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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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Resolutions
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Approving
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2015-94
Date
7/21/2015
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making a Chapter 380 Payment; or (c) as an inducement for the City to make a Chapter 380 <br />Payment. <br />Section 9.03. Notice of Default. At any time during the Term of this Agreement that <br />Amazon is not in compliance with its obligations under this Agreement, other than its obligations <br />to create and retain Jobs or to create and maintain payroll, the City may send Amazon notice of <br />such non - compliance. If such non - compliance is not cured within 120 days after Amazon's <br />receipt of such notice or, if non - compliance is not reasonably susceptible to cure within 120 <br />days, a cure is not begun within such 120 -day period and thereafter continuously and diligently <br />pursued to completion (in either event, a "Cure "), then the City may, at its option, terminate this <br />Agreement or withhold Chapter 380 Payments otherwise due for the calendar year or years in <br />which the non - compliance occurred and continues. If the City elects to withhold Chapter 380 <br />Payments rather than to terminate the Agreement, then, upon a Cure by Amazon, Amazon will <br />be eligible to receive Chapter 380 Payments in future years (provided it is otherwise in <br />compliance and subject to other limitations of this Agreement) for the remainder of the Term. A <br />Chapter 380 Payment withheld by the City as a result of Amazon's failure to Cure under this <br />Section is deemed forfeited by Amazon and the City has no obligation to make retroactive <br />payment even after Amazon comes back into compliance. The Term shall not be extended as a <br />result of any cure period under this Section. <br />Section 9.04. Remedies. Except to the extent that this Agreement or applicable law <br />require otherwise, the remedies set forth in this Section are the sole and exclusive remedies <br />available upon a violation, default, Breach or Material Breach (each as defined below) of this <br />Agreement. <br />a. Effect of Breach. A Party will be deemed to be in "Breach" of this <br />17 <br />
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