Payment of Public Amenities Cost Share Sample Clauses

Payment of Public Amenities Cost Share. City will pay the Public Amenities Cost Share from time to time, from the Receipts Stream (as hereafter defined). For purposes hereof, “Receipts Stream” means 70% of the unrestricted privilege (sales) taxes levied and collected by the City pursuant to Chapter 16 of the Tempe City Code, or any successor provision, on taxable transactions that occur within, or with respect to, the Project. As of the date hereof, City imposes a 1.2% unrestricted privilege tax and a .6% restricted privilege tax (0.5% - transit; 0.1% - arts) for a total privilege tax rate of 1.8%. Developer acknowledges that no such amounts shall be deemed to be part of the Receipts Stream until actually received by the City in connection with the filing by the applicable taxable party of the required tax return and payment for the period to which the payment relates. The Receipts Stream is restricted for the purposes of the Public Amenities Cost Share and shall be accounted for by the City separately from the tax revenues credited to the City’s general fund which are unrestricted and available for general City use. City shall begin making payments from the Receipts Stream toward the unpaid balance of the Public Amenities Cost Share no sooner than the 90th day after the end of the first calendar quarter following the date that funds become available from the Receipts Stream. Payments shall continue within 90 days after the end of each calendar quarter thereafter during which funds from the Receipts Stream are or become available until such time as the Public Amenities Cost Share has been paid in full. No interest shall accrue on the unpaid balance of the Public Amenities Cost Share. In this respect, Developer acknowledges that payment of the Public Amenities Cost Share will be spread over a number of years, and will depend entirely on development of the Project, generation of funds constituting part of the Receipts Stream, and actual receipt of such funds by City. Nothing in this Section 3.5.2 shall be construed to require City to make any payment to Developer until the Receipts Stream is actually generated and received by the City. Further, in no event shall such payments exceed the Public Amenities Cost Share; if City subsequently determines that there has been an overpayment, Developer shall reimburse same to City within thirty (30) days after written request.
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