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(A) The obligation of the county to abate taxes herein shall be terminated upon the occurrence of any of the following:
(1) The insolvency of the business (owner), but only in the event the insolvency causes the subject property to cease operations;
(2) Except as provided in the agreement of intent to abate property taxes, the sale of the subject property or assignment of the tax abatement agreement;
(3) The construction of residential improvements on the subject property, provided, however, that in the event the residential improvements are identified by separate permanent index numbers (PINs), the cancellation of the abatement shall apply only to the abatement attributable to those PIN numbers so identified;
(4) If there is a material misrepresentation in the company’s application; and
(5) On the happening of any of the prohibited acts specified in the agreement of intent to abate property taxes.
(B) In the event that any of the following events occur, abatement previously granted shall be repaid to the county to the extent the prohibited acts prevent the county from collecting unabated taxes as projected by this agreement according to the provisions set forth herein.
(1) The company files tax rate objections or otherwise challenges the rate of taxes levied by and extended by the county during a period of time commencing on the date of the agreement and concluding on December 31 of the year in which the last abatement provided for is realized.
(2) Except as provided in the agreement of intent to abate property taxes, if there is an assignment of this agreement and the subject property ceases to be operated as originally intended.
(C) The agreement and obligations of the county shall terminate in the event that the project is not fully constructed and operational, as proposed, within three years of the date of the agreement of intent to abate property taxes.
(1980 Code, § 157.13) (Res. 03-138, adopted 4-17-2003; Res. 09-113, adopted 4-16-2009)