Resolution 2019-43 - Laserfiche WebLink

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City by Company from October 1, 2018 through September 30, 2019 The five-year rebate period shall commence upon issuance of the final certificate of occupancy for the Project improvements 5 Payment of Sales Tax Rebates, Cap The sales tax rebates shall be paid by the City in annual installments and shall be made in arrears on or before February 28th No interest shall be paid on amounts subject to rebate The maximum amount of the rebates payable pursuant to Section 4 shall in no event exceed twenty five thousand dollars ($25,000) 6 No Interest; Inspection and Disclosure of Records No interest shall be paid on any amounts subject to rebate under this Agreement. Each party and its agents shall have the right to inspect and audit the applicable records of the other party to verify the amount of any payment under this Agreement, and each party shall cooperate and take such actions as may be necessary to allow such inspections and audits The Company acknowledges that implementation of this Agreement requires calculations based on the amount of taxes collected and paid by the Company with respect to the term of this Agreement and issuance of rebate payment checks in amounts determined pursuant to this Agreement, and that the amounts of the rebate payment checks will be public information The Company, for itself, its successors, assigns, and affiliated entities, hereby releases and agrees to hold harmless the City and its officers and employees from any and all liability, claims, demands, and expenses in any manner connected with any dissemination of information necessary for or generated in connection with the implementation of rebate provisions of this Agreement. 7 Use of Funds, Future Fees Funds rebated pursuant to this Agreement shall be used by Company solely for obligations and/or improvements permitted under Louisville Municipal Code section 3.24 060 (as enacted by Ordinance No 1507, Series 2007) The rebates provided for under this Agreement are solely for the initial construction of the Project. Any subsequent construction activities shall be subject to payment without rebate of all applicable building permit fees and construction use taxes 8 Effect of Change in Tax Rate. Any increase or decrease in the City general sales, construction use, or consumer use tax rate above or below the applicable tax rate at the date of execution of this Agreement shall not affect the rebate payments to be made pursuant to this Agreement; rather, the amount of the rebate payments will continue to be based upon the general sales, construction use, or consumer use tax rate applicable at the date of execution of this Agreement (excluding the City's 0 375% Open Space Tax, 0 125% Historic Preservation Tax, and 0 125% Recreation Center Tax) Any decrease in the City general sales, construction use, or consumer use tax rates shall cause the amount of the rebate payments made pursuant to this Agreement to be based on the applicable percentage of revenues actually received by the City from application of the tax rate affected Page 2 of 6