2005 018 Ordinance - Laserfiche WebLink

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delineating the easement, submitting it for approval and recording the easement with Cuyahoga County. 19. THIRD BUILDING. The terms of this agreement will continue in effect in the event Progressive constructs a third office building and parking facility. 20. HIKE/BIKE TRAIL. The Village will consult with Progressive in connection with the location and construction of the Village's planned hike/bike trail either at the Development or on the Village-owned land. The Village will use best efforts to design as much of the path as possible on Village-owned land, including land to be transferred under this Agreement. 21. INCOME TAX GRANT AGREEMENT. The parties agree that so long as income tax revenue to the Village from Progressive employees exceeds the Baseline (defined below) during each year thereafter, the Village will grant to Frogressive an amount equal to fifty percent (50%) of the income tax revenue paid to the Village from the Development (the "Grant") for such year, pursuant to an Income Tax Grant Agreement to be executed by the parties; provided that the Grant shall be subject to the following: a. Under no circumstances will the Grant cause the Village's income tax revenue from Progressive employees for any year to fall below the Baseline for such year. Progressive acknowledges that, as a result, in certain years the amount of the Grant actually paid to Progressive may be less than fifty percent (50%) of the income tax revenue from the Development; and b. Only in the limited situation where the Grant would cause revenue to the Village to fall below the Baseline, the Village and Progressive agree that the Grant to Progressive will be decreased in an amount necessary to provide the Village revenue that meets the Baseline. The baseline shall be equal to the income tax revenue from Progressive employees to the Village for the year immediately preceding the year that the Development opens, plus a compounded_ annual adjustment of 4%, (the "Baseline"). The Income Tax Grant Agreement will have a term of 20 years. 22. INFRASTRUCTURE IMPROVEMENTS BY VILLAGE. The parties agree to cooperate in good faith to ensure to the extent practicable that the costs of infrastructure improvements to be _constructed by the Village pursuant to this Agreement, including related financing costs, will be paid. in full by the revenues that are expected to be generated pursuant to the Tax Page 6