Res 1989-034 - Laserfiche WebLink

Home Browse Search

7QQ f~ -4- ~UO >.c D. If Rohr defaults with respect to jobs creation, the City will deal with such default under this subsection. If the City Council determines that Rohr has failed to crea te the jobs specified in part II, above, then for each job less than four hundred (400) jobs created, Rohr shall be required to pay to the City of San Marcos an amount of money equal to one four hundredth (1/400) of the total amount of Abated Taxes under this Agreement at the time a default is declared by the City Council with respect to part II.B., above. For the purposes of this paragraph, the amount of said abated taxes shall be determined by taking into account the total capital outlays provided for in part II. A., above, and actually made for the construction of the facilities specified therein, calculated at the 1989 tax rate of fifty-eight and two-tenths cents ($.582) per one hundred dollars ($100) of valuation. E. If pursuant to subsection A, the City declares that Rohr is in default with respect to this Agreement and thereafter the City terminates this Agreement, in whole or in part, the City shall be entitled to collect from Rohr the full value of all fee waivers provided for in part VI, below. The City shall be entitled to and receive a lien against the real property described in Exhibit A (other than the Rohr Portion) to secure the full value of the fees so waived. F. The amount of Abated Taxes abated each year under the terms of this Agreement shall be secured by a first and prior tax lien on the property described in Exhibit A (other than the Rohr Portion) which shall continue in existence from year to year until such time that this Agreement is fully performed by Rohr (at which time the City will execute a certificate in recordable fo'l:"m stating this Agreement has been performed) or until all Abated Taxes, whether assessed or recaptured, are paid in full. G. The City Council reserves the sole and exclusive right to choose among the remedies for default enumerated in subsections A through F above; provided that the remedy at Subsection D shall be exclusive for failure to create and have at anyone time the entire 400 jobs. Such al te rna te default provisions, as applicable by their terms, may be used in conjunction with one another or exclusively, in the sole discretion of the City Council. VI. ECONOMIC INCENTIVES PROVIDED BY THE CITY OF SAN MARCOS A. The City agrees to annex the property described in Exhibit A as soon as possible, exercising reasonable diligence to accomplish the same. However, in no event, shall the City fail to complete the annexation of the property before December 31, 1989. Completion of the annexation shall mean the adoption of an annexation ordinance with respect to the subject property. B. As partial consideration for the location of Rohr in the jurisdiction of the City of San Marcos, the completion of the improvements described in part II, above, and the creation of the jobs described in part II, above, the City of San Marcos agrees to provide the following incentives and benefits to Rohr: 1. The City will make application for an enterprise zone designation to include the property described in Exhibit A so that Rohr can participate in the benefits afforded by enterprise designation.