2015 031 Ordinance - Laserfiche WebLink

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WHEREAS, the MCIC, in its role as the designated agency for the Village, will be the administrator of any grant provided by this Agreement, including an annual review and assessment of the Company's compliance with the terms of this Agreement; and WHEREAS, all income tax revenue considered under this Agreement will be withholding tax revenue generated exclusively within the Village and will be collected and reported by the Regional Income Tax Authority ("RITA"); and NOW, THEREFORE, in consideration of the mutual agreements contained herein, the Parties hereby agree as follows: SECTION I -TERM OF AGREEMENT This Agreement shall commence on January 1, 2017 ("Effective Date") and terminate on Apri12, 2022 (the "Agreement Term"). Grant payments shall be calculated based on the Company's performance during the five (5) calendar years from January 1, 2017 to December 31, 2021 ("Term"). This Agreement shall not prevent the Company from submitting an application to the Village for an additional grant after the expiration of the Term of this Agreement. The Village and MCIC may terminate this Agreement upon a breach of the Company's responsibilities set forth in Section II. However, in the case of a failure by the Company to generate the minimum income tax revenue contemplated in Section II, the Village and MCIC may not pursue .remedies for the Company's default under this Agreement until after the Agreement Term expires or after this Agreement terminates as otherwise provided herein, except as set forth in Section V.2. of this Agreement. The Company may terminate this Agreement upon a breach of the Village's responsibilities set forth in Section III, or upon a breach of the Company's own responsibilities set forth in Section II.3. or Section II.4. Termination by a party is effective by providing the other parties no less than 60 days written notice of termination. Termination of this Agreement upon proper notice shall not otherwise constitute a breach of the Agreement by either party. SECTION II -RESPONSIBILITIES OF THE COMPANY The Company agrees that it shall be responsible for and comply with the following: 1. The Company shall take all necessary and proper corporate action required to enter into this Agreement; 2. The Company shall not change its use of the property in a way that fails to conform to the Village's Ordinances or other law; 3. The Company shall not close or otherwise cease operations in the Village during the Term of this Agreement; Page 2