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XIV. Modifications of Agreement. <br />At any time before the expiration of an agreement made under these Guidelines, the <br />agreement may be modified by the parties to the agreement to include other provisions that could <br />have been included in original agreement or to delete provisions that were contained in the <br />original agreement. The modification must be made by the same procedure by which the <br />original agreement was approved and e ment or t e term of the aba ement g anted herem t be <br />modified to extend the term of the agr <br />beyond the time permitted by state law. <br />XV. Assignment. <br />An agreement may be assigned to a new owner or ]essee of the Authorized Facility only <br />with the prior written consent of the City. Any assignment shall provide that the assignee shall <br />irrevocably and unconditionally assume all the duties and obligations of the assignor upon the <br />same terms and conditions as set out in the agreement, and the City's approval shall be subject to <br />the determination of the financial capability of such assignee. Any assignment of an agreement <br />shall be to an entity that contemplat~e t have b e n complet d. No assignment shall b'e xcept <br />to the extent such improvements o pars <br />ns uncu edm taxes or other <br />approved if the assignor or the assign Unaer he indebted <br />obligations, or if any event of default <br />XVI. Administration, Contract Review and Monitoring,.and Reporting. <br />a) The Paris Economic Development Corporation shall be primarily responsible for the <br />administration, review, and monitoring of tax abatement agreements authorized by the City <br />under these Guidelines. These responsibilities <br />th,the teams of he greementicipants in tax <br />abatement agreements are in full op ance <br />b) The Paris Economic Development Corporation shall expeditiously advise the City in <br />writing of any instances of contract non-compliance by tax abatement participants. In addition, <br />the Paris Economic Development Corporation shall, on an annual basis, conduct a performance <br />review of the activities of each tax abatement participant and report the findings of such review <br />to the City Council. <br />c) The City shall retain the right to independently review and audit the activities of tax <br />abatement participants. <br />d) The City shall be responsible for enforcement of the terms of any tax abatement <br />agreement authorized hereunder. <br />XVII. Amendments. <br />These Guidelines are effective for a two (2) year period from the date of their adoption, <br />unless amended or repealed by the affirmative vote of three-fourths (3/4) of the members of the <br />City Council. <br />85 <br />