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3. Use Tax Rebate — Tangible Goods. For tangible good purchases related <br />to equipment and build -out of the sports facilities that are made by <br />Company between January 1, 2021 and December 31, 2022 and to the <br />extent that such purchases are for the Company's new facility and used in <br />Louisville, the City shall rebate to Company 40% of the Use Tax paid and <br />collected on tangible goods purchased as required under Louisville <br />Municipal Code, section 3.20.300, excluding all tax revenues from the <br />Open Space Tax, Historic Preservation Tax, and Recreation Center Tax. <br />No rebate shall be issued for goods purchased prior to January 1, 2021. <br />Only those tangible goods purchased by Company for Company's <br />expansion of operations and use at the sports complex at the Company <br />location in the City of Louisville shall qualify for rebate consideration. <br />4. Payment of Rebates; Cap; Inspection. The maximum amount of the <br />rebates payable pursuant to Sections 1 and 2 above shall in no event <br />exceed the calculation of 50% of the fees or taxes described in Sections 1 <br />and 2 paid to the City and a not to exceed cap of eighty-four thousand <br />dollars ($84,000). The maximum amount of the rebates payable pursuant <br />to Section 3 above shall in no event exceed the calculation of 40% of the <br />taxes described in Section 3 above; provided, further that the total <br />maximum amount of rebates payable pursuant to Section 3 shall in no <br />event exceed six thousand dollars ($6,000). Use Tax rebates pursuant to <br />Section 3 shall terminate when the Company has received from the City <br />the last rebate payment under this Agreement for the two-year rebate <br />period or when the Company has received $6,000 in rebate payments, <br />whichever first occurs. The building permit fee and construction use tax <br />rebates in Sections 1 and 2 pertaining to each phase of the Project shall <br />be paid by the City to Company within 120 days following issuance of the <br />certificate of occupancy or final inspection for the applicable portion of the <br />Project work, as reasonably determined by the City, subject to Sections 5 <br />and 6 below. The Use Tax rebate provided for in Section 3 above shall be <br />paid by the City to Company in annual installments, on or before February <br />28 of the following year. At the end of each month, on or before the 20t" of <br />the following month, the Company shall be responsible to remit to the City <br />its total monthly Sales/Use Tax payment on the appropriate Sales/Use <br />Tax return form. All rebate payments will be remitted by the City to the <br />Company at the address set forth in Section 8. <br />5. No Interest; Inspection and Disclosure of Records. No interest shall be <br />paid on any amounts subject to rebate under this Agreement. Each party <br />and its agents shall have the right to inspect and audit the applicable <br />records of the other party to verify the amount of any payment under this <br />Agreement, and each party shall cooperate and take such actions as may <br />be necessary to allow such inspections and audits. The Company <br />acknowledges that implementation of this Agreement requires calculations <br />based on the amount of taxes collected and paid by the Company with <br />Page 2 of 6 <br />10 <br />