Economic Development Incentive Agreement
THIS ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT
(the“Agreement”) is made and entered into on this ____ day of _____________, 2012, by and between the City of Wichita, Kansas, hereinafter referred to as the “City,” and Mojack Holdings,LLC and Mojack Distributors, LLC hereinafter referred to as the “Companies.”
, the Companies currently operate a facility in Wichita, Kansas, for manufacturing and warehousing/distribution of lawn mower lifts and, as of December 31, 2011will have completed an expansion by acquiring and equipping a building; and
, both the City and the Companies desire for the Companies to continueoperating in Wichita, Kansas; and
, the City desires to increase employment opportunities for the citizens of Wichita, Kansas, and to further the other goals advanced by its economic development incentive policy; and
, the Companies warrant that they are capable of, and desire to, increase thenumber of employment positions at their Wichita, Kansas facility; and
, the City has designed an economic development incentive program toaccomplish its goal of increasing employment opportunities in Wichita, Kansas; and
, the purpose of this Agreement is to state the terms and conditions under which the City will cooperate in furnishing said economic development incentives.
, in consideration of the mutual conditions, covenants and promises contained herein, the parties hereto agree as follows:1.
The Companies agree (to the extent not already hitherto performed) that they shall do the following:A. Between November 5, 2010 and December 31, 2011, the Companies willhave completed the acquisition and equipping of a manufacturing andwarehousing/distribution building, located at 3535 N. Rock Road,Wichita, Kansas, at a cost of $2,126,187, to be used exclusively for the purposes of manufacturing and warehousing/distribution of articles of commerce;B. Maintain, throughout the period from the date of this Agreement toDecember 31, 2017 employment of not less than eight (8) employees atthe existing manufacturing and warehousing/distribution facility;