Resolution 2020-18 - Laserfiche WebLink

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3. Use Tax Rebate — Tangible Goods. For tangible good purchases that are made by Company between July 1, 2020 and June 30, 2025, and to the extent that such purchases are for the Company's expansion of operations and used in Louisville, the City shall rebate to Company 40% of the Use Tax paid and collected on tangible goods purchased as required under Louisville Municipal Code, section 3.20.300, excluding all tax revenues from the Open Space Tax, Historic Preservation Tax, and Recreation Center Tax. No rebate shall be issued for goods purchased prior to July 1, 2020. Only those tangible goods purchased by Company for Company's expansion of operations and use at the Company location in the City of Louisville shall qualify for rebate consideration. 4. Payment of Rebates; Cap; Inspection. 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 or taxes described in Sections 1 and 2 paid to the City and a not to exceed cap of twenty-five thousand dollars ($25,000). The maximum amount of the rebates payable pursuant to Section 3 above shall in no event exceed the calculation of 40% of the taxes described in Section 3 above; provided, further that the total maximum amount of rebates payable pursuant to Section 3 shall in no event exceed $150,000. Use Tax rebates pursuant to Section 3 shall terminate when the Company has received from the City the last rebate payment under this Agreement for the five-year rebate period or when the Company has received $150,000 in rebate payments, whichever first occurs. The building permit fee and construction use tax rebates in Sections 1 and 2 pertaining to each phase of the Project shall be paid by the City to Company within 120 days following issuance of the certificate of occupancy or final inspection for the applicable portion of the Project work, as reasonably determined by the City, subject to Sections 5 and 6 below. The Use Tax rebate provided for in Section 3 above shall be paid by the City to Company in annual installments, on or before February 28 of the following year. At the end of each month, on or before the 20th of the following month, the Company shall be responsible to remit to the City its total monthly Sales/Use Tax payment on the appropriate Sales/Use Tax return form. All rebate payments will be remitted by the City to the Company at the address set forth in Section 8. 5. No Interest; Inspection and Disclosure of Records. No interest shall be paid on any amounts subject to rebate under this Agreement. Each party and its agents shall have the right to inspect and audit the applicable records of the other party to verify the amount of any payment under this Agreement, and each party shall cooperate and take such actions as may be necessary to allow such inspections and audits. The Company acknowledges that implementation of this Agreement requires calculations based on the amount of taxes collected and paid by the Company with respect to the term of this Agreement and issuance of rebate payment Page 2 of 6