Res 2004-169 - Laserfiche WebLink

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I I I Draft 9-24-04 AGREEMENT: For and in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City, SMFS and POSM agree as follows: PART 1. DEFINITIONS. In this Agreement: A. Annual Period means a one calendar year period of time within the term of this Agreement during which Expansion Sales Taxes are collected and remitted to the City and are subject to rebate by the City to Prime under this Agreement. There will be seven Annual Periods during the term of this Agreement - the calendar years 2006, 2007, 2008, 2009, 2010, 2011, and 2012. B. Comptroller means the Office of the Texas Comptroller of Public Accounts or any successor agency. C. Expansion Sales Taxes means the sales and use taxes, at the City's 1 Yz% sales and use tax rate, charged on all taxable sales made by tenants of Prime in the Facility Expansion Area. D. Facility means the retail commercial facility known as Prime Outlets at San Marcos, located on a 54 acre, more or less, tract of property owned by SMFS and on a 76 acre, more or less, tract of property owned by POSM, both of which tracts are located at 3939 IH-35 South, San Marcos, Hays County, Texas. E. Facility Expansion means the new retail merchandising, storage and office space to be constructed on the Facility Expansion Area in connection with the Project. F. Facility Expansion Area means the distinct portions of the Facility area that are depicted on the attached Exhibit A, within which new retail merchandising, storage and office space will be constructed in connection with the Project. G. Facility Sales Taxes means the sales and use taxes, at the City's 1 Y2% sales and use tax rate, charged on all taxable sales made by all tenants of Prime at the Facility. H. Grant Payment means a payment to Prime by the City under the terms of this Agreement that is computed with reference to a Sales Tax Increment. I. Grant Payment Request means the documentation required to be supplied to City by Prime on a periodic basis as a condition of payment of any Grant Payment. J. Project means the expansion and renovation of the Facility described in this Agreement. K. Sales Tax Deficiency means, for the first Annual Period, the amount, if any, by which the Facility Sales Taxes for that Annual Period are less than the Facility Sales Taxes for the calendar year City of San Marcos/Prime Economic Development Agreement Page 2 of9