98-080 Ordinance - Laserfiche WebLink

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SECTION 2: Timing of Payments. Beginning with the first year in which the School District would have received enhanced property tax payments derived from the Project but for the tax exemptions refetred to above, the City shall make payments described under this agreement to the School District by check mailed on or before the last day of each June and December, or as soon thereafter as is reasonably possibie following prompt detennination of the amount owed under this Agreement. The first semiannual payment in each year shali be equal to one half of the amount the City reasonably projects will be owing for that year under this Agreement. The final semiannual payment in each year will be equal to the remaining amount owing under this Agreement for that year. SECTIQN 3: Review of Records. The School District may from time to tune, with reasonable advance notice, review the records of the City relating to the municipal income taxes it derived from the Project. The City agrees that it shall collect appropriate data from the Lessor, the Company and any other lessoes of the Project to enable it to deternune the amount awing to the School District under this Agreement. SECTION 4: Amendment. This Agreement may be amended or modified by the parties only in writing, signed by both parties to the Agreement. If at any time after the date of this A,greement the City is required by law to compensate the School District in any way for the loss of enhanced property tax revenues &om the Project resulting from the tax exemptions referred to above, the parties hereto agree to enter into such amendment to ttus Agreement as is necessazy to provide that the payments to be made by the City under Section 1 hereof are not in addition to those required payments except (if the paymcnts required by law are lesser than the payments gravided in Section 1) to the extent necessary to achieve the same amount of the payment provided in Section 1. SFCTION 5: Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereaf and merges and supersedes all prior discussions, agreements and unde,rtaldngs of every kind and nature between the parties with respect to the subject matter of this Agreement. SECTION 6: Notices. All payments, certificates and notices which are required to or may be given pursuant to the provisions of this Agreement shall be sent by United State.s ordinary mail pvstage prepaid and shail be deemed to have been given or delivered when so mailed to the following addresses: ff to City: City of North Olmsted 5200 Dover Center Roari North Olmstetl, Ohio 44070 Attention: Mayor If to School District: North Olmsted City School District Administrative Center 24100 Palm Drive North Olmsted, Oluo 44070 Attention: Superintendent