98-050 Ordinance - Laserfiche WebLink

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NOW THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, the parties hereto do agree as follows. Section 1. Duke shall comrnence the physical construction of the Project at the Project Site within one yeaz after issuance of ail approvals and permits required for the Project. The Project shall conform in all material respects to the description contained in the Application. The statements of Duke contained in the Application are incorporated herein by reference. Section 2. Upon completion of construction of the Project, Duke shall so notify the ? Housing Officer. The Housing Officer shall verify the completion of the Project to determine if such conshuction is in accordance with the terms hereof and the Application. If the Housing Officer confirms that the construction has been completed in accordance with this Agreement, he shall so certify to the Mayor, and promptly after receipt of such certification, the Mayor shall direct the Housing Officer to forward the Application to the County Auditor. After receiving such direction, the Housing Officer shall within seven (7) days forwazd the Application to the County Auditor pursuant to ORC Section 3753.67(C) with a certificarion that sixty-eight percent (68%) of the value of the Project is to be exempted from real properiy taxation pursuant to ORC Section 3735.67(D)(3) for a period of ten (10) years (the "Tax Exemption Period"). Section 3. Duke shall pay to the City, upon execution by the City of this Agreement, an application fee in the amount of $500. Section 4. Duke makes the following representations and warranties as of the date of this Agreement: (a) Duke is a limited partnerslup, duly formed and validly existing under the laws of the State of Indiana with full power to own the Project and conduct its business, and has full legal right, power and authority to execute and deliver this Agreement; and (b) Duke has duly authorized, executed and delivered this Agreement, which constitutes the legal, valid and binding obligation of Duke enforceable in accordance with its terms, except that enforceability may be limited by laws relating to bankruptcy, reorganization or other similar laws affecting the rights of creditors. Section 5. If the sum of real property taxes and income taxes generated by the Project and retained by the City, after payment by the City to the School Board pursuant to its revenue sharing agreement (collectively the "Net Revenues"), does not, (a) during the second twelve consecutive-month period following completion of construction of the Project, equal or exceed $30,740, and/or (b) during the third or any subsequent twelve consecutive- month period, equal or exceed $107,483, then Duke shall pay to the City, on or before ninety (90) days following the last day of the twelve consecutive-month period during -2- .??,.