CID Sales Tax. The City hereby agrees that the CID Improvements may be financed and reimbursed with Pay-As-You-Go CID Financing, and payable from revenues received from the imposition of a CID Sales Tax in the amount of one percent (1%) on the sale of tangible personal property at retail or rendering or furnishing services which are taxable pursuant to the Kansas Retailers' Sales Tax Act (K.S.A. 79-3601 et seq.) within the District. The Developer agrees to provide to the Kansas Department of Revenue (the "DOR") a list of tenants within the District within the timeframes required by the DOR, so that the DOR can notify tenants within the District of their requirement to collect a CID Sales Tax beginning on that certain date which is set forth in Recital E of this Agreement. At the time the list of tenants is provided to the DOR, the Developer shall also provide a copy to the City.
CID Sales Tax. The City shall deliver a certified copy of the CID Ordinance to the Kansas Department of Revenue imposing the CID Sales Tax upon the receipt of written notice from the Developer requesting such delivery. Except as otherwise set forth herein, all of the CID Sales Tax collected and delivered to the CID Sales Tax Fund shall be available for and dedicated to pay the CID Costs for the duration of the Term.
CID Sales Tax. The City has delivered a copy of the CID Ordinance to the Kansas Department of Revenue (“DOR”) imposing the CID Sales Tax effective October 1, 2012. The Developer agrees to provide to the DOR a list of tenants within the District no later than April 1, 2012, so that the DOR can notify tenants within the District of the requirement of the tenant to impose a CID Sales Tax beginning on October 1, 2012. At the time the list of tenants is provided to the DOR, the Developer shall also provide a copy to the City. Except as otherwise set forth herein, all CID Sales Tax shall be available for and dedicated to pay Eligible Expenses until sufficient CID Sales Tax has been received to pay for the cost of Eligible Expenses or not later than the date the CID Bonds issued to finance the Project or refunding bonds issued therefor shall mature and shall be utilized according to the procedures set forth herein in the following order of priorities:
1. First, to pay the principal and interest on any CID Bonds issued to finance the CID Improvements;
2. Second, to pay or reimburse the City for all City Expenses including the City CID Annual Administrative Fee; and
3. Third, to the extent permitted by the CID Act, to reimburse the Developer for remaining Eligible Expenses. Notwithstanding the foregoing, the Parties acknowledge that the effective date of the CID Sales Tax may be delayed to a later date or expedited to an earlier date if either such action is requested in writing at least one hundred eighty (180) days prior to October 1, 2012 or the effective date of the CID Sales Tax, if the effective date of the CID Sales Tax has been extended, by all owners of record within the District and approved by the Governing Body of the City.
CID Sales Tax. If the CID Ordinance is passed by the Governing Body, the City will deliver a certified copy of the CID Ordinance to the Kansas Department of Revenue (“KDOR”) upon the earlier of: (i) ten (10) business days after the City receives a request from the Developer to deliver the CID Ordinance to KDOR or (ii) April 1, 2022. Collection of the CID Sales Tax will commence as soon as allowed under KDOR policies following KDOR’s receipt of the CID Ordinance and will continue throughout the CID Term. Except as otherwise set forth herein, all CID Sales Tax Revenues collected and delivered to the CID Sales Tax Fund will be available for and dedicated to pay the CID Eligible Costs for the duration of the CID Term.
CID Sales Tax. In accordance with the CID Act, the CID will take all steps necessary, and as expeditiously as possible, to impose a sales tax in the amount of one percent (1%) (the "CID Sales Tax") on all retail sales in the CID area.
CID Sales Tax. If the CID Sales Tax Ordinance is passed by the City’s Governing Body, the City will deliver a certified copy of the CID Sales Tax Ordinance to the Kansas Department of Revenue (“KDOR”). Collection of the CID Sales Tax will commence on the first day of the calendar quarter at least 90 days following KDOR’s receipt of the CID Sales Tax Ordinance, or such other time as may be required under State law, and will continue throughout the CID Sales Tax Term.
