14 - Huhtamaki Tax Abatement Agreement

Home Browse Search

governmental or de facto governmental action unless caused by acts or omissions of Owner, fires, explosions, accidents, floods, and labor disputes or strikes. 3.2 The Owner agrees and covenants that it will diligently and faithfully, in a good and workmanlike manner, pursue the completion of the Improvements specified in %·§¨¡¨³ 2. As good and valuable consideration for this Agreement, Owner further covenants and agrees that the construction and installation of the Improvements will be in accordance with all applicable state and local laws, codes, and regulations, or Owner will procure a valid waiver thereof. In further consideration, Owner shall thereafter, from the date a Certificate of Occupancy for the expanded space of the Facility is issued, up until either the end of the useful life of the asset or the expiration of this Agreement, continuously operate and maintain the improvements for the manufacturing of food packaging, or additional lawful business purposes so long as Owner’s employment obligations under Section IV are met. IV. Consideration Jobs 4.1 The City has provided in its Guidelines and Criteria for Tax Abatements, that in order to be eligible for a tax abatement, a new employer must make a minimal capital investment of $1,000,000.00 and create at least ten (10) new jobs. Owner herein has committed to a minimum investment of $75,000,000.00, and has committed to creating and staffing at least thirty (30) new full-time equivalent with benefits positions by the end of the third year after completion of the Improvements and the issuance of the Certificate of Occupancy. 4.2 In order to qualify for the tax abatement provided for herein, Owner must both create said thirty (30) full-time equivalent positions according to the above schedule and retain those positions throughout the remaining years of the Abatement Period. V. Default 5.1In the event that (a) the Improvementsfor which an abatement has been granted are not completed in accordance with this Agreement or the expenditure for the Equipment does not meet the amount required herein; or (b) Owner allows its ad valorem taxes owed the City to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any such ad valorem taxes; or (c) Owner fails to create and retain the required full-time equivalent positions set forth herein and on the schedule set forth herein; or(d)Owner breaches any of the other terms and conditions of this Agreement, then this Agreement shall be in default. In the event the Owner defaults in its performance of either (a), (b), (c), or (d)above, the City shall give the Owner written notice of such default. If the Owner has not cured such default within ninety (90) days of said written notice, this Agreement may be modified or terminated by the City. Notice shall be in accordance with paragraph 13.3. 3