Cooperative District. SPEC shall have the ultimate responsibility for the planning, financing, development, design, construction, equipping, staffing, scheduling, operation, management, control, administration, and promotion of the Project Building.
Cooperative District. The City agrees to take such actions as are necessary and appropriate, including amending the Certificate of Incorporation of the Cooperative District and appointing directors to fill any existing vacancies, to enable the Cooperative District to issue its limited obligation bonds and acquire and construct all or a portion of the Phase I Attractions and/or Existing Infrastructure and New Infrastructure. It is contemplated that the Cooperative District would establish a geographic territory within the Property, within which it would impose license fees on users within said geographic territory. If requested by the Developer and to the extent permitted by the Constitution and laws of the State of Alabama, the Cooperative District may levy and collect, for the retirement of its bonds and for such other purposes as may be requested by the Developer and approved by the Cooperative District, a special fee against all owners and tenants within such geographic territory (the “Cooperative District Fee”). The Cooperative District Fee would be levied in accordance with the provisions of the Cooperative District Law. It is the intent of the parties that the Cooperative District Fee be in addition to, but in all other ways identical to, such existing taxes, and that the District Fee be collected by the City under the same procedures that it collects existing taxes, and paid in accordance with the directions of the Cooperative District, but that the revenues derived from the Cooperative District Fee shall not constitute either Lodging Tax Revenues or Sales Tax Revenues. The City would be entitled to retain and be paid its Tax Collection Costs in connection with its collection of the Cooperative District Fee.
