Resolution 2021-66 - Laserfiche WebLink

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Broomfield, CO 80021 720-260-9500 ted@doubledspizza.com If to City: Louisville City Hall Attn: Economic Vitality 749 Main Street Louisville, CO 80027 303.335.4531 mpierce@louisvilleco.gov 7. Termination. This Agreement shall terminate and become void and of no force or effect upon the City if, by April 30, 2022, the Company has not completed the Project as described in the Company's application for business assistance (as evidenced by a successful final inspection for the Project); or should fail to comply with any City code. 8. Business Termination. In the event the Company, and/or its successors and assigns, ceases business operations within the City within seven (7) years after the Commencement Date, the Company shall pay to the City ten percent (10%) of the total funds provided to the Company pursuant to this Agreement for each full year that the Company, and/or its successors and assigns, cease operations at the Project Location. 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. Company understands and agrees that any Page 3 of 5