2015 021 Ordinance - Laserfiche WebLink

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shall also forward any required notices or information to the Company, including any information received by the Village or the MCIC from RITA concerning the Company. In addition, at the beginning of each year following a calendar year in the Term, the MCIC shall perform an annual review and assessment of the Company's compliance with the terms of this Agreement. Such annual review shall include a review and determination of whether the Company has generated the requisite MITR for the preceding calendar year of the Tern. Upon completion of such annual review, the MCIC shall issue a notice of its determination to the Village and the Company. Within sixty (60) days of a default or a termination of this Agreement, the MCIC shall perform a review and assessment of the Company's compliance with the terms of this Agreement and provide the Village with a report setting forth the total amount of any deficiency as calculated by Section V of this Agreement. SECTION V -DEFAULTS AND REMEDIES 1. If the Company defaults in the performance of its obligations under this Agreement, the Village and/or the MCIC shall serve written notice of such default on the Company and demand the default be cured. Except for a failure by the Company to generate the MITR for a calendar year of the Term, if any such default continues for a period of sixty (60) or more days after the Company receives written notice of such default, then the Village and MCIC shall have the right to pursue rights and remedies as are set forth in this Agreement and as may otherwise be available in law. 2. During the Term, in the event the Company fails to generate the MITR for a calendar year of the Term, the Village and MCIC shall have the right, but not the obligation, to reduce the subsequent annual payment by the amount the Company's actual income tax revenue generated in that prior calendar year falls below the MITR. 3. Upon expiration of the Agreement Term, among any other remedies allowed by law, the Village and the MCIC shall have the right, but not the obligation, to require the Company to refund the Grant received by the Company in an amount equal to the deficiency between the income tax revenue actually generated for the Term and five times the MITR. In the event this Agreement terminates prior to the expiration of the Term, the Village shall have the right, but not the obligation, to require the Company to refund the Grant in an amount equal to the deficiency between the MITR actually generated for the full calendar years which have elapsed and the requisite aggregate MITR to be generated for such period, with the understanding the Company would not be entitled to any grant payment for the year in which the Agreement is terminated. Any such refunds shall take into account any reduction made to a payment under Section V.2. of this Agreement. Within sixty (60) days of such demand, the Company shall forward such amount to the Village. In no event shall the liability of the Company under this Agreement exceed the amount of the Grant actually received by the Company pursuant to this Agreement. Page 4