <br /> <br />B. <br /> <br />VF agrees to maintain at least 44 full-time job equivalents, <br /> <br />not <br /> <br />including <br /> <br />temporary <br /> <br />construction <br /> <br />jobs, <br /> <br />during <br /> <br />each <br /> <br />calendar year of the Abatement Period defined below. <br /> <br />For the <br /> <br />purposes <br /> <br />of <br /> <br />this <br /> <br />Agreement, <br /> <br />the <br /> <br />requirement <br /> <br />for <br /> <br />each <br /> <br />"full-time job equivalent" shall be met by a total of 2,000 <br /> <br />hours worked by one or more persons during a calendar year. <br /> <br />C. <br /> <br />VF projects that retail sales of goods and services upon the <br /> <br />Property will generate minimum cumulative amounts of Sales <br /> <br />and Use tax collections for the City of $90,000 by December <br /> <br />31, 1991_, $202,500 by December 31, 1992, $337,500 by December <br /> <br />31, <br /> <br />1993, <br /> <br />$472,500 by December 31, <br /> <br />1994, <br /> <br />and $607,500 by <br /> <br />December 31, 1995, all using the City's current sales and use <br /> <br />tax rate of one and one-half percent (1-1/2%). <br /> <br />III. <br /> <br />ABATEMENT PERIOD AND RATE OF ABATEMENT <br /> <br />The <br /> <br />City <br /> <br />agrees <br /> <br />that <br /> <br />100% <br /> <br />of <br /> <br />the <br /> <br />real <br /> <br />estate <br /> <br />property taxes <br /> <br />(sometimes also called herein ad valorem taxes) imposed by the City on <br />that portion of the increase in value of the Property above the value <br /> <br />in the tax year in which this Agreement is signed which is attributable <br /> <br />to permanent improvements located upon the property shall be abated <br /> <br />(the "Tax Abatement") for five (5) calendar years, subject to Section V <br /> <br />of this Agreement. <br /> <br />This abatement shall not extend to the value of the <br />