Resolution 2011-11 - Laserfiche WebLink

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Series 2007), which may include tenant improvements for occupancy of vacant space or the expansion or creation of jobs within the City. The eligible obligations and /or improvements to 331 S. 104 Street shall be fully satisfied and /or completed prior to payment to National Entertainment Network of any rebate pursuant to this Agreement. 5. Future Fees. The rebates provided for under this Agreement are solely for the initial construction on the project. Any subsequent construction activities shall be subject to payment without rebate of all applicable building permit fees and construction use taxes. 6. Entire Agreement. This instrument shall constitute the entire agreement between the City and National Entertainment Network and supersedes any prior agreements between the parties and their agents or representatives, all of which are merged into and revoked by this Agreement with respect to its subject matter. 7. Termination. This Agreement shall terminate and become void and of no force or effect upon the City if National Entertainment Network has not completed the project and moved into its new facility at 331 S. 104 Street by December 31, 2011; or should National Entertainment Network fail to comply with any City code. 8. Business Termination. In the event National Entertainment Network, or any successors in interest approved by the City subject to Section 13, ceases business operations within the City within three (3) years after the new operations commence, then in such event National Entertainment Network shall pay to the City the total amount of fees and use taxes which were due and payable by National Entertainment Network to the City but were rebated by the City. 9. Subordination. The City's obligations pursuant to this Agreement are subordinate to the City's obligations for the repayment of any current or future bonded indebtedness and are contingent upon the existence of a surplus in sales and use tax revenues in excess of the sales and use tax revenues necessary to meet such existing or future bond indebtedness. The City shall meet its obligations under this Agreement only after the City has satisfied all other obligations with respect to the use of sales tax revenues for bond repayment purposes. For the purposes of this Agreement, the terms "bonded indebtedness," "bonds," and similar terms describing the possible forms of indebtedness include all forms of indebtedness that may be incurred by the City, including, but not limited to, general obligation bonds, revenue bonds, revenue anticipation notes, tax increment notes, tax increment bonds, and all other forms of contractual indebtedness of whatsoever nature that is in any way secured or collateralized by sales and use tax revenues of the City. 10. Annual Appropriation. Nothing in this Agreement shall be deemed or construed as creating a multiple fiscal year obligation on the part of the City within the meaning of Colorado Constitution Article X, Section 20 or any other constitutional or statutory provision, and the City's obligations hereunder are expressly conditional upon annual appropriation by the City Council, in its sole discretion. National Entertainment Network understands and agrees that any decision of City Council to not appropriate 2