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Resolution 2024-02
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Resolution 2024-02
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Last modified
3/6/2025 2:49:09 PM
Creation date
1/25/2024 11:29:23 AM
Metadata
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Template:
City Council Records
Also Known As (aka)
IGA Superior_Sales Tax Revenue Sharing Agreement 2024 Amendment 2
Meeting Date
1/2/2024
Doc Type
Resolution
Signed Date
1/2/2024
Ord/Res - Year
2024
Ord/Res - Number
02
Cross-Reference
Original in 1997__Amendment 1 in 2005
Document Relationships
Resolution 2024-63
(Cross-References)
Path:
\CITY COUNCIL RECORDS\TOWN SEAL (40.150)
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affect the amount of Tax Revenues subject to the Temporary Waiver, which will <br />continue to be based upon the 2.7% sales tax rate applicable to the Project <br />Location on the Effective Date. <br />4. Entire Agreement. This Second Amendment shall constitute the entire agreement <br />between the City and Superior and supersedes any prior agreements between the <br />Parties and their agents or representatives, all of which are merged into and <br />revoked by this Second Amendment, with respect to its subject matter. <br />5. Contact Information. Contact information for the Parties is as follows: <br />If to Superior: <br />Town of Superior <br />124 E. Coal Creek Drive <br />Superior, CO 80027 <br />If to Louisville: <br />Louisville City Hall <br />Attn: Economic Vitality <br />749 Main Street <br />Louisville, CO 80027 <br />6. Termination. Notwithstanding anything herein to the contrary, this Second <br />Amendment shall terminate and become void and of no force or effect if, by <br />December 31, 2026, the Company has not completed the Project (as evidenced <br />by a successful final inspection and Superior's issuance of certificate of occupancy <br />for the Project) and commenced retail sales to the public at the Project Location. <br />7. Reimbursement. In the event the Company is required under the Incentive <br />Agreement to reimburse Superior for any reason (e.g., Company's, and/or its <br />successors' or assigns', failure to operate the business for the requisite ten (10) <br />year period), and subject to Section 9 hereof, Superior shall pay to the City one <br />third of the total funds reimbursed to Superior by the Company. Superior shall use <br />all commercially reasonable remedies available to Superior to enforce any <br />reimbursement rights it may have against Company under the Incentive <br />Agreement, at law, and in equity. <br />8. Annual Appropriation. Nothing in this Second Amendment shall be deemed or <br />construed as creating a multiple fiscal year obligation on the part of the City or <br />Superior within the meaning of Colorado Constitution Article X, Section 20 or any <br />other constitutional or statutory provision, and the Parties' obligations hereunder <br />are expressly conditional upon annual appropriation by the City Council and <br />Superior Board of Trustees, in their sole discretion. <br />
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