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<br />agreement be executed by the applicant and the city, which agreement shall, at a minimum, <br />contain: <br /> <br />A A list of those public or public-related improvements which justify the <br />application's approval, and the amount which shall be spent on such improvements; <br /> <br />R The maximum amount of enhanced sales taxes or fees to be shared, the timing of <br />payment of any such shared taxes or fees, and the maximum time during which the agreement <br />shall continue, it being expressly understood that any such agreement shall expire and be of no <br />further force and effect upon the occurrence of the earlier to be reached of the maximum time of <br />the agreement (whether or not the maximum amount to be shared has been reached) or the <br />maximum amount to be shared (whether or not the maximum time set forth has expired); <br /> <br />C. <br />the land; <br /> <br />A statement that the agreement is a personal agreement which does not run with <br /> <br />D. A statement that the agreement shall never constitute a multi-year fiscal <br />obligation, debt or other obligation of the city within the meaning of any constitutional or <br />statutory provision; <br /> <br />E. The base amount which is agreed upon and the timing of periodic payments of <br />enhanced sales taxes to be shared and the fact that if, in any period as specified, sales taxes <br />received from the property do not at least equal said base amount, there shall be no sharing of <br />sales taxes for said period, and that any deficit for any such period shall be carried over to <br />succeeding periods until the difference between the base amount and the amount of sale tax <br />actually paid is recovered by the city; <br /> <br />F. The base amount shall be agreed upon which shall consider the historic level of <br />sales at the property in question, or a similar property within the area in the event of a new <br />business, and a reasonable allowance for increased sales due to the improvements and upgrades <br />completed as a result of inclusion within the BAP; <br /> <br />G. A provision that any enhanced sales taxes or fees subject to sharing shall be <br />escrowed in the event there is a legal challenge to the BAP or the approval of any application <br />therefor; <br /> <br />H. An affirmative statement that the obligations, benefits and provisions of the <br />agreement may not be assigned in whole or in any part without the expressed written <br />authorization of the city council, and further that no third party shall be entitled to rely upon or <br />enforce any provision of the agreement; <br /> <br />L A statement that the agreement shall be subject to the annual appropriation of <br />sufficient funds for payments as provided in this chapter, pursuant to Section 20, Article X of the <br />Colorado Constitution; <br /> <br />6 <br /> <br />16 <br />