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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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Resolutions
City Clerk - Type
Approving
Number
2015-94
Date
7/21/2015
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terminate the Chapter 380 Payments; modify the term and/or amount of the Chapter 380 <br />Payments; provided, however, that (A) in determining the size of any reduction of the <br />Chapter 380 Payments, the City may consider the effect on Amazon's operations of <br />changes in market or economic conditions; and (B) no reduction may negatively affect or <br />reduce the Chapter 380 Payments for any period prior to the date of such Material <br />Breach. The remedies set forth in this Section 9.04(b) are the sole and exclusive <br />remedies of the City for a Material Breach by Amazon of its obligations under this <br />Agreement. <br />C. Effect of Force Majeure Event. A Party will not be deemed to be in <br />Breach, Material Breach, default or otherwise in violation of any term of this Agreement <br />to the extent such Party's action, inaction or omission is the result of Force Majeure <br />Event. Amazon and the City agree to use commercially reasonable efforts to promptly <br />resolve any Force Majeure Event that adversely and materially impacts their performance <br />under this Agreement. A force majeure event pauses a Party's performance obligation <br />for the duration of the event but does not excuse it. "Force Majeure Event" means any <br />event or occurrence that is not within the control of such Party or its Affiliates and <br />prevents a Party from performing its obligations under this Agreement, including without <br />limitation, any act of God; act of a public enemy; war; riot; sabotage; blockage; embargo; <br />failure or inability to secure materials, supplies or labor through ordinary sources by <br />reason of shortages or priority; labor strike, lockout or other labor or industrial <br />disturbance (whether or not on the part of agents or employees of either Party); civil <br />disturbance; terrorist act; power outage; fire, flood, windstorm, hurricane, earthquake or <br />other casualty; any law, order, regulation or other action of any governing authority; any <br />19 <br />
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