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<br /> <br /> <br /> <br /> <br />SUBJECT: BUSINESS ASSISTANCE PROGRAM DISCUSSION <br /> <br />DATE: AUGUST 5, 2013 PAGE4 OF 5 <br />A. A list of those public or public-related improvements which justify the application's <br />approval, and the amount which shall be spent on such improvements; <br />B. The maximum amount of enhanced sales taxes or fees to be shared, the timing of <br />payment of any such shared taxes or fees, and the maximum time during which the <br />agreement shall continue, it being expressly understood that any such agreement <br />shall expire and be of no further force and effect upon the occurrence of the earlier <br />to be reached of the maximum time of the agreement (whether or not the maximum <br />amount to be shared has been reached) or the maximum amount to be shared <br />(whether or not the maximum time set forth has expired); <br />C. A statement that the agreement is a personal agreement which does not run with <br />the land; <br />D. A statement that the agreement shall never constitute a multi-year fiscal obligation, <br />debt or other obligation of the city within the meaning of any constitutional or <br />statutory provision; <br />E. The base amount which is agreed upon and the timing of periodic payments of <br />enhanced sales taxes to be shared and the fact that if, in any period as specified, <br />sales taxes received from the property do not at least equal said base amount, <br />there shall be no sharing of sales taxes for said period, and that any deficit for any <br />such period shall be carried over to succeeding periods until the difference between <br />the base amount and the amount of sale tax actually paid is recovered by the city; <br />F. The base amount shall be agreed upon which shall consider the historic level of <br />sales at the property in question, or a similar property within the area in the event of <br />a new business, and a reasonable allowance for increased sales due to the <br />improvements and upgrades completed as a result of inclusion within the BAP; <br />G. A provision that any enhanced sales taxes or fees subject to sharing shall be <br />escrowed in the event there is a legal challenge to the BAP or the approval of any <br />application therefor; <br />H. An affirmative statement that the obligations, benefits and provisions of the <br />agreement may not be assigned in whole or in any part without the expressed <br />written authorization of the city council, and further that no third party shall be <br />entitled to rely upon or enforce any provision of the agreement; <br />I. A statement that the agreement shall be subject to the annual appropriation of <br />sufficient funds for payments as provided in this chapter, pursuant to Section 20, <br />Article X of the Colorado Constitution; <br />K. A statement that the applicant shall have no right, claim, lien or priority in or to the <br />city's sales or use tax revenue superior to or on parity with the rights, claims or liens <br />of the holders as any sales or use tax revenue bonds, notes, certificates or <br />debentures payable from or secured by any sales or use taxes, existing or hereafter <br />issued by the city; and that all rights of the successful applicant are, and at all times <br />shall be, subordinate and inferior to the rights, claims and liens of the holders of any <br />and all such existing or hereafter issued sales and use tax revenue bonds, notes, <br />9