98-050 Ordinance - Laserfiche WebLink

Home Browse Search

• ?:?'' which the Net Revenues did not equal or exceed such percentage amount, the difference between $38,426 or $119,426, as the case may be, and the actual Net Revenues attributable to such twelve consecutive-month period. Section 6. During the Ta1c Exemprion Period and thereafter Duke shall continue to pay all of the taxes shown due on the land portion of the real estate taac bill for the Project as the same are assessed from time to time. Section 7. Duke acknowledges that it has been advised, is fully aware, and understands that the land portion of the Project, in the state and condition it exists prior to the da.te the tax exemption is granted pursuant to this Agreement, remains subject to changes in assessed valuation during the full term of this Agreement, and is not in any way subject to, or ; benefited by, the tertns of the taac incentives granted under this Agreement, which apply only to improvements made hereafter to such land portion. Duke agrees that, during the ten year period while ttus Agreement remains in effect, it will not make any request to the Cuyahoga County Auditor or to the state of Ohio seeking to reduce the valuation of the land portion of the Project below the valuation in effect as of the date hereof. Section 8. The tax exemption granted to Duke shall not be assignable to any third party without the prior written consent of the City. In the event that Duke's ownership of the Project Site is conveyed to any third party during the term of this Agreement, no matter whether voluntarily or involuntarily, then this Agreement, including, without limitation the benefits of the tax exemption granted herein, shall immeiiately tenninate unless the City has prior thereto, pursuant to this Section, consented in writing to an assignment of the taac exemption granted herein to the third party to whom the Pmje,ct Site is conveyed. Section 9. (a) The performance by Duke of its obligations hereunder shall be subject to annual inspection during the term of this Agreement by the City's Tax Incentive Review Council (the "TIRC") pursuant to Section 5709.85 of the Ohio Revised Code. If as a resuit of such annual review Duke is determined in the TIRC's judgment not to be in compliance hereunder, the TIRC may recommend to the Council of the City any action permitted by Section 5709.85(C) of the Ohio Revised Code. If Duke materially fails to substantially fulfill its obliga.tions under this Agreement, the City may terminate or modify the exemptions from taxation granted under this Agreement, and may, if the City terminates this Agreement, require Duke to repay the amount of taxes which would have been payable by Duke had the Project not been exempted from taxation under this Agreement. (b) Duke shall be notified in writing of the results of any such compliance review. In order to permit and facilitate such annual review for compliance, Duke shall submit or cause to be submitted to the City an annual sta.tement reflecting its investment in the Project and the employment at the Project Site (hereinafter referred to as the -3-