(a) The date by which Year 1 projections must be met will be specified in the Agreement. If a project start or occupancy of a project facility is delayed, the company or business may send a written request to the Clerk of Council with a copy to the Director of Economic and Community Development for a one-year extension. The extension must be approved by Council. If the project does not proceed as specified in the Agreement or within the one-year extension period, City Council may rescind the Agreement.
(b) If a company or business fails to meet 75% of its payroll or employment projections three consecutive years at any time during the Agreement, City Council may rescind the Agreement following an annual report by the Director of Economic and Community Development on the status of all Agreements.
(c) If a project or occupancy of a project facility begins in the 3rd or 4th quarter of the year and the company or business is not able to meet its Year 1 projections by December 31st of that year, Year 1 shall be considered the first full year of occupancy for purposes of the Agreement.
(Ord. 2006-057. Passed 3-21-06.)
(Ord. 2006-057. Passed 3-21-06.)