Resolution 2012-46 - Laserfiche WebLink

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Variety Arts of Louisville dba/ The Art Underground Attn: Lori Jones 901 Front Street, Suite B100 Louisville, CO 80027 Phone: 303.229.1127 Email: info @artunder.org If to City: Louisville City Hall Attn: Economic Development 749 Main Street Louisville, CO 80027 303.335.4531 aarond @louisvilleco.gov 10. Termination. This Agreement shall terminate and become void and of no force or effect upon the City if, by December 31, 2013, each of Developer and Landlord have not commenced construction of the Retail Building and Leased Building, respectively (as evidenced by a successful receipt of a building permit for the Retail Building and Leased Building, respectively); or should fail to comply with any City code. 11. New Retail Building Leasing. In the event that, within nine (9) years of the commencement of the rebate term specified in Section 6, Developer leases more than 60% of the Retail Building square footage for non - retail tax generating uses, then Developer shall pay to the City the total amount of sales tax which were due and payable to the City but were rebated by the City to Developer, as well as reimburse the City for any funds provided to Developer pursuant to this Agreement. 12. 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. 13. 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 Page 4 of 6