Laserfiche WebLink
needed because the Project is not sufficiently feasible for the Developer to undertake without the <br />Business Subsidy. The public purpose of the Business Subsidy is to develop new jobs within the <br />City and to increase the tax base in the City. The Developer agrees that it will deliver, <br />simultaneously with the execution of this Agreement, the Subsidy Agreement in the form <br />attached as Exhibit A hereto, (the "Subsidy Agreement") executed by G.D.O., Inc. d/b/a Gradient <br />Technology ("Gradient") pursuant to which Gradient agrees to meet the goals set forth therein <br />(the "Goals") in compliance with the Subsidy Law. <br /> <br /> Section 3.9 Duration of Abatement Pro.re'am. The Tax Abatement Program shall exist <br />for a period of up to ten years beginning with real estate taxes payable in 2006 through 2015. On <br />or before February 1 and August 1 of each year commencing August 1, 2006 to and including <br />February 1, 2016 the City shall pay the Developer the amount of the Tax Abatements received <br />by the City in the previous six month period. The City may terminate the Tax Abatement <br />Program and this Agreement at an earlier date if an Event of Default occurs and the City rescinds <br />or cancels this Agreement. <br /> <br />1630424v2 7 <br /> <br /> <br />