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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Section 1.04. The City is authorized under Chapter 380 of the Texas Local Government Code to offer certain economic development incentives for public purposes, including the promotion of local economic development and the stimulation of business and commercial activity within the City. Section 1.05. The City has determined that providing economic development incentives to Amazon to locate the Project in the City will promote local economic development and stimulate business and commercial activity within the City. Section 1.06. For the reasons stated in these Recitals and in consideration of the mutual benefits to and promises of the Parties set forth below, the Parties are entering into this Agreement and agree to the terms and conditions set forth in this Agreement. ARTICLE II DEFINITIONS Section 2.01. "Affiliate" means any entity that directly or indirectly controls, is controlled by, or is under common control with, Amazon.com Inc. or Amazon. Section 2.02. "Business" means the operation by Amazon or its Affiliate of a fulfillment center from within the Real Property Improvements, as part of Amazon's North American fulfillment network through which Amazon, among other things, fulfills customer orders for internet retail sales and electronic products, together with all related activities on the Land. Section 2.03. "Chapter 380 Payments" means, collectively, the City's payments to Amazon in the form of annual rebates equal to 40 percent of Real Property Taxes, 85 percent of Personal Property Taxes and 15 to 85 percent of Sales Tax Revenues attributable to the calendar year immediately preceding the year in which a Chapter 380 Payment is requested in accordance under Article IV.