Common use of Sales Tax Funds Clause in Contracts

Sales Tax Funds. The City acknowledges and agrees that the Available Rokeby Rd. Impact Fees generated from development of the Property alone are insufficient to cover the costs to be incurred by the City in designing and constructing the Rokeby Road Project Second Phase. Partially in recognition of the insufficiency of arterial street impact fees to keep up with the demand for additions to the City’s arterial streets, the City approved the imposition of an additional 'A cent sales tax to be used for restoring, rehabilitating, and expanding the City’s road infrastructure in order to improve the road infrastructure of the City while also spurring additional private investment.. Flaving imposed such a tax, the City Council subsequently identified the Rokeby Road Project Second Phase described herein as a project towards which a portion of the sales tax revenue generated by the additional 14 cent tax should be allocated. Therefore, in addition to the Segregated Arterial Street Impact Fees, the City, subject to future appropriation by the City Council, hereby agrees to allocate $700,000 from the revenue generated by the additional ‘4 cent sales tax dedicated toward the actual costs incurred in designing and constructing the Rokeby Road Project Second Phase. Said sales tax revenue shall, subject to appropriation by the City Council, be paid according to the following schedule:

Sales Tax Funds. The City acknowledges and agrees that the Available Rokeby Rd. Segregated Arterial Street Impact Fees generated from development of the Property alone are insufficient to cover the costs to be incurred by the City Developer in designing and constructing the Rokeby Road Project Second PhaseN. 104th Street Roundabout. Partially in recognition of the insufficiency of arterial street impact fees to keep up with the demand for additions to the City’s arterial streets, the City approved the imposition of an additional 'A ¼ cent sales tax to be used for restoring, rehabilitating, and expanding the City’s road infrastructure in order to improve the road infrastructure of the City while also spurring additional private investment.. Flaving . Having imposed such a tax, the City Council subsequently identified the Rokeby Road Project Second Phase N. 000xx Xxxxxx Roundabout described herein as a project towards which a portion of the sales tax revenue generated by the additional 14 ¼ cent tax should be allocated. Therefore, in addition to the Segregated Arterial Street Impact Fees, the City, subject to future appropriation by the City Council, hereby agrees to allocate $700,000 515,000 from the revenue generated by the additional ‘4 ¼ cent sales tax dedicated toward the reimbursing Developer for actual costs incurred in designing and constructing the Rokeby Road Project Second PhaseN. 104th Street Roundabout. Said sales tax revenue shall, subject to appropriation by the City Council, be paid to Developer, conditioned upon satisfactory completion of the N. 000xx Xxxxxx Roundabout within the timeframes set forth in this Agreement, according to the following schedule:

Sales Tax Funds. The City acknowledges and agrees that the Available Rokeby Rd. Impact Fees generated from development of the Property alone are insufficient to cover the costs to be incurred by the City in designing and constructing the Rokeby Road Project Second Phase. Partially in recognition of the insufficiency of arterial street impact fees to keep up with the demand for additions to the City’s arterial streets, the City approved the imposition of an additional 'A ¼ cent sales tax to be used for restoring, rehabilitating, and expanding the City’s road infrastructure in order to improve the road infrastructure of the City while also spurring additional private investment.. Flaving Having imposed such a tax, the City Council subsequently identified the Rokeby Road Project Second Phase described herein as a project towards which a portion of the sales tax revenue generated by the additional 14 ¼ cent tax should be allocated. Therefore, in addition to the Segregated Arterial Street Impact Fees, the City, subject to future appropriation by the City Council, hereby agrees to allocate $700,000 from the revenue generated by the additional ‘4 ¼ cent sales tax dedicated toward the actual costs incurred in designing and constructing the Rokeby Road Project Second Phase. Said sales tax revenue shall, subject to appropriation by the City Council, be paid according to the following schedule:

Sales Tax Funds. The City acknowledges and agrees that the Available Rokeby Rd. Segregated Arterial Street Impact Fees generated from development of the Property alone are insufficient to cover the costs to be incurred by the City Developer in designing and constructing the Rokeby Road Project Second PhaseN. 104th Street Roundabout. Partially in recognition of the insufficiency of arterial street impact fees to keep up with the demand for additions to the City’s arterial streets, the City approved the imposition of an additional 'A ¼ cent sales tax to be used for restoring, rehabilitating, and expanding the City’s road infrastructure in order to improve the road infrastructure of the City while also spurring additional private investment.. Flaving Having imposed such a tax, the City Council subsequently identified the Rokeby Road Project Second Phase N. 000xx Xxxxxx Roundabout described herein as a project towards which a portion of the sales tax revenue generated by the additional 14 ¼ cent tax should be allocated. Therefore, in addition to the Segregated Arterial Street Impact Fees, the City, subject to future appropriation by the City Council, hereby agrees to allocate $700,000 400,000 from the revenue generated by the additional ‘4 ¼ cent sales tax dedicated toward the reimbursing Developer for actual costs incurred in designing and constructing the Rokeby Road Project Second PhaseN. 104th Street Roundabout. Said sales tax revenue shall, subject to appropriation by the City Council, be paid to Developer, conditioned upon satisfactory completion of the N. 000xx Xxxxxx Roundabout within the timeframes set forth in this Agreement, according to the following schedule: