2004 042 Ordinance - Laserfiche WebLink

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Section 1. Construction of the Project. The Company hereby covenants and agrees to construct on the Property the Company Project described in Exhibit B attached hereto, and agrees to commence such construction of the Company Project within twelve (12) months of the date of this Agreement and to complete the Company Project within thirty-six (36) months after such commencement of construction. Section 2. Covenant to Make Payments in Lieu of Taxes With Respect to Property. For the period that all or part of the "Improvements" with respect to the Property ("Improvements" shall have the meaning as defined in Ohio Revised Code Section 5709.40) are exempt from real property taxation (sometimes herein the "Exemption Period") pursuant to the Act, and pursuant to the TIF Ordinance and any additional ordinances amending or supplementing the TIF Ordinance, heretofore or hereafter adopted, the Company, for itself and any successors in interest to the Property, or any part thereof or interest therein, hereby agrees to make semiannual service payments in lieu of taxes (sometimes herein the "Service Payments") with respect to the exempted portion of the Improvements pursuant to and in accordance with the requirements of the Act, and pursuant to the TIF Ordinance and any amendments or supplements thereto. Such Service Payments shall be made semiannually to the County Treasurer (or to his designated agent for collection of the Service Payments) on or before the date on which real property taxes would otherwise be due and payable for the Improvements. Any late Service Payments shall bear interest and shall be subject to penalties at the same rate and in the same amount and payable at the same time as delinquent taxes. Each semiannual Service Payment shall be in the same amount as the real property taxes that would have been charged and payable against the exempted portion of the Improvements had an exemption from taxation not been granted. The obligations of the Company, and its successors and assigns, to make the Service Payments shall be unconditional, and shall not be terminated for any cause, and there shall be no right to suspend or set off such Service Payments for any cause, including without limitation any acts or circumstances that may constitute failure of consideration, destruction of or damage to the Company Project, commercial frustration of purpose, any change in the Page 3 of 14