2010 - 10-04-10 Regular Meeting - Laserfiche WebLink

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BCDK . 23 PAGE 713 f. The Company has been informed and understands that reimbursement will be made only for expenditures for work performed on or after the execution of this document. 2. The agreements between LCEDC and the County and City (Exhibits "A" and "B") are incorporated by reference into this Agreement. 3. The Company agrees as follows: a. To comply fully with the terms of those agreements as they describe obligations and performance to be undertaken by the Company. b. To provide to LCEDC good and sufficient, certified and auditable, evidence of the Company's compliance with the terms and conditions of this agreement and sufficient for LCEDC's compliance with those agreements. C. If the project as described in this Agreement and the attached exhibits does not meet the standards for the incentive paid as set out in Exhibit "C" which is hereto attached by the Company, that is to say: i. If the amount of ad valorem taxes paid to the County and City for the intervening fiscal years from the date of this agreement and which are attributable to this project has not been sufficient to pay the County the anticipated goal of double the amount of incentives paid from County funds, which could amount to $580,357.50 and to pay the City the anticipated goal of double the amount of incentives paid from City funds, which could amount to $417,987.00, or (1) if the taxes paid by the recipient of the incentives does not meet the anticipated goal of double the amount of the incentive paid, then the recipient shall refund the amount determined by subtracting the amount of taxes actually paid which are attributable to the project from the anticipated goal and then dividing the difference by two. (2) If the recipient of the incentives does not meet the standards for taxes paid as set out in Exhibit "C", then it shall refund amounts determined as follows: 3 of22