93-094 Ordinance - Laserfiche WebLink

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,4-•. 6. The City shall perform all such acts and deeds as may be necessary or appropriate to effect, claim, reserve and maintain the personal property tax exemption provided in Item #4 herein above including, without limitation, joining in the execution of all documentation and providing any necessary certificates required in connection with said tax exemption. 7. If for any reason the Enterprise Zone designation expires, or the Council revokes the designation of the Enterprise Zone, or if the Director of Development for the State of Ohio revokes certification of the Enterprise Zone, any entitlement to tax exemption as set forth in Item #4 above, shall continue for the number of years specified in said Item #4 above, provided the Company fulfills the terms of this Agreement. 8. If the Company fails to fulfill the terms of this Agreement, the City shall have the right to request the termination or modification of the tax exemption set forth in Item #4 above. 9. The Company, the City and the County each acknowledge that this Enterprise Zone Agreement must be forwarded to the Ohio Department of Taxation and the Ohio Department of Development within fifteen (15) days of execution hereof 10. Except for an assignment by the Company to any parent or subsidiary of the Company which will operate the Project, the tax exemption benefits of this Agreement cannot be assigned without the express written consent of the City. 11. The Applicant agrees that if the aggregate municipal income taxes (the "Income Taxes") paid to the City by the Applicant and any employee of the Applicant employed at the Project Site (collectively the "Taxpayers") for any calendar year during the Exemption Period shall be less than Seventy-Five Thousand Dollars ($75,000.00) (the "Guarantee Amount"), the Applicant shall pay to the City an amount (the "Deficiency Amount"), equal to the difference between the total amount of Income Taxes paid by the Taxpayers and the Guarantee Amount. In computing the Deficiency Amount, the Applicant shall be entitled to a credit against such Deficiency Amount equal to the cumulative sum of the amounts by which the actual Income Taxes paid exceeded the Guarantee Amount in each preceding calendar year. This guarantee of the Income Taxes shall remain in effect only until such time as the Taxpayers shall have paid to the City total Income Taxes equal to Seven Hundred Fifty Thousand Dollars ($750,000.00) (the "Maximum Guarantee Amount").