Resolution No. 4715 - Laserfiche WebLink

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employment waiver. The financial benefit shall be calculated as follows. First, determine the percentage of employment that Hynix has achieved by dividing Hynix's average annual employment level by 986. Second, subtract the amount of payment to local schools under subsection (c) from the amount of the payment under subsection (b). Third, apply the percentage of employment to the amount calculated in step 2. The amount so determined is Hynix's financial benefit. That amount shall remain in the escrow account. f. At the end of the exemption period, if Hynix has fulfilled all the conditions set forth in this section, Hynix shall receive the balance of funds in the escrow account. If Hynix has failed to meet any of these conditions, the City and the County shall receive the funds in the escrow account based on the same criteria in subsection (d). Section 2. This Resolution shall take effect only if the following three conditions are met: a. The Board of County Commissioners approves the property tax exemption to Hynix with an employment waiver subject to the same six conditions set forth in Section 1 herein. b. Hynix indicates, by signing below, that, based on its own considerations: (1) Hynix accepts the costs imposed by the conditions set forth in Section l' , (2) The conditions of the tax exemption and employment waiver are reasonable and will be beneficial to it; and (3) Hynix is committed to satisfying the conditions and requirements set forth herein. c. An escrow account is established that includes escrow instructions to which the City, County and Hynix all agree. Section 3. In the event that Hynix fails to comply with any of the conditions in Section 1 herein, the City Manager shall notify the county assessor that Hynix has become unqualified for the exemption. The foregoing Resolution adopted the 13th day of March, 2002. ~~/. ~L-/ City Recorder Resolution - 3