O-2006-2955 - Laserfiche WebLink

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G. The Lessor and Lessee represents and warrants that they are not indebted to the City for any past due ad valorem taxes or other obligations. H. The Lessor and Lessee represents and warrants that they are in compliance with all state and federal laws designed to protect human health and welfare. The construction of the Improvements and operation of the facility shall be in compliance with all applicable federal, state and local laws, rules and regulations, including those designed to protect the environment from environmental hazards and degradation. V. VALUE AND TERM OF AGREEMENT A. The Lessor and Lessee shall make the Improvements in conformity with this Agreement as set out in the Investment Budget in Exhibit B attached hereto and made a part hereof for all purposes. Upon completion of the Improvements, the Lessor and Lessee shall use the Improvements as set forth in Section III of this Agreement. The Lessor and Lessee shall further maintain the Improvements in good repair and condition during the Abatement Period. B. The term of this tax abatement shall be for a period of ten (10) years beginning on January 1, 2007 ("Effective Date of Abatement"). In no case shall the term of this abatement exceed ten (10) years from the Effective Date of Abatement. The value of the Eligible Property shall be abated as follows: Year Abated 1-3 Including Construction 4 5 6 7-10 Percentage of Value 100% 80% 60% 40% 20% 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 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 in any year may not be greater than the amount by which the value of all property located in the Project Site, including Eligible Property, existing property and Ineligible Property, as listed on the appraisal roll for that year, exceeds the Base Year Value.