(A) In the event of default under an employee withholdings credit agreement, the City may suspend the credit until such time as the default is cured or the City may terminate the credit. If the credit is terminated, the City may initiate legal proceedings to recover the amount of employee withholdings credited to the approved company up to the date the credit was terminated. The approved company shall immediately begin paying to the City all employee withholdings upon notification of a suspension or termination of the credit.
(B) In the event the City initiates legal proceedings to enforce its rights under the incentive program agreement and/or this subchapter, it shall be entitled to collect its costs, reasonable attorney's fees and any other charges imposed or authorized by the incentive program agreement or this subchapter.
(C) The failure of the City to declare a default in any event thereof shall not constitute a waiver thereof.
(D) The remedies contained in the incentive program agreement shall be cumulative and in addition to any other remedy authorized by law. Said remedies may be exercised separately, together or in any combination thereof, and any such exercise shall not constitute a waiver of any remaining remedies.
(E) In an event of default, the approved company shall, in addition to the remedies specified in this section, pay a liquidated sum in an amount equal to the difference between the approved company's projected schedule of employee withholdings and its actual employee withholdings generated by new jobs reported and/or paid to the City. If, the City does not declare a default, the approved company, upon final deferral and/or payment of the incentive payment agreement, or upon obtaining the final employee withholdings credit, shall in addition pay a liquidated sum in an amount equal to the difference between the approved company's projected schedule of employee withholdings and its actual employee withholdings generated by new jobs reported and/or paid to the City.
(Ord. O-2007-005, passed 4-23-2007)