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<br /> 788 58J <br /> -2- <br />B. HHJV agrees to create and to have on the payroll at anyone <br /> time a total of fifteen (15) new jobs, not including temporary <br /> construction jobs, on or before December 31, 1995, at the <br /> facilities to be located on the property identified <br /> in Exhibit A, to be filled by full-time, year-round <br /> employees. <br /> III. <br /> TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <br />A. All existing and any real estate property taxes (sometimes <br /> also called herein ad valorem taxes) hereafter created, <br /> however measured, valued or imposed (the IIAbated Taxes") on <br /> ( i) the increase in value of the real estate described in <br /> Exhibit A above the value in the tax year in which this <br /> Agreement is signed and upon (i i) the improvements described <br /> in Part II which are constructed shall be abated (the "Tax <br /> Abatementll) for five calendar years, provided that HHJV <br /> satisfies all of its obligations (subject to the force majeure <br /> provisions at Part V.A and the proration provisions at Part <br /> V.D) under this Agreement. <br /> For any improvements constructed, the aforesaid five years <br /> of Tax Abatement (the IIAbatement Period") shall commence on <br /> January 1, 1991, and continue until December 31, 1995. <br />B. Said tax abatement shall include 100% of all of the <br /> improvements listed in part II, above, and any increase in the <br /> value of the real property over its value in the year this <br /> agreement is executed, for the abatement period provided in <br /> part III. A, above. <br /> IV.. <br /> RECORDS AND AUDITS <br />A. On or before February 1 of each tax year, beginning in 1991, <br /> HHJV shall furnish to the City certified records supporting <br /> HHJV's request for the first year of Tax Abatement and for <br /> each subsequent year abatement is to be provided under this <br /> agreement. The City shall evaluate the information furnished, <br /> shall have the right to request and receive from HHJV <br /> additional relevant information needed to help the City <br /> determine HHJV's compliance with this Agreement. <br />B. At all times until the City's rights to default HHJV have <br /> expired, the City shall have access to the property and <br /> facilities of HHJV for the purpose of inspecting same to <br /> ensure that the improvements are constructed, maintained and <br /> used in accordance with the conditions of this Agreement. <br /> V. <br /> DEFAULT <br />A. From and after the date hereof, and during the Abatement <br /> Period covered by this Agreement and for one hundred eighty <br /> (180) days thereafter, the City Council may declare a default <br /> hereunder by HHJV if HHJV fails to commence construction <br /> of the improvements described in part II, above within the <br /> time frames set out in this Agreement; fails to <br /> construct the improvements described in part II, above; <br /> refuses, fails or neglects to comply with any of the te rms <br /> of this Agreement, including the provision for the creation <br /> of jobs within a certain time period; or, if any <br /> representation made by HHJV in this Agreement or in its <br /> aI?plication to the Cit~ for Tax Abatement is false or <br /> mIsleading in any materIal respect. Should the City Council <br /> determine HHJV to be in default of this Agreement under <br /> this subsection, the City Council shall notify HHJV in <br /> writing prior to one hundred eighty (180) days after the <br />