Common use of Contents of Agreement Clause in Contracts

Contents of Agreement. After approval, the eligible jurisdiction shall formally approve and execute an agreement with the owner of the facility which agreement shall include: (1) estimated value to be abated and the base year value; (2) percent of value to be abated each year as provided in Section 3(g); (3) the commencement date and the termination date of abatement; (4) the proposed use of the facility; nature of construction, time schedule, map, property description and improvement list as provided in Section 4(b); (5) contractual obligations in the event of default, violation of terms or conditions, delinquent taxes, recapture, administration and assignment as provided in Sections 3(a), 3(f), 3(g), 7, 8, and 9, or other provisions that may be required for uniformity or by state law; and (6) amount of investment and average number of jobs involved. Such agreement shall normally be executed within 60 days after the applicant has forwarded all necessary information and documentation to the County. Upon execution of this agreement, it becomes the responsibility of the applicant to file with the County the necessary reports annually certifying employment and investment level as stated in the executed contract.