FIRST AMENDMENT TO BUSINESS MAINTENANCE AND CONTINUED PERFORMANCE AGREEMENTFIRST AMENDMENT TO
BUSINESS MAINTENANCE AND CONTINUED PERFORMANCE AGREEMENT
THIS FIRST AMENDMENT TO AGREEMENT ( "First Amendment "), entered into this
114-k day of e y , 2016, by and between the City of Clearwater, Florida (hereafter "the
City "), whose address s P.O. Box 4748, Clearwater, Florida 33758 -4748, a Florida Municipal
Corporation and Instrument Transformers, Inc., whose address is 1925 Calumet Street,
Clearwater, Florida 33765 also known as 1907 Calumet Street, Clearwater, Florida 33765
(hereafter "the Company ");
WITNESSETH:
WHEREAS, the City and the Company entered into that certain Agreement between the
City and the Company dated effective March 10, 2014, ( "the Agreement "); and
WHEREAS, the City and the Company now desire to amend certain provisions of the
Agreement as set forth herein; and
NOW, THEREFORE, in consideration of the mutual promises and covenants contained
herein, the parties hereby agree as follows:
Section 1.
follows:
That the Agreement, 2. Ad Valorem Tax Exemption, is hereby amended to read as
2. Ad Valorem Tax Exemption. Pursuant to Ordinance No. 8524 -13, City
shall provide an EDAVTE of seventy -five percent (75 %) of the assessed value
of the net increase in qualifying improvements to real property and qualifying
tangible personal property as set forth in the Company Application to facilitate the
expansion of its business ( "Instrument Transformers, Inc., Ad Valorem Tax
Exemption ") for a period of ten (10) tax years, commencing with Tax Year 2014
2016 through Tax Year 202-3 2025.
Section 2. That the Agreement, 11. Term, is hereby amended to read as follows:
11. Term. The term of this Agreement shall commence on the date of last signatory
hereto (the "Effective Date ") and, unless sooner terminated, shall continue in
force through December 31, 202-3 2026.
IN WITNESS WHEREOF, the City and Instrument Transformers, Inc. have executed the
Agreement as of the date first above written.
Instrument Trans ers, Inc.
By:
James Koepsell
Title: General Manager
Date: 07 / f . l (o
CITY OF CLEARWATER, FLORIDA
By: W 6
Approved as to form: Attest:
�k
Pamela K. Akin
City Attorney
William B. Horne II
City Manager
Rosemarie Call
City Clerk
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