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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
Number
2015-94
Date
7/21/2015
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Agreement only if: (i) it fails to substantially comply with any material provision of this <br />Agreement; and (ii) it does not cure such failure within a reasonable period of time <br />following delivery to it of notice by the other Party describing such failure in reasonable <br />detail, which period will not be less than 120 days. The City agrees and acknowledges <br />that the Amazon's representations, warranties, covenants, agreements and performance <br />obligations under this Agreement are limited to and apply exclusively to the operations of <br />Amazon at the site of the Project and any determination as to whether Amazon is in <br />violation, default, Breach or Material Breach of this Agreement will be limited to <br />Amazon's operations on the Land. In the event of a Breach for which this Agreement <br />does not provide a specific remedy, the other Party may pursue any legal or equitable <br />remedies they may have under this Agreement or applicable law; provided, however, that <br />the City agrees that, in the event of a Breach by Amazon, it will not be entitled to and <br />may not seek or pursue the following remedies (i) termination of this Agreement; (ii) <br />termination of the Chapter 380 Payments; (iii) reduction of the term of this Agreement or <br />the Chapter 380 Payments; (iv) reduction of the amount of Chapter 380 Payments; or (v) <br />recapture of any Chapter 380 Payments realized by Amazon. The remedies set forth in <br />this Section 9.04(a) are the sole and exclusive remedies of the City for a Breach by <br />Amazon of its obligations under this Agreement (other than those provided below for <br />Material Breaches). <br />b. Effect of Material Breach. If Amazon Breaches its obligations under this <br />Agreement to create and retain Jobs, to create and maintain payroll and to make or cause <br />to be made the Real Property Improvements (after any the notice and cure period have <br />lapsed, a "Material Breach "), the City has the right to: terminate this Agreement in full; <br />18 <br />
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