7.0. EDSR 03-08-2004 - Laserfiche WebLink

Home Browse Search

• Section 3.5 No Change in Use of Project. During the term of this Agreement, the Developer shall be subject to the continue to operate the Project as a manufacturing facility in which at least 50 percent of the payroll of the operations of the Project will be for employees engaged in the material staging and production of tangible personal property by procedures commonly regarded as manufacturing, processing, fabrication, or assembling which changes some existing material into new shapes, new qualities, or new combinations. Section 3.6 Prohibition Against Transfer of Project and Assignment of Agreement. The Developer represents and agrees that prior to the termination date of this Agreement the Developer shall not transfer the Project or any part thereof or any interest therein, without the prior written approval of the City. The City shall be entitled to require as conditions to any such approval that: (1) Any proposed transferee shall have the qualifications and financial responsibility, in the reasonable judgment of the City, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Developer. (2) Any proposed transferee, by instrument in writing satisfactory to the City shall, for itself and its successors and assigns, and expressly for the benefit of the City, have expressly assumed all of the obligations of the Developer under this Agreement and agreed to be subject to all the conditions and restrictions to which the Developer is subject. (3) There shall be submitted to the City for review and prior written approval all instruments and other legal documents involved in effecting the transfer of any interest in this Agreement or the Project. Section 3.7 Minimum Market Value and Real Property Taxes. (1) The Developer shall not seek a reduction of the market value of the Tax Abatement Property as determined by the County Assessor below $1,056,400 for any year so long as this Agreement remains in effect. Nothing in this Agreement prohibits the Developer from seeking, through the exercise of legal or administrative remedies, a reduction in such market value for property tax purposes to a minimum of $1,056,400 if the County Assessor determines the market value of the Tax Abatement Property is in excess of$1,056,400 (2) The Developer shall, so long as this Agreement remains in effect, pay all real property taxes with respect to all parts of the Tax Abatement Property acquired and owned by it which are payable pursuant to the provisions of the Assessment Agreement and any other statutory or contractual duty that shall accrue subsequent to the date of its acquisition of title to the Tax Abatement Property (or part thereof) and until title to the property is vested in another person. The Developer agrees that for tax assessments so long as this Agreement remains in effect: (a) It will not seek administrative review or judicial review of the applicability of any tax statute relating to the ad valorem property taxation of real property contained on the Tax Abatement Property determined by any tax official to be applicable to the Project or the Developer or raise the inapplicability of any such tax 1623869v1 6