Res 2004-169 - Laserfiche WebLink

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I I I Draft 9-24-04 information is in the possession of Prime, a tenant of Prime, the Comptroller, or a third party. The City may direct that Prime enforce its authority under a lease with any tenant of Prime at the Facility to perform an audit of the books and records of the tenant to determine the amounts of sales and use taxes charged, collected, reported and paid by the tenant. Section 2.06. All of the obligations of Prime to the City under this Agreement are joint and several obligations of SMFS and POSM. In other words, compliance by either SMFS or POSM with an obligation of Prime will be deemed to be compliance by Prime with the obligation; and a default by either SMFS or POSM of an obligation of Prime under this Agreement will, unless cured by either SMFS or POSM during an applicable cure period, constitute a default by Prime. PART 3. OBLIGATIONS OF THE CITY Section 3.01. As consideration for the construction of the Project and the operation of the Facility by Prime described in Part 2 above, the City agrees to provide the incentives to Prime described in this Part 3, so long as Prime is not in default under this Agreement. Section 3.02. The City agrees to waive all City fees (the "Fee Waiver") associated with zoning, the subdivision process, and building permits and inspections associated with the construction of the Project. The Fee Waiver does not extend to water and wastewater impact fees charged by the City. Section 3.03. The City agrees to consider any other reasonable requests made by Prime in order to assist it in constructing the Project. Section 3.04. Subject to Section 3.05, the City agrees to make Grant Payments to Prime within 60 days of Prime's delivery to the City of complete Grant Payment Requests to the extent the requests, as verified by the City staff, confirm the existence of a positive Sales Tax Increment for an Annual Period. All Grant Payments will be made by the City jointly to SMFS and POSM. The amount of the Grant Payments will be 75% of the Sales Tax Increment, as verified by the City, for the first, second, third, fourth and fifth Annual Periods, and 50% of the Sales Tax Increment, as verified by the City, for the sixth and seventh Annual Periods. Section 3.05. The total of all Grant Payments made by the City to Prime will not exceed $2,500,000. In other words, if the total of all Grant Payments reaches this amount before the end of the Grant Payment Period, Prime's obligation to submit further Grant Payment Requests will cease, and the City's obligation to make further Grant Payments will cease. If the total of all Grant Payments owed by the City to Prime for all Annual Periods during the Grant Payment Period is less than $2,500,000, the City will not be obligated to make any further Grant Payments to Prime. Section 3.06. The City agrees, with respect to any information provided by Prime to the City under Section 2.04 or Section 2.05 that Prime clearly identifies to the City as being proprietary or confidential, to request an opinion of the Texas Attorney General before publicly releasing the information, and to publicly release the information only to the extent the City is obligated to do so under the Texas Public Information Act or other applicable law. City of San Marcos/Prime Economic Development Agreement Page 4 of 9