2016 014 Ordinance - Laserfiche WebLink

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1. As of the Effective Date set forth above, and subject to Sections II(6) above and V(2) below, the Village authorizes an Incentive Grant in an amount equal to Thirty Percent (30%) of the Company's income taxes withheld on wages earned in the Village at its 600 Beta Drive location only and/or paid to the Village based upon its final net annual payroll. The Incentive Grant payments shall be granted and calculated based on the Company's amzual performance during the five (5) calendar years beginning January 1, 2017 and concluding December 31, 2021, subject to the provisions of Section IV(2) below. 2. The initial Incentive Grant payment for the 2017 calendar year shall be made by April 15, 2018, provided the Company files its Reconciliation of Return of Income Tax Withheld with RITA by February 28, 2018. If the Company fails to be fully operational as of January 1, 2017, Year 1 shall be considered the first full calendar year of operation of the Company in the Village and the initial Incentive Grant payment will occur in the year following the first full calendar year of operation. The initial Incentive Grant payment, as well as subsequent Incentive Grant pa}nnents, shall be made out of the economic development or other appropriate fund maintained by the Village in the form of a check issued by the Village Director of Finance to the Company and shall be made payable to the Company. 3. After the initial Incentive Grant payment is made, four (4) .additional annual Incentive Grant payments shall be made by April 15°i of each subsequent year for each prior calendar year provided the Company files its Reconciliation of Return of Income Tax Withheld with RITA by February 28th of said year. If the Company requests an extension of time to file its Reconciliation, the Village will make the Incentive Grant payment within three (3) months of the extended filing date. It is the responsibility of the Company to advise the Village's Finance Director and MCIC of the filing extension. SECTION V -TERMINATION, MODIFICATION, DEFAULTS AND REMEDIES 1. Unless otherwise terminated earlier, this Incentive Grant Agreement shall automatically terminate five (5) years after the initial Incentive Grant payment is made as set forth in Section IV above. 2. During the Term, in the event the Company fails to generate the MITR for a calendar year of the Term, the Incentive Grant Agreement shall not be terminated but no Incentive Grant payment shall be awarded for that calendar year. 3. In the event the Company moves substantially all of its operations out of the Village or terminates its operations in the Village altogether during the Term of this Incentive Grant Agreement, this Incentive Grant Agreement shall automatically terminate and the Village shall have the right, but not the obligation, to require the Company to refund and pay directly to the Village or its authorized agency the Incentive Grant payments in an amount equal to all the Incentive Grant payments awarded under this Incentive Grant Agreement as of the date the Company moves substantially all of its operations out of the Village or terminates its operation in the Village altogether. Upon termination of the Incentive Grant Agreement hereunder, no {02075893 -3} Page 5