Ordinance 2023-1865 - Laserfiche WebLink

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B. The maximum amount of enhanced sales taxes or fees to be shared, the timing of payment of any such shared taxes or fees, and the maximum time during which the agreement shall continue, it being expressly understood that any such agreement shall expire and be of no further force and effect upon the occurrence of the earlier to be reached of the maximum time of the agreement (whether or not the maximum amount to be shared has been reached) or the maximum amount to be shared (whether or not the maximum time set forth has expired); C. A statement that the agreement is a personal agreement which does not run with the land; D. A statement that the agreement shall never constitute a multi- year fiscal obligation, debt or other obligation of the city within the meaning of any constitutional or statutory provision; E. The base amount which is agreed upon and the timing of periodic payments of enhanced sales taxes to be shared and the fact that if, in any period as specified, sales taxes received from the property do not at least equal said base amount, there shall be no sharing of sales taxes for said period, and that any deficit for any such period shall be carried over to succeeding periods until the difference between the base amount and the amount of sale tax actually paid is recovered by the city; F. The base amount shall be agreed upon which shall consider the historic level of sales at the property in question, or a similar property within the area in the event of a new business, and a reasonable allowance for increased sales due to the improvements and upgrades completed as a result of inclusion within the BAP; G. A provision that in the event the applicant, and/or its successors and assigns ceases business operations in the city within ten (10) years after the certificate of occupancy has been received for the business location the applicant or its permitted successors and assigns, shall pay to the city ten percent (10%) of the enhanced sales taxes or fees rebated by the city under the BAP agreement for each full year that the applicant and/or its successors and assigns cease operations at the business location. H. G-. A provision that any enhanced sales taxes or fees subject to sharing shall be escrowed in the event there is a legal challenge to the BAP or the approval of any application therefor; I. H: An affirmative statement that the obligations, benefits and provisions of the agreement may not be assigned in whole or in any part Ordinance No. 1865, Series 2023 Page 3 of 5