Res 1989-050 - Laserfiche WebLink

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-4- 7R8 58~ ~ .J . f', 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 which shall continue in existence from year to year until such time that this Agreement is fully performed by HHJV (at which time the City will execute a certificate in recordable form stating this Agreement has been performed) or until all Abated Taxes, whether assessed or recaptured, are paid in fu 11. 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 fifteen (15) jobs. Such alternate 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. As partial consideration for the commercial operations of HHJV in 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 HHJV. 1. The City of San Marcos agrees to waive all fees (the "Fee Waivers") associated with building inspections for the construction of the improvements listed in part II, above. 2. The City will, upon execution of this Agreement and request by HHJV, provide building permits to HHJV for the construction of the improvements listed in part II, above. VII. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY A. The Tax Abatement provided for herein shall vest in HHJV ,and shall be assignable to each new owner of all or a portion of the property or improvements listed in Exhibit A and part II, above, respectively, for the balance of the term of this Agreement subject to the approval of the City Council, which approval shall not be unreasonably withheld. B. Any assignment shall provide that the assignee shall irrevocably and unconditionally assume all the duties and obligations of the assignor upon the same terms and conditions as set out in this Agreement. Any assignment of this Agreement shall be to an entity that contemplates the same improvements to the property, except to the extent such improvements have been completed. No assignment shall be approved if HHJV or the assignee are indebted to the City for ad valorem taxes or other obligations. VIII. PROPERTY TAX ASSESSMENT It is understood and agreed among the parties that the real property (Le., without regard to any improvements constructed thereupon, hereafter) listed in Exhibit A and included in Tax Reinvestment Zone #3 of the City of San Marcos, shall be appraised at market value for the purposes of property tax assessment effective January 1, 1989, and continued at market value until the expiration of this Agreement.