2016 014 Ordinance - Laserfiche WebLink

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generate the requisite MITR for any calendar year of the Tenn of this Incentive Grant Agreement. 8. The Company shall utilize the Incentive Grant provided under this Incentive Grant Agreement only for lawful purposes that promote the development and economic viability of the Company and its operations in the Village. 9. The Company acknowledges that this Incentive Grant Agreement does not create or act as an extension of credit to the Company by either the Village or the MCIC, and that this Incentive Grant Agreement does not delegate govermnental powers to the Company. The Company further acknowledges that this Incentive Grant Agreement does not create a lien on the Village's money, property or other assets, and that this Incentive Grant Agreement does not restrict any future right of action by the legislative authority of the Village as may be prohibited bylaw. 10. The Company will cooperate with and provide any reasonable assistance, but not financial assistance, requested by the Village and the MCIC if this Incentive Grant Agreement is challenged or threatened to be challenged. SECTION III -RESPONSIBILITIES OF THE MCIC 1. The MCIC shall act in its capacity as the designated agency of the Village and shall administer the teens of this Incentive Grant Agreement. In administering the terms of this Incentive Grant Agreement the MCIC shall, among other things, receive, review and issue a recoimnendation to the Village where appropriate concerning any notice or other document received from the Company. The MCIC 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. 2. In addition, excluding the first year of this Incentive Grant Agreement, at the beginning of each year, but in no event later than the first (lst) quarter, the MCIC shall perform an aimual review and assessment of the Company's compliance with the terms of this Incentive Grant Agreement for the prior calendar year. 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. 3. Within sixty (60) days of a default or a termination of this Incentive Grant Agreement, the MCIC shall perform a review and assessment of the Company's compliance with the terms of this Incentive Grant Agreement and provide the Village with a report setting forth the same. SECTION IV -ISSUANCE AND PAYMENT OF GRANT {02075893 -3} Page 4