O-1998-2284 - Laserfiche WebLink

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e e ~(~ f[5\\:v7 ~0 .,:-V1 I~~ Lr 66-144(e) of the La Porte Code of Ordinances shall be fully taxable; (2) The base year value of eligible property as defined in section 66-141 of the La Porte Code of Ordinances shall be fully taxable; (3) The additional value of the Improvements constructed on or after January 1, 1998, but before the effective date of this Agreement, shall be taxable in accordance with Section 6(a) of this Agreement; (4) The additional value of the Improvements constructed or installed after the effective date of this Agreement, as determined each year, shall be taxable in accordance with Section 6(a) of this Agreement. (5) Any equipment or machinery, described on Exhibit "c" and installed in the Real Property pursuant to this Agreement, that is removed from the Real Property for longer than a temporary repair period shall be fully taxable. (c) The City shall enter into only one tax abatement agreement for the Project described in this Agreement during the existence of the Zone. .7. Default and RecaDture (a) This Agreement shall terminate in the event that the use and operation of the Abated Property for the purpose specified in Section 5(c) above is discontinued, for any reason excepting fire, explosion, other casualty or accident, or natural disaster, continuously for a period in excess of twelve (12) months during the Abatement Period. The Owner shall not be entitled to the abatement of taxes for any twelve (12) month period during which the Abated Property is not used for the operation of the Project within the Zone. The taxes abated during that twelve (12) month period shall be paid by the Owner to the city within sixty (60) days from the date of termination of this Agreement. (b) This Agreement shall terminate if at any point during the term of this Agreement, the assessed value of the Owner's Personal Property (excluding supplies, work in process, finished goods, raw materials and inventory) as rendered with HCAD falls below Three Million, One Hundred Sixty-five Thousand, Seven Hundred Sixty and No/100 Dollars ($3,165,760.00). (c) The Owner shall be in default hereof in the event that: (1) the Owner allows ad valorem taxes owed the City to become delinquent and fails to timely and properly fo~low the legal procedures for their protest and/ or contest; or (2) the Owner has made any material representation which is determined to be false or misleading in any respect; or 7