97-068 Ordinance - Laserfiche WebLink

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',.,,, NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained and the benefit to be derived by the parties from the execution hereof, the parties herein agree as follows: 1. The Company will undertake the Project and estimates that it will incur the ~- ~~~~~~ ' -- ~ ~ ~ The Company represents that such expenditures ~,., W.. u~ . ~=~ ~ :'~~~ - =• expenditures will enable the Company to acquire and construct the Facility. 2. The Company shall use its best efforts to create or cause to be created within a time period not exceeding twenty-four (24) months after the commencement of operation of the Project, the equivalent of forty (40) full-time permanent job opportunities, resulting in an additional annual payroll of two million dollars ($2,000,000). 3 The Company shall cooperate with and provide necessary information to the designated Tax Incentive Review Council ("the Council") to enable the Council to review and determine annually during the period this agreement is in effect, the compliance by the Company with the terms of this agreement in connection with the Project. 4. The City hereby consents to the granting to the Company of a tax exemption for all tangible personal property first used in business in the State of Ohio at the Project Site and acquired as part of the Project. The amount of such exemption shall be equal to fifty-five percent (55%) of the tangible personal property taxes on such property and shall be for a period often years. The exemption shall commence in the first year in which, but for that exemption, the tangible personal property identified as part of the Project would become taxable. The Company acknowledges that it must annually file the appropriate tax forms with the County Auditor and with the State Department of Taxation to maintain the exemption covered in this agreement. The Company shall, during the exemption period and thereafter, continue to pay any property taxes which are due and payable and are not abated by this agreement and any other applicable taxes which are the responsibility of the Company. 6. The City shall perform all such acts and deeds as maybe necessary or appropriate to effect, claim, reserve, and maintain the personal property tax exemption provided in paragraph four (4) herein, including, but not limited to, joining in the execution of all documentation and providing any necessary certificates required in connection with said tax exemption. 2 ~„~,,.,~~r..y., ...,,~ ..