05.01 - Req for Tax Abatement-Oppidan, Public Hearing

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ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1 Construction of Project and Reimbursement of Construction Costs. (1) The costs of the Tax Abatement Property and the construction of the Project shall be paid by the Developer. The Developer will construct the Project in accordance with Plans and Specifications and at all times prior to the termination of this Agreement will operate and maintain, preserve and keep the Project or cause the Project to be maintained, preserved and kept with the appurtenances thereto and every part and parcel thereof, in good repair and condition. (2) The Developer shall construct a lift station and other required infrastructure as set forth in the CUP Development Agreement. (3) The City shall reimburse the Developer for the Reimbursable Costs actually incurred in an amount not to exceed $350,000.00 (the "Reimbursement Amount ") pursuant to the Abatement Program as provided in Section 3.6. Section 3.2 Limitations on Undertaking of the City. Notwithstanding the provisions of Sections 3. 1, the City shall have no obligation to the Developer under this Agreement to reimburse the Developer for the costs of the construction of the Project, if the City, at the time or times such payment is to be made, is entitled under Section 4.2 to exercise any of the remedies set forth therein as a result of an Event of Default which has not been cured. Section 3.3 Commencement and Completion of Construction. The Developer shall commence demolition and site preparation for the Project no later than November 30, 2009 and, barring Unavoidable Delays, substantially complete the Project by December 31, 2010. All work with respect to the Project to be constructed or provided by the Developer shall be in conformity with the Plans and Specifications as submitted by the Developer and approved by the City. Nothing in this Agreement shall be deemed to impair or limit any of the City's rights or responsibilities under its zoning laws or construction permit processes. Section 3.4 Damage and Destruction. In the event of damage or destruction of the Project the Developer agrees that the Developer will repair or rebuild the Project according to the Plans and Specifications approved by the City. Section 3.5 No Change in Use of Project. During the term of this Agreement, the Developer shall continue to operate the Project as a commercial facility. In addition to the Goals set forth in Section 3.7, the Developer shall cause the Tenant to create at least 40 part time jobs at the Project and provide evidence thereof satisfactory to the City. Section 3.6 Abatement Promaram; Abatement Revenue Note. The Tax Abatement Program shall exist for a period of up to 13 years beginning with real estate taxes payable in 2012 through 2024. The City may terminate the Tax Abatement Program and this Agreement on 24105530 6