AG 1998 11 16 - Laserfiche WebLink

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NOW. THEREFORE, in consideration of the mutual promises, covenants and agreements set ['orth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the City, the County, ICV and ZSI and do hereby agree as tbltows: I. lncentiv~ Grants. (a) Payment of Incentive Grants. Each of the City and the County, in accordance with and as provided by this Agreement, agree to pay ZSI the incentive grants (the "Grants") generally described in the County Program and in the City Program (collectively, the "Incentive Programs"). (b) Approval of Application of Ch-ants to the Facility. The City and the County hereby confirm that the County's Board of Commissioners and the City's City Council have approved the application of the Incentive Programs to the Facility and have authorized the Grants described below in this Agreement. (c) Contractual Agreement. The City and the County further confim~ that this Agreement constitutes the "contractual agreement" required under the Incentive Programs and that the terms of this Agreement and the applicable terms contained in the attached descriptions of the Incentive Programs Shall govern the application of the Incentive Programs to the Facility. (d) Grant Payments. After the Facility achieves a sales tax goal of at least $200.00 per square foot of gross leasable area, the City and the County shall distribute the ZSI incentive payments as provided in the Incentive Programs which shall be calculated based on the sales tax generated fi.om the Facility (such distribution by the City and the County being referred to hereinafter as "Grant Payments"). Grants shall not exceed five years in period of award and the grant period must be completed not later than seven years after its award (date of County approval) to allow for construction and business start-up. During the grant period, the grantee must remain current with all property taxes assessed, other fees, taxes or other assessments levied by the grantors to remain eligible for the grant. Failure to do so, results in termination of the grant award. The project must begin active construction within one year of the award date (date of County approval) and during the grant period, the project must achieve designated sales-per- square foot of gross leasable area requirements to remain eligible. Failure to do so, shall negate the award of grant funds for the quarterly period where sales fail to achieve acquired levels. The Grant Payments will be calculated based on the grant level determined as follows: Level I Grant: 250,000 square feet of gross leasable area; Level I1 Grant: 500,000 square feet of gross leasable area; Level III Grant: 1,000,000 square feet of gross leasable area or greater. 2