CID Sales Tax. Subject to and as specified by the terms and conditions of this Agreement and the Act, the City agrees to perform or provide for the performance of the administration of the collection of the CID Sales Tax to reimburse the Developer for the Project Costs pursuant to the Act and this Agreement. The City shall provide notification to the Department of Revenue to commence the collection and reporting of the CID Sales Tax within the District in accordance with the provisions of the Act. The City shall instruct the Department of Revenue to commence the imposition of the CID Sales Tax upon the written request of the Developer. The Parties acknowledge that the CID Sales Tax may only commence on January 1, April 1, July 1 or October 1 of any year, and that 90 days’ notice must be given to the Department of Revenue before the CID Sales Tax may commence. The CID Sales Tax shall expire at the end of the Term. The City will not use any City funds other than proceeds of the CID Sales Tax, the TGT Rebate, and the Grant for the payment of any Project Costs and will not provide any financing therefor. Project Costs incurred by the Developer, and eligible for reimbursement hereunder, will be paid by the City to the Developer solely and only from proceeds of the CID Sales Tax actually received by the City from the State Department of Revenue, the TGT Rebate, and the Grant, in accordance with this Agreement.
CID Sales Tax. CID financing has been accepted and approved, and the City has delivered a certified copy of the CID Ordinance to the Kansas Department of Revenue (“KDOR”). Collection of the CID Sales Tax will commence on the first day of the calendar quarter following KDOR’s receipt of the CID Ordinance, or such other time as may be required under State law, and will continue throughout the CID Term. Except as otherwise set forth herein, all of the CID Sales Tax Revenues collected and delivered to the CID Sales Tax Fund will be available for and dedicated to pay the CID costs for the duration of the CID Term for the benefit of the CID District, as applicable.
CID Sales Tax. The CID shall not implement the procedures in the CID Act for repeal of the CID Sales Tax and abolishment of the CID prior to all Obligations having been paid. In addition, the CID shall not implement the procedures for repeal or modification of the CID Sales Tax and abolishment of the CID if the CID, with the prior written consent of the City, which shall not be unreasonably withheld, has approved another project pursuant to the CID Act. Upon repeal of the CID Sales Tax, the CID shall
(i) Pay all outstanding CID Administrative Costs; and
(ii) Retain any remaining CID Sales Tax Revenues until such time as the CID is abolished and the CID has provided for the transfer of any funds remaining in a manner permitted by the CID Act. The CID shall have the right to continue in existence and charge the CID Sales Tax in accordance with the CID Act for so long as the CID is able to use CID Sales Tax revenues to pay for projects and services in accordance with the CID Act.
CID Sales Tax. Subject to the conditions set forth in Section 5.05 below, the City hereby agrees that the CID Improvements may be financed by and reimbursed to Developer with Pay-As-You-Go CID Financing, and payable from revenues received from the imposition of a CID Sales Tax within the CID in an amount equal to one-half percent (0.50%) on the sale of tangible personal property at retail or rendering or furnishing services which are taxable pursuant to the Kansas Retailers' Sales Tax Act (K.S.A. 79-3601 et seq.) within the boundaries of the CID. However, the parties further agree that commencing with the date that the TDD Sales Tax shall terminate, the CID Sales Tax within the CID shall be increased to an amount equal to one and one-half percent (1.50%) on the sale of tangible personal property at retail or rendering or furnishing services which are taxable pursuant to the Kansas Retailers' Sales Tax Act. The Developer agrees to provide to the DOR a list of tenants within the CID within the timeframes required by the DOR, so that the DOR can notify tenants within the CID of their requirement to collect a CID Sales Tax beginning on that certain date which is set forth in the ordinance approving the CID. At the time the list of tenants is provided to the DOR, the Developer shall also provide a copy to the City.
