Resolution 2024-02 - Laserfiche WebLink

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collected from the Company in connection with the Project during the Rebate Period, such that the City will continue to receive the remaining half (50%) of the City's share during the Rebate Period; and WHEREAS, finding that the Project, if successful, may attract other, sales -tax - generating businesses to the South Property, thus increasing the sales tax revenues shared by the Parties under the IGA, the Louisville City Council has agreed to grant Superior's request, subject to the terms and conditions of this Second Amendment. NOW THEREFORE, in consideration of the foregoing and the mutual promises contained herein and in the Agreement, the Parties agree as follows: 1. Temporary Waiver. Subject to the terms and conditions hereinafter set forth, commencing on the first day of the month following the day the Company begins retail sales to the public from the Project Location ("the Commencement Date"), the City shall temporarily waive its right under the IGA to receive half (50%) of that certain portion of the City's share of Tax Revenues generated from taxable transactions occurring within the Project Location and collected by Superior and falling under the definition of "enhanced sales tax" set forth in the Incentive Agreement, without regard to any amendments following such agreement's effective date (the "Temporary Waiver"), until the occurrence of the earlier of the following events: (i) the City has waived $500,000 in Tax Revenues to which the City would otherwise be entitled under the IGA; (ii) 10 years has elapsed from the Commencement Date; or (iii) the total sum of enhanced Tax Revenues rebated by Superior under the Incentive Agreement reaches $1,000,000. All Tax Revenues subject to the Temporary Waiver must be used by Superior for the sole purpose of providing eligible rebates to the Company under the Incentive Agreement. Superior shall ensure that the Company uses the rebated Tax Revenues subject to the Temporary Waiver solely for the purposes permitted under the Incentive Agreement, the expansion of which permitted purposes shall require the City's prior, express written consent. Following the expiration or termination of the Temporary Waiver, the Parties shall resume their respective rights and obligations under the IGA, such that Superior will pay, and the City will receive, the City's portion of Tax Revenues collected by Superior from taxable transactions occurring within the Project Location as required by the IGA. 2. Inspection of Records. To the greatest extent allowed by law, Louisville and its agents shall have the right to inspect and audit the applicable records of Superior to verify the amount of any payment made to the Company under the Incentive Agreement, whether paid out of Tax Revenues subject to the Temporary Waiver or otherwise, and each Party shall cooperate and take such actions as may be necessary to allow such inspections and audits. 3. Effect of Change in Tax Rate. Any subsequent increase in the general sales tax rate above the rate imposed on the Project Location on the Effective Date shall not 2