Resolution 2013-49 - Laserfiche WebLink

Home Browse Search

7. Entire Agreement. This instrument shall constitute the entire agreement between City and Company and supersedes any prior agreements between the parties and their agents or representatives with respect to building permit fees and construction use taxes, all of which are merged into and revoked by this Agreement with respect to its subject matter. 8. Termination. This Agreement shall terminate and become void and of no force or effect upon the City if Company has not completed and moved into the Project by June 30, 2015; or should Company fail to comply with any City code prior to June 30, 2020 and upon notice from the City and a reasonable opportunity to comply or become compliant. 9. Business Termination. In the event that, within five (5) years of June 30, 2015, the Company, and/or its successors and assigns, ceases operations in the Project, the Company shall pay to the City a portion of the total amount of Building Permit Fees, Construction Use Taxes, and Tangible Goods Sales/Use Taxes which were due and payable by the Company to the City but were rebated by the City, as well as reimburse the City for any funds provided to the Company pursuant to this Agreement. For each full month that the Company, and/or its successors and assigns, cease operations in the Project prior to June 30, 2020, the City shall receive back 1.67% of the foregoing amounts. 10. 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 revenues in excess of the sales and use tax revenues necessary to meet such existing or future bond indebtedness. The City shall meet 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 "bonded indebtedness," "bonds," and similar terms describing the possible forms of indebtedness include all forms of 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 nature that is in any way secured or collateralized by sales and use tax revenues of the City. 11. Annual Appropriation. Nothing in this Agreement shall be 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 City's obligations hereunder are expressly conditional upon annual appropriation by the City Council, in its sole discretion. Company understands and agrees that any decision of City Council to not appropriate funds for payment shall be without penalty or liability to the City and, further, shall not affect, impair, or invalidate any of the remaining terms or provisions of this Agreement. 12. Governing Law: Venue. This Agreement shall be governed and construed in accordance with the laws of the State of Colorado. This Agreement shall be subject to, and construed in strict accordance with, the Louisville City Charter and the Louisville 3