City Council Agenda and Packet 2013 12 16

Home Browse Search

b. If Louisville zones the North Property for sales tax generating uses, then Louisville shall share with Superior, fifty (50) percent of the amount of revenues received by Louisville from application of a 2. 7 percent sales tax rate to retail sales made by businesses located within the North Property. Such amount shall be paid to Superior quarterly pursuant to a process to be agreed upon by the Louisville City Administrator and the Superior Town Manager. To the extent allowed by Colorado law, Superior shall have the right to inspect the applicable records of Louisville to verify the amount of any payment made or due; and Superior and Louisville shall cooperate and take such actions as may be necessary to allow such inspection. c. Upon annexation of the North Property, Louisville will have jurisdiction over the North Property. This Agreement shall continue to apply to the North Property after annexation by Louisville. To the extent this Agreement conflicts with any future Louisville ordinance, resolution, motion, or contract, this Agreement shall control. 5 . Changes in Sales Tax Rates . An increase in the Louisville or Superior sales tax rates shall not affect the payments to be made pursuant to paragraph 3 or 4 in these Rights and Obligations; those payments will continue to be based upon the sales tax rates described in paragraphs 3 and 4 . If Louisville reduces (by means other than pledging or earmarking revenues) its generally applicable 2 .7 percent sales tax rate or Superior reduces (by means other than pledging or earmarking revenues) its generally applicable 2 . 7 percent sales tax rate, the payments to be made to the other party pursuant to paragraph 3 or 4, as applicable, shall be calculated based upon revenues received from fifty percent of the reduced rate. 6 . Other Obligations of Superior. Superior acknowledges that certain obligations of Superior existing prior to this Agreement may affect the future sales tax revenue to be retained by Superior. However, Superior warrants that no such pre-existing obligations (whether related to Superior Metropolitan Districts No. 1, 2, or 3, or the Superior Urban Renewal Authority, or any other entity or person) , nor any future obligations that Superior may enter into, will reduce or affect in any manner the payments due Louisville pursuant to paragraph 3 .c . of these Rights and Obligations. 7 . Other Obligations of Louisville. Louisville acknowledges that certain bond obligations of Louisville existing prior to this Agreement may affect the future sales tax revenue to be retained by Louisville. This Agreement is a subordinate obligation for the purposes of these pre-existing bond obligation ordinances. However, Louisville warrants that no such pre-existing obligations, 4