Resolution 2011-87 - Laserfiche WebLink

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agreement for 1812 Boxelder Street. Further, for the purpose of this Agreement, tangible goods eligible for the rebate described herein shall mean only those durable goods purchased for use in Boulder Wind Power, Inc.'s business at 1812 Boxelder Street including, by way of example, computers, furniture, fixtures, appliances, and electronics. Also, for the purpose of this Agreement, tangible goods eligible for the rebate described herein shall also include materials purchased for research and development and for prototypes manufactured by Boulder Wind Power Inc. that are subject to the City's use taxes and on which Boulder Wind Power Inc. actually pays use tax to the City. Non- durable goods including, by way of example, food, office supplies or other consumable goods not expected to last for three or more years, shall not be eligible for the rebate described herein. The City, in its sole discretion, shall determine what goods are eligible for the Sales/Use tax rebate. The City shall rebate to Boulder Wind Power Inc 40% of the incremental sales tax revenues derived from the imposition of the City's 3.0% general sales tax (excluding the City's three-eighths percent (%%) Open Space Tax and the one-eighth percent (1/8%) Historic Preservation Tax) that are actually collected by the City and attributable to new retail sales attributable solely to the project and occurring at the project location of 1812 Boxelder Street and generated by the sale of prototypes for the first five years of its operation. The five-year rebate period shall commence upon and run continuously from the effective date of the lease agreement for 1812 Boxelder for Boulder Wind Power Inc. 4. Payment of Rebates Cap. a. The maximum amount of the rebates payable pursuant to paragraphs 1 and 2 above shall in no event exceed the calculation of 50% of the fees and Construction Use Tax paid to the City. The building permit fee and Construction Use Tax rebates shall be paid by the City within 120 days following issuance of the Certificate of Occupancy for the project, subject to paragraphs 5 and 6 below. b. The Sales/Use tax rebates provided for in paragraph 3 shall be paid by the City in annual installments. At the end of each calendar year, on or before January 20, Boulder Wind Power, Inc. shall remit to the City its total annual Sales/Use Tax payment on the appropriate Sales/Use tax return form. Boulder Wind Power, Inc. shall also produce a listing of all tangible goods for which the Sales/Use tax rebate as described in paragraph 3 above is requested,,together with copies of the supporting invoices or receipts. Within 30 days of receipt of the required documentation, the City shall determine the rebate payment to be made for eligible goods and will remit payment to Boulder Wind Power, Inc. at 1812 Boxelder Street. The Sales/Use tax rebate is capped at and shall never exceed $531,000, and the eligibility for rebate shall cease on a date that is five years from the date of the effective date of the lease agreement for 1812 Boxelder Street, whether or not the cap has been met. c. No interest shall be paid on any amounts subject to rebate. 5. Use of Funds. Funds rebated pursuant to this Agreement shall be used by Boulder Wind Power, Inc. solely for obligations and/or improvements permitted under Louisville Municipal Code section 3.24.060 (as enacted by Ordinance No. 1507, Series 2007), which may include tenant improvements for occupancy of vacant space. The eligible obligations and/or improvements to 1812 Boxelder Street shall be fully satisfied 2