Resolution 2012-46 - Laserfiche WebLink

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2. Use Tax Rebate - Construction. The City shall rebate to each of Developer and Landlord, respectively, 50% of the Construction Use Tax on the building materials for the construction of the Retail Building and Leased Building, respectively, required under Louisville Municipal Code, section 3.20.300, excluding all revenues from the open space tax and historic preservation tax. 3. Sales /Use Tax Rebate for Company Operation in Leased Building - Tangible Goods. For the first one year of its operation within the Leased Building, the City shall rebate to Company, 50% of the Use Tax (and in certain circumstances as described below, Sales Tax) paid by it and collected by the City on tangible goods purchased by Company, limited to such taxes required to be paid under Louisville Municipal Code sections 3.20.200 and 3.20.300, and excluding all tax revenues from the open space tax and historic preservation tax. Sales Tax may be included in this rebate for purchases from vendors with nexus with the City, where the vendor remits Sales Tax to the City and where, absent such nexus, Company would have remitted Use Tax to the City. No rebate shall be issued for goods purchased prior to the effective date of Company's lease agreement with Landlord for the Leased Building. Non - durable goods including, by way of example, food, office supplies or other consumable goods not expected to last for three or more years, shall not be eligible for the rebate described herein. The City, in its reasonable discretion, shall determine what goods are eligible for the Sales /Use tax rebate. 4. Conditions to Payment of Building Permit and Use Tax Rebates. The following conditions or actions must be completed and documentation of each condition reached shall be provided to the City for each of the Retail Building and the Leased Building separately before the rebate of Building Permit Fees and Use Taxes on the Project (as provided above) shall be available to Developer and Landlord, respectively,: a. For the Retail Building, (i) Developer shall have paid all taxes and fees related to the construction of the Retail Building; and (ii) an occupancy permit shall be issued for the Retail Building. b. For the Leased Building, (i) Landlord shall have paid all taxes and fees related to the construction of the Leased Building; (ii) an occupancy permit shall be issued for the Leased Building; and (iii) Landlord shall have entered into a lease with Company for the Leased Building. 5. Payment of Rebates Cap. The maximum amount of the rebates payable pursuant to Sections 1 and 2 above shall in no event exceed the calculation of 50% of the fees and Construction Uses Tax paid to the City by Developer and Landlord, respectively, for construction of the Retail Building and Leased Building. The building permit fee rebate shall be paid by the City within 120 days following the conditions of Section 3 being met. 6. Sales Tax Rebates for Retail Building. The Retail Building is intended to be leased to several retail tenants. The City shall rebate to Developer 40% of the sales tax revenues derived from the imposition of the City's 3.0% general Page 2 of 6