RES 23-15 - Laserfiche WebLink

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(c) In accordance with Section 469.1813, subdivision 8 of the Abatement Act, in no year shall the Abatement, together with all other abatements approved by the City under the Abatement Act and paid in that year exceed the greater of 10% of the net tax capacity of the City for that year or $200,000 (the "Abatement Cap"). The City may grant other abatements permitted under the Abatement Act after the date of this resolution, provided that to the extent the total abatements in any year exceed the Abatement Cap, the allocation of Abatement Cap to such other abatements is subordinate to the Abatement granted pursuant to this resolution. (d) In no event shall the total payments of the Abatement to the Developer exceed $138,204 or continue to be paid for more than eleven (11) years as set forth in the Agreement. (e) The Abatement is subject to modification in accordance with the Abatement Act, subject to the terms of the Agreement. (f) In accordance with Section 469.1815 of the Abatement Act, in each year during the term of the Abatement the City will add to its levy the total estimated amount of current year Abatement granted under this resolution. (g) The City makes no warranties or representations regarding the amount or availability of the Abatement. 4 Section 4. Agreement Approved. 4.01. The City believes that the development of the Project pursuant to the Agreement, and fulfillment generally of the Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its residents. Those public purposes of the Agreement include providing higher -paying employment opportunities in the City, County and State, preserving and enhancing the tax base in the City, the County and the State, retaining a local business by helping them expand and succeed in the City and encouraging additional desired developments in the City. 4.02. The City hereby approves the Agreement, including the business subsidy agreement set forth therewith, substantially in accordance with the terms set forth in the form presented to the City Council, together with any related documents necessary in connection therewith, and without limitation all documents, exhibits, certifications or consents referenced in or attached to the Agreement (collectively, the "Development Documents") and hereby authorizes the Mayor and City Administrator to negotiate the final terms thereof and, in their discretion and at such time as they may deem appropriate, to execute the Development Documents on behalf of the City, and to carry out, on behalf of the City, the City's obligations thereunder when all conditions precedent thereto have been satisfied. 4.03. The approval hereby given to the Development Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the City and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to P B M E R E B B I NATURE]