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TITLE 3 - REVENUE AND FINANCE <br />Chapter 3.24 TAX AND FEE BUSINESS ASSISTANCE PROGRAM <br />(whether or not the maximum amount to be shared has been reached) or the maximum amount to be <br />shared (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 the land; <br />D. A statement that the agreement shall never constitute a multi -year fiscal obligation, debt or other <br />obligation of the city within the meaning of any constitutional or statutory provision; <br />E. The base amount which is agreed upon and the timing of periodic payments of enhanced sales taxes <br />to be shared and the fact that if, in any period as specified, sales taxes received from the property do <br />not at least equal said base amount, there shall be no sharing of sales taxes for said period, and that <br />any deficit for any such period shall be carried over to succeeding periods until the difference <br />between 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 sales at the property <br />in question, or a similar property within the area in the event of a new business, and a reasonable <br />allowance for increased sales due to the improvements and upgrades completed as a result of <br />inclusion within the BAP; <br />G. A provision that any enhanced sales taxes or fees subject to sharing shall be escrowed in the event <br />there is a legal challenge to the BAP or the approval of any application therefor; <br />H. An affirmative statement that the obligations, benefits and provisions of the agreement may not be <br />assigned in whole or in any part without the expressed written authorization of the city council, and <br />further that no third party shall be 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 sufficient funds for <br />payments as provided in this chapter, pursuant to Section 20, 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 city's sales or use <br />tax revenue superior to or on parity with the rights, claims or liens of the holders as any sales or use <br />tax revenue bonds, notes, certificates or debentures payable from or secured by any sales or use <br />taxes, existing or hereafter issued by the city; and that all rights of the successful applicant are, and <br />at all times shall be, subordinate and inferior to the rights, claims and liens of the holders of any and <br />all such existing or hereafter issued sales and use tax revenue bonds, notes, certificates or <br />debentures, payable from or secured by any sales or use taxes issued by the city; and <br />L. Any other provisions agreed upon by the parties and approved by the city council. <br />(Ord. No. 1507 -2007, § 1, 1 -16 -2007) <br />Sec. 3.24.110. Findings. <br />The city council has enacted this chapter as a joint benefit to the public at large and to private <br />owners for the purposes of: providing the city with increased tax and fee revenues generated upon <br />and by properties improved as a result of the BAP program; providing incentives for businesses to <br />expand or create additional jobs within the city; providing for public and public - related improvements to be <br />completed by private owners through no debt obligation being incurred on the part of the city, and <br />allowing applicants an opportunity to improve properties which generate sales taxes, which improvements <br />make those properties more competitive in the marketplace; and further providing to the applicant <br />additional contingent sources of revenues for upgrading such properties. The city council specifically finds <br />and determines that creation of the BAP is consistent with the city's powers as a home rule municipal <br />corporation, and that exercise of said powers in the manner set forth in this chapter is in furtherance of <br />the public health, safety and welfare. Notwithstanding any provision of this chapter, the city shall never be <br />a joint venturer in any private entity or activity which participates in the BAP, and the city shall never be <br />liable or responsible for any debt or obligation of any participant in the BAP. <br />(Ord. No. 1507 -2007, § 1 <br />11._7007) <br />Louisville, Colorado, Code of Ordinances Page 5 <br />20 <br />