1999 - 11-15-99 Regular Meeting - Laserfiche WebLink

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BOX "L7 P!cl 99 ® containing not less than 25,000, square feet and the land, building and equipment will have a cumulative initial ad valorem taxable value (prior to depreciation) of at least $8,000,000.00 and will provide new employment for at least five people. d. SAIDEN presently intends to operate the project as an industrial facility within the County until the County receives the prospective tax revenues from the improvements to be constructed on the property which were contemplated in arriving at the consideration that it receives pursuant to this Agreement. e. SAIDEN hereby certifies that without the incentives provided by the LCEDC based upon the Economic- Development Incentive Policy adopted by the County, it would not site this project in the County. f. SAIDEN 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 agreement between LCEDC and the County (Exhibit "A") is incorporated by reference into this Agreement. 3. Saiden Technologies, Inc. agrees as follows: a. To comply fully with the terms of those agreements as they describe obligations and performance to be undertaken by SAIDEN. b. To provide to LCEDC good and sufficient, certified and auditable, evidence of SAIDEN'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 "A" which is hereto attached by January 1, 2001, that is to say: i. If the amount of ad valorem taxes paid to the County 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 $126,750.00, or 040