Resolution 1999-27 - Laserfiche WebLink

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Boulder Countg ClerL ¢0 AG R 31,88 1950373 Pege~ ! o£ 6 86/1~/1999 81:35P O 8.88 AGI~NT T]80[S AOI~E~IvIEN'I' is ma~ ami e-tered into ~,_'s ~+"-day of n,~...., , 199 ~_~__, by and between ~e Ot~ o~ Lo~llq Colorado, ,~ municipal c~oa (h~-rei~aft~ "City") ~ Sam's Real Estate Business Trust, a Delaware ]Business 'I~st, and Sam's West, %nc., a Delaware Corporation (hore~e=' coll~c6vely trim'md m as "Sam's"). WHER.EAS, purm,__~._t to scare law, the Cky is autboriz~ to colleat and spend sal~ taxes; pledge sales t~ r~venues for capkal improvements; enter into contracts; control its finances and prOl~; appropriate mon~ for municipal purpose; and con.ct indebtednes.~ for public purposes; and WHEREAS, Sam's Real Bs~_.~.~ Business Trust is the ownm- of Lot 2, Ccntcrmial Valley Psrccl O, Filing No. 7, in the Cily of Louisville, upon which property Sam's has coustmaed will olx~rar~ a Sam's Club r~tai] out. lc: (he, re~ "SIma's Club"); and WHERE~$, the Sam's Club building and sit= are being developed to standards which m~cm or ~x~ed tb~ Citys Co~ DeveloFrn~nt Design Standards and C.~id~lines (hereinafter thc "CDDSO"); and WI-IF.~, the City. Council has d~ermi~ed hhat development of Sam's Club building aud site to sran~ meeti~ or cxc?t_ ;n~ thc CDDSG will result in a higher quality d~velopment of b~nefit W ~hc City, and th'a operafioI1 of Salll's Club will cause .~i~{6cant in~reases in sales tax revenues of benefit to the City; and WH~, in ~ of such b~c~ts, th~ City Council has det~,,,,ined tha it is appropriate and in the best interests of ~e City and its cit~ze~ that th~ City enter into this Agreem~t to re. bale to Sam's fifty percent (50%) of the sales tax reveaues collected from application of a City sales uoc rate of thz~ pe~.cnt (3.0%) upon sales ~t Sam's Club, for a 12-month ix=dod of its operation, or until thc City ha~ rebated to Sam's $734,$76, whichev~- fnst occurs; and WI~,_RF.A~, the City Counci) ha.~ detelmined that this type o[ sales tax rebate will not adversely imlmet existing Ci~ funds md will not result ill ally sales ta~ rebate unless and until new sales tax r~v~nucs ate geaerar~ from Sam's Oub; and ~ the City Council has c~exi that there is a reasonable relationship betw~cn the zebate cont~'nplated under this Agreement and the benefits accmi~ to the City and its NOW, THF. ItliFORE, for and in consideration of the recitals, prom~$ and cove, nan, ts contained herein, and other good and valuable consideration, thc rer..eipt and sufficiency of which is