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3.2 The Owner agrees and covenants that it will diligently and faithfully, in a good <br />and workmanlike manner, pursue the completion of the installation of Equipment specified <br />in Exhibit 3. As good and valuable consideration for this Agreement, Owner further <br />covenants and agrees that all installation of the Equipment will be in accordance with all <br />applicable state and local laws, codes, and regulations, or Owner will procure a valid waiver <br />thereof. In further consideration, Owner shall thereafter, from the date a Certificate of <br />Occupancy for the structures in which the Equipment is located is issued or the installation <br />of the Equipment is completed as agreed until the expiration of this Agreement, continuously <br />operate and maintain the Equipment for the manufacturing and packaging of sweeteners and <br />sugars, or additional lawful business purposes so long as Owner's employment obligations <br />under Section IV are met. <br />IV. <br />Consideration <br />Jobs <br />4.1 The City has provided in its Guidelines and Criteria for Tax Abatements, that <br />in order to be eligible for a tax abatement, a new employer must make a minimal capital <br />investment of $1,000,000.00 and create at least ten (10) new jobs. Owner herein has <br />committed to a minimum investment of $3,500,000.00, and has committed to creating at <br />least fifteen (15) new full-time equivalent with benefits positions by the end of the first year <br />of operation with an estimated direct payroll of approximately two hundred fifty thousand <br />($250,000) per month after said first year of operation. These full-time equivalent with <br />benefits positions shall be created and staffed within one (1) year of the commencement of <br />this Agreement. <br />4.2 In order to qualify for the tax abatement provided for herein, Owner must both <br />create said fifteen (15) full-time equivalent positions according to the above schedule and <br />retain those positions throughout the remaining years of the abatement period. <br />V. <br />Default <br />5.1 In the event that (a) the installation of the Equipment for which an abatement <br />has been granted is not completed in accordance with this Agreement or the expenditure for <br />the Equipment does not meet the amount required herein; or (b) Owner allows its ad <br />valorem taxes owed the City to become delinquent and fails to timely and properly follow <br />the legal procedures for protest or contest of any such ad valorem taxes; or (c) Owner fails <br />to create and retain the required full-time equivalent positions set forth herein and on the <br />schedule set forth herein; or (d) Owner materially breaches any of the other terms and <br />conditions of this Agreement, then this Agreement shall be in default. In the event the Owner <br />defaults in its performance of either (a), (b), (c), or (d) above, the City shall give the Owner <br />written notice of such default. If the Owner has not cured such default within sixty (60) days <br />of said written notice, this Agreement may be modified or terminated by the City. Notice <br />shall be in accordance with paragraph 13.3. As damages in the event of default, in accordance <br />with the requirements of Section 312.205 (a)(4) of the Tax Code of the State of Texas, all <br />M <br />