2019-024 - Approving an Addendum to Tax Abatement Agreement dated November 25, 2008 with Campbell Soup relating to the Company's Single Serve Beverage Line and Authorizing an Agreement with the Company to Terminate same

Home Browse Search

liability in connection therewith to third parties; and OWNER agrees to indemnify and hold harmless the CITY therefrom. It is further understood and agreed among the parties that the CITY, in performing its obligations hereunder, is acting independently, and the OWNER assumes no responsibility or liability in connection therewith to third parties and, to the extent permissible by law, the CITY agrees to indemnify and hold harmless the OWNER therefrom. X. Compliance Provisions 10.1 The OWNER agrees that the CITY, its agents and employees, shall have the reasonable right of access to records concerning the OWNER's investment in the IMPROVEMENTS for the purpose of conducting an audit of the project improvements and project costs. Any such audit shall be made only after giving the OWNER notice at least fourteen (14) days in advance and will be conducted in such a manner as to not unreasonably interfere with the operation of the facility. Upon request, the OWNER will provide the CITY with a detailed Asset Report with an itemized list of assets placed into service from the date of execution of this AGREEMENT to December 31, 2019. The Asset Report will provide the date on which the asset was capitalized, the acquisition amount, and the accumulated depreciation amount. At the CITY's request, the OWNER will provide actual invoices to support the amounts shown on the Asset Report. 10.2 The OWNER further agrees that the CITY, its agents and employees, shall have reasonable right of access to the PROPERTY to inspect the IMPROVEMENTS in order to insure that the construction of the IMPROVEMENTS are in accordance with this AGREEMENT and all applicable state and local laws and regulations or valid waiver thereof. After completion of the IMPROVEMENTS, the CITY _shall have the continuing right to inspect the PROPERTY to insure that it is thereafter maintained and operated in accordance with this AGREEMENT during the term of the AGREEMENT, and OWNER shall provide evidence as to the creation of the fifty-seven (57) new, permanent, full time jobs described in this AGREEMENT. All inspections will be made only after giving the OWNER notice at least seventy-two (72) hours in advance and such inspections shall be conducted in such a manner so as not to interfere with the operation of the facility. Representatives of the CITY inspecting the PROPERTY and improvements shall be accompanied by one (1) or more representatives of the OWNER and shall sign an agreement promising to maintain the confidentiality of any information they obtain in connection therewith except for the purposes of assessing and collecting ad valorem taxes and verifying or enforcing compliance with this AGREEMENT. Said representative shall also be required to observe any facility rule and regulation applicable to the PROPERTY. Nothing herein shall be construed as limiting the CITY's ability to perform inspections or to enter the PROPERTY the subject of this AGREEMENT. XI. Initial and Annual Reporting 11.1 The OWNER further agrees that it will, within thirty (30) days of completion of the IMPROVEMENTS, provide CITY with a sworn report, written on company letterhead and TAX ABAT .NZh' A9 EEM ENT -Page 6