Resolution 2011-23 - Laserfiche WebLink

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improvernents to 1775 (11 terry Street shall be fully satisfied and !or completed prior to payment to Habolat VS North America, Inc. of any rebate pursuant to this Agreement. 5. Future Fees. The rebates provided for under this Agreement are solely for the initial construction on the project. Any subsequent construction activities shall he subject to payment without rebate of all applicable building permit Ices and construction use taxes, 6, Entire Agreement. This instrument shall constitute the entire zigrcement between the City and Habolat VS North America, Inc. and supersedes anv prior agreements between the parties and their agents (ir representatives, all of which are merged into and revoked 1)■„. this Agreement with respect to its subject matter. 7. '1 ermination. This ,i1greement shall terminate and become void and or no force or effect upon the City if Habolat VS North America, Inc. has not completed the project and moved into its new facility at 1775 Cherry Street by December 31, 201 1: or should Babolat \''S North America, Inc, fail to comply with any City code. S. Business Termination. In the event Babolat VS North America, Inc, ceases business operations within the City within three (3) years after the new operations continence, then in such event Babolat VS North America, Inc. shall pay to the City the total irtiourit of fees and use taxes which were due and paytible by Babolat VS North America, Inc. to the City but were rebated 1)y the Citv. as well as reimburse the City for any funds provided to Babolat VS North America, Inc. pursuant to this iNgreement, 9. Subordination, The City's obligations pursuant to this Agreement are subordinate to the City's obligations for the repayment of any current or future bonded indebtedness and are contingent upon the existence of a surplus in sales and use tax reyellUeS ill excess of the sales and use tax revenues necessary to meet such cNisting or future bond imlebtedness. The City shall ineet its obligations under this Agreement only after the City has satisfied all other obligations with respect to the use of sales tax revenues for bond repayment purposes. For the purposes of this Agreement, the terms "boated indebtedness," "bonds," and similar terms describing the possible forms of indebtedness include all forms or indebtedness that may be incurred by the City, including, but not limited to, general obligation bonds, revenue bonds, revenue anticipation notes, tax increment notes, tax increment bonds, and all other forms of contractual indebtedness of whatsoever Ilaltlre Ural is in anv way secured or collateralized by sales and use tax revenues of the City. 10, Annual Appropriation, Nothing in this Agreement shall he deemed or construed as creating a multiple fiscal year obligation on the part of the City within the meaning of Colorado Constitution Article X. Section 20 or any other constitutional or statutory provision, and the C'ity's obligations hereunder are expressly conditional upon annual appropriation by the C'ity Council, in its sole discretion. Babolat \'S North America, Inc. understands and agrees that any decision of City Council to not appropriate funds for payment shall be without penalty or recourse to the City and. further, shall not affect, inTair. or invalidate any of the remaining terms or provisions or this Agreement,