Res 2008-140 - Laserfiche WebLink

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2.2 Paragraph 2.26 of the Agreement is hereby deleted as follows: 2.3 The following definitions are hereby added to the end of Section 2 of the Agreement: 2.26 "Entertainment Venue" means a tenant within the Project, the primary business of which is the provision of entertainment, amusement and/or leisure activities targeted toward adults and/or families. By way of example, an Entertainment Venue may include, but shall not be limited to, a movie theater, live performance theater, concert hall, bowling alley, museum, arcade, carnival or amusement park inspired venue, dining and entertainment multiplex (but not a food court) or skating rink. A sexually oriented business as defined in the San Marcos Land Development Code or successor ordinances, a business the primary target demographic of which is juveniles, a restaurant or a bar serving food and beverages as the predominant activity of the business or a video arcade shall not be deemed an Entertainment Venue, however, an Entertainment Venue may include a restaurant, bar or video arcade as a secondga oor ancillary activity of the business. 2.27 "Sales Tax Effective Date" means the date after which Target, JC Penney and Bealls, each of which are retail tenants within the Project, are all open for business to the public and generating retail sales. 2.29 "Sales Tax Revenues" means the amount of sales taxes collected by the City from retail sales generated from and within the Project, a portion of which will be repaid to the Owner in the form of Chapter 380 Payments, as defined herein. 2.4 Section 3 of the Agreement is hereby amended to read as follows: This Agreement will become enforceable upon the Effective Date and will terminate on the first to occur of. (a) the later of the end of the calendar year that is 5 years after the Ad Valorem Tax Effective Date or December 31, 2014 (which date is the end of the five year payment period for the Sales Tax Refund under paragraph 6.2 b. below); (b) opeff receipt by the Owner of Chapter 380 Paayments made by the City of up to the Maximum Reimbursement Amount; or (c) opoo termination as provided for herein, _A'. ?i @ -or- oee__°s firs` In recognition of the fact that Chapter 380 Payments are, by necessity, calculated and paid after taxes have been collected WN-iod by the City and, therefore, will always be paid 2