Res 2010-170 - Laserfiche WebLink

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Payment to PrimeForm of an amount equal to 100 percent of Sales Taxes and Personal Property Taxes generated by the Business on the Land in the year 2012. Provided PrimeForm has created the number of Jobs in each year from and including 2013 through 2016 as indicated in the schedule in Exhibit `B ", the City will shall make Grant Payments to PrimeForm once per year for a period of four years in an amount equal to 75 percent of the Sales Taxes generated by the Business on the Land in the years 2013 through 2016. The cumulative amount of all Grant Payments shall not exceed $175,000.00. Section 4.03. Time for Payment. Grant Payments will be made by the City in the calendar year immediately following the full calendar year in which the Sales Taxes and/or Personal Property Taxes upon which the Grant Payment amount is based are generated. The City shall not be required to make a Grant Payment attributable to Sales Taxes or Personal Property Taxes, as applicable, during any applicable year unless and until: (a) PrimeForm has submitted all information required under this Agreement necessary to verify its compliance; (b) the Personal Property Taxes for the prior year are received by the City from the Hays County Tax Assessor - Collector; (c) the Sales Taxes for the prior year are received by the City from the Texas Comptroller of Public accounts; and (d) funds are appropriated by the San Marcos City Council for the specific purpose of making a Grant Payment under this Agreement as part of the City's ordinary budget and appropriations approval process.