O-2006-2955 - Laserfiche WebLink

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Such cap shall not exceed the increased value requirement as set out in the Abatement Agreement and will be adjusted annually. To determine the amount of each year's exemption, the adjusted cap shall be multiplied by fifty percent (50%) each year, up to a total of ten (10) years. Under no circumstance will any facility be granted the benefit of tax abatement for longer than ten (10) years. C. If the period of Construction extends beyond December 31, 2008, two (2) years from the Effective Date of Abatement, the Improvements shall be considered completed for compliance purposes of abatement. In no case shall the abatement period, inclusive of the Construction period, exceed ten (10) years from the Effective Date of Abatement. VI. TAXABILITY During the period that this Abatement Agreement is in effect, taxes shall be payable as follows: (1) The certified appraised value of the Ineligible Property as determined each year by the Harris County Appraisal District will be fully taxable. (2) The tax abatement shall apply only to Eligible Property which value shall be abated in accordance with the percentage set forth in Section V (B), above. The abatement applied to Eligible Property subject to abatement calculation in any year cannot be greater than the amount by which the value of all property located in the Reinvestment Zone, including Eligible Property subject to abatement calculation, and existing property for the year in which the Agreement is executed, as listed on the appraisal roll for that year, exceeds the Base Year Value. VII. EVENT OF DEFAULT A. During the period covered by this Agreement, the County may declare a default hereunder upon the occurrence of any one or more of the following circumstances or events: 1. Failure by the Lessor and/or Lessee to commence construction of the Improvements specified in the Investment Budget of Exhibit C and Section IV of this Agreement by December 31, 2008; or 2. If the Lessor and/or Lessee fail, refuse, or neglect to comply with any of the terms of this Agreement; or 3. Failure by the Lessor and/or Lessee to comply with TEX. TAX CODE ANN. §22.01, as amended, requiring an annual rendition of all personal property with HCAD; or 4. If any representation made by the Lessor and/or Lessee in the Application or in this Agreement is false or misleading in any material respect. 5