Res 2004-169 - Laserfiche WebLink

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I I I Draft 9-24-04 2004. L. Sales Tax Increment means the amount of the Expansion Sales Taxes during an Annual Period, less the amount, if any, of the Sales Tax Deficiency for that Annual Period. PART 2. OBLIGATIONS OF PRIME Section 2.01. Prime agrees to construct the Project, to consist of the demolition of approximately 70,000 square feet of existing buildings, the construction of the Facility Expansion, and the construction of appurtenances including terraces, fountains, walkways, landscaping and parking and driveway areas, at an estimated cost of $20,000,000. Prime agrees that the Facility Expansion will consist of at least 154,779 square feet of new retail merchandising, storage and office space located on the Facility Expansion Area. Prime agrees to commence the construction of the Project on or before December 31, 2004, and to complete the construction of the Project on or before December 3l, 2005. Prime agrees to ensure that all of the construction and renovation work related to the Project conforms to all applicable City ordinances and regulations, including but not limited to the City's Master Plan, and Chapter 14-Buildings and Building Regulations, Chapter 86-Utilities, Chapter 94-Development Standards, Chapter 11O-Subdivisions, and Chapter 114- Zoning, ofthe San Marcos City Code. Section 2.02. Prime agrees to use its best efforts to operate the Facility so that there is a positive Sales Tax Increment for each of the Annual Periods. Section 2.03. Prime agrees to submit to the City once per month a copy of each monthly estimated retail sales reporting form submitted to Prime by each of Prime's tenants Section 2.04. Prime agrees to submit to the City a joint Grant Payment Request containing the following information, within 120 days after the end of each Annual Period (including any Annual Periods in which no Grant Payment is due Prime): A. Prime's grant request letter stating Prime's calculation of the Grant Payment for the preceding Annual Period; and B. Prime's certification, in a form approved by Prime and the City, of the amount of Expansion Sales Taxes and the Facility Sales Taxes generated during the preceding Annual Period. This certification will be accompanied by a copy of the annual certified sales report submitted to Prime by each tenant of Prime covering the preceding Annual Period. Section 2.05. The City will evaluate the information furnished in each Grant Payment Request, and will have the right, for a period of 30 days after the delivery of a complete Grant Payment Request, to request and receive from Prime or the Comptroller additional information needed for the City to determine the propriety and completeness of the Grant Payment Request. Prime agrees to cooperate with the City and to execute and deliver to the City, and ensure that each of its tenants at the Facility executes and delivers to the City, all consents and access to all information of Prime and its tenants related to the calculation and payment of sales and use taxes charged at the Facility, whether the City of San Marcos/Prime Economic Development Agreement Page 3 of9