Section 125.70  Noncompliance with the Agreement

a)         If the Department determines that a taxpayer is not complying with the terms of the agreement, then the applicant may be required to repay some or all of the award along with any applicable interest to the State at the agreed upon rate and on the agreed terms set forth in the agreement. The amount of the incentive that the applicant will be required to repay shall be set forth in the agreement.

b)         In addition to the rights of the Department set forth in subsection (a), if the taxpayer fails to comply with any of the other terms of the agreement, the Department may:

1)         obtain a lien or other interest in the capital improvements in proportion to the percentage of the incentive amount used to pay for those capital improvements; and

2)         If the taxpayer sells the capital improvements, require the taxpayer to:

A)        repay to the State the funds used to pay for the capital improvement, with interest at the rate and according to the other terms provided by the agreement; and

B)        share with the State a proportionate amount of any profit realized from the sale