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Res 2015-094/approving a Chapter 380 Economic Development Incentive Agreement with Amazon.com.kydc, LLC, providing incentives in the form of annual refunds of 85 percent of ad valorem taxes generated from personal property over fifteen years, 40 percent
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Res 2015-094/approving a Chapter 380 Economic Development Incentive Agreement with Amazon.com.kydc, LLC, providing incentives in the form of annual refunds of 85 percent of ad valorem taxes generated from personal property over fifteen years, 40 percent
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8/26/2015 4:23:52 PM
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City Clerk - Document
Resolutions
City Clerk - Type
Approving
Number
2015-94
Date
7/21/2015
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upon the City's reasonable request, Amazon will furnish or make available for inspection during <br />normal business hours of Amazon back -up documentation reasonably sufficient to verify the <br />accuracy and completeness of report, application, filing or other document, and to demonstrate <br />the manner in which such items or their contents were calculated or prepared. If, <br />notwithstanding the good faith efforts of the Parties to resolve any questions concerning such <br />items, the Parties are unable to resolve such issues, during the Term and for six (6) months <br />thereafter, the City's independent third -party certified public accountant (any such independent <br />third -party accountant to be retained on a non - contingency fee basis), may examine and audit <br />such books and records of Amazon as are reasonably sufficient to verify the accuracy of such <br />items. Any such audit must: (i) not be disruptive to Amazon's business and must take place at a <br />mutually agreed time during Amazon's normal business hours; (ii) not occur more than once <br />during any 12 consecutive month period, unless special circumstances arise that cause the City to <br />reasonably determine that another audit is immediately necessary; (iii) take place on at least <br />thirty (30) days' prior written notice; (iv) be completed within thirty (30) days from <br />commencement; and (vi) be conducted by the City, and its authorized representatives, alone and <br />not in conjunction or cooperation with any other party. The City may not schedule an audit to <br />take place in the fourth calendar quarter of any year. The City agrees that certain information <br />obtained by the City in connection with any such audit may be subject to the security, <br />nondisclosure and nonuse obligations under Sections 8.04 and 8.05. In the event the City's <br />examination reveals a payment deficiency or discrepancy, the Parties will cooperate in good faith <br />to address and resolve such deficiency or discrepancy. The City will be solely responsible for all <br />costs of any audit it conducts, unless the audit reveals fraud, misrepresentation or negligence in <br />the reporting of information by Amazon or its Affiliates, the absence of which would have <br />
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