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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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action, inaction, order, ruling moratorium, regulation, statute, condition or other decision <br />of any governmental agency having jurisdiction over the Party, over the Project or over a <br />Party's operations. <br />d. Overpayments. Notwithstanding the limitations on remedies in this <br />Article, it is understood and agreed that, because the Chapter 380 Payments are from <br />public funds, any verified overpayments to Amazon may be recovered by the City <br />through available remedies at law or in equity, or by reducing future Chapter 380 <br />Payments by the amount of an overpayment. <br />Section 9.05. Limitation of Liability. Notwithstanding anything to the contrary in this <br />Agreement, neither Amazon nor any of its Affiliates shall be liable for: (a) any indirect, reliance, <br />exemplary, incidental, speculative, punitive, special, consequential or similar damages that may <br />arise in connection with this Agreement, (b) any lost or foregone tax revenues, or (c) any <br />damages, liabilities, fees, costs, expenses, penalties, diminishments in value, losses or payments <br />(including any lost or foregone tax revenues) that exceed, in the aggregate, the lesser of (i) the <br />financial benefit realized by Amazon under this Agreement and (ii) $10,000,000. <br />Section 9.06. Indemnification. The City shall not be obligated to pay any <br />indebtedness or obligations of Amazon. Except to the extent of the City's proportional <br />responsibility arising because the City is negligent or engaged in misconduct or criminal <br />activity, Amazon hereby agrees to indemnify and defend the City, its elected officials and <br />employees from liabilities arising from third -party claims caused by or resulting from <br />Amazon's Breach of this Agreement. The City agrees that Amazon has the right to take <br />over and manage the defense of any claim for which the City seeks indemnification. <br />Amazon agrees to pay any judgments that result from Amazon's Breach that may be <br />20 <br />
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