Res 1989-034 - Laserfiche WebLink

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F'i°g 07° l i), tì~C: ,. ,..,' -2- carry out the manufacturing and business activities of CTEC. An assignment of this Agreement by Rohr to any entity other than CTEC (or its financing party) may be considered unreasonable under the terms of part VII of this Agreement, in the sole discretion of the City Council. A portion of the property described at Exhibit A (the "Rohr Portion") will be retained by Rohr for potential future development and at this time, no Tax Abatement is involved for the Rohr Portion. II. PROPERTY IMPROVEMENTS AND EMPLOYEES A. Rohr agrees to construct facilities valued at six to seven million dollars ($6-7,000,000) and containing one hundred twenty-five thousand (125,000) square feet plus a width extension of twenty thousand (20,000) square feet, together totalling one hundred forty-five thousand (145,000) square feet on a portion of the property described in Exhibit A, said improvements to include a manufacturing facility, an office facility with lunchroom and a chemical storage building. At its option, and without any obligation to do so, Rohr may construct additional facilities (the "Additional Facilities") to make its total capital outlay, for which there shall be Tax Abatement as provided in this Agreement, twelve million dollars ($12,000,000). B. Rohr agrees to create and to have on the payroll at any one time a total of four hundred (400) new jobs, not including temporary construction jobs, on or before June 1, 1996, at the facilities to be locaterl. on the property identified in Exhibit A, to be filled by full-time, year-round employees. III. TE RM, ABATEMENT PERIOD AND RATE OF ABATEMENT A. All existing and any real estate property taxes (sometimes also called herein ad valorem taxes) hereafter created, however measured, valued or imposed (the "Abated Taxes") on ( i) the increase in value of the real estate described in Exhibit A (other than the Rohr Portion) above the value in the tax year in which this Agreement is signed and upon (i i) the improvements described in Part II and upon the Additional Facilities which are constructed shall be abated (the "Tax Abatement") for four calendar years, provided that Rohr satisfies all of its obligations (subject to the force majeure provisions at Part V.A and the proration provisions at Part V.D) under this Agreement. For any iMprovements constructed (whether the original improvements or the Additional Facilities), the aforesaid four years of Tax Abatement (the "Abatement Period") shall commence upon the improvements being entered upon the tax rolls and continuing until the fourth anniversary thereof; provided, however, that by written notice, Rohr may delay the commencement of the four-year Abatement Period, it being understood, however, that in no event will the Tax Abatement continue past December 31, 1999. B. Said tax abatement shall include 100% of all of the improvements listed in part II, above, including the optional Additional Facilities and any increase ln the value of the real property over its value in the year this agreement is executed, for the abatement period provided in part III. A, above. IV.. RECORDS AND AUDITS A. On or before February 1 of each tax year, beginning in 1991, Rohr shall furnish to the City certified records supporting Rohr's request for the first year of Tax Abatement and for each subsequent year abatement is to be provided under this