93-094 Ordinance - Laserfiche WebLink

Home Browse Search

By the way of example, but not by way of limitation, assume that the Taxpayers paid to the City Income Taxes of Seventy-Five Thousand Dollars ($75,000.00) in year one, Eighty-Five Thousand Dollars ($85,000.00) in year two, Seventy Thousand Dollars ($70,000.00) in year three and Sixty Thousand Dollars ($60,000.00) in year four. The Applicant's obligation to the City under this example would be Ten Thousand Dollars ($10,000.00) after year four, because the Applicant would receive a Ten Thousand Dollar ($10,000.00) carry-over from year two, which, when applied to year three, would leave a Five Thousand Dollar carry-over, which, when applied to year four, would leave a Ten Thousand Dollar ($10,000.00) deficiency. The determination of the Deficiency Amount, if any, and the determination of whether the Guarantee Amount has been paid during any calendar year (the "Calculation Year") shall be made on January 15 of the second Calendar year following each such Calculation Year during the Exemption period by the Tax Administrator of the City. In the absence of manifest error, the records of the Tax Administrator of the City shall be conclusive and binding upon the City and the Applicant. The Deficiency Amount shall be payable in lawful money of the United States of America and shall be due thirty (30) days after written demand therefor by the city to the Applicant, which demand shall be made by certified mail to the address of the Applicant set forth in Item 1 of the Application, or such other address as the Applicant shall specify in writing to the City. Any portion of the Deficiency Amount not paid by the due date therefore shall bear interest at the rate per annum equal to the Prime Rate plus two percent (2.0%) until such amount shall be paid. "Prime Rate" shall mean the rate of interest per annum designated as the Prime Rate in the "Money Rates" section of the Wall Street Journal, such rate to change from time to time effective with the publication of such rate in the Wall Street Journal. If the Deficiency Amount is not paid within thirty (30) days of the due date therefore, the City shall be entitled to pursue such rights and remedies as are available to it at law or in equity. 12. The Company agrees to pay to the City the amount of Two Thousand Dollars $2,000 for attorney fees relating to the preparation of this agreement. 13. If at any time during the term of this agreement the Company wishes to further expand its project the City agrees to consider a new tax exemption package upon terms and conditions agreeable to both parties. ? r. ?,?r.? .. . .