Laserfiche WebLink
F. The base amount shall be agreed upon which shall consider the <br />historic level of sales at the property in question, or a similar property within <br />the area in the event of a new business, and a reasonable allowance for <br />increased sales due to the improvements and upgrades completed as a <br />result of inclusion within the BAP; <br />G. A provision that, in the event the applicant, and/or its <br />successors and assigns, ceases business operations in the city within ten <br />(10) years after the certificate of occupancy has been received for the <br />business location, the applicant, or its permitted successors and assigns, <br />shall pay to the city ten percent (10%) of the enhanced sales taxes or fees <br />rebated by the city under the BAP agreement for each full year that the <br />applicant, and/or its successors and assigns, cease operations at the <br />business location. <br />H. G-. A provision that any enhanced sales taxes or fees subject to <br />sharing shall be escrowed in the event there is a legal challenge to the BAP <br />or the approval of any application therefor; <br />I. H-. An affirmative statement that the obligations, benefits and <br />provisions of the agreement may not be assigned in whole or in any part <br />without the expressed written authorization of the city council, and further <br />that no third party shall be entitled to rely upon or enforce any provision of <br />the agreement; <br />J. ]-. A statement that the agreement shall be subject to the annual <br />appropriation of sufficient funds for payments as provided in this chapter, <br />pursuant to Section 20, Article X of the Colorado Constitution; <br />K. J-. A statement that the applicant shall have no right, claim, lien <br />or priority in or to the city's sales or use tax revenue superior to or on parity <br />with the rights, claims or liens of the holders as any sales or use tax revenue <br />bonds, notes, certificates or debentures payable from or secured by any <br />sales or use taxes, existing or hereafter issued by the city; and that all rights <br />of the successful applicant are, and at all times shall be, subordinate and <br />inferior to the rights, claims and liens of the holders of any and all such <br />existing or hereafter issued sales and use tax revenue bonds, notes, <br />certificates or debentures, payable from or secured by any sales or use <br />taxes issued by the city; and <br />L.K-. Any other provisions agreed upon by the parties and <br />approved by the city council. <br />Section 3. Title 3 of the Louisville Municipal Code is hereby amended by the <br />addition of a new Chapter 3.25, to read as follows: <br />Ordinance No. 1857, Series 2023 <br />Page 4 of 11 <br />