Sales Tax Rebate. Landlord has determined that financial assistance from the City of Katy and/or the State of Texas in the form of a sales tax rebate will better enable Landlord to develop the Shopping Center in a manner beneficial to both Landlord and Tenant. Therefore, in order to provide Landlord with the sales tax information from the State of Texas Comptroller of Public Accounts ("Comptroller") pertaining to Tenant's sales at the Leased Premises, Tenant agrees to provide Landlord with certified copies of all sales tax returns filed with the Comptroller for Tenant's retail operations at the Leased Premises during the Term of this Lease. In addition thereto, Tenant shall provide Landlord with a power of attorney letter addressed to, and in a form satisfactory to, the Comptroller authorizing the Comptroller to release to Landlord all sales tax information for Tenant's retail operations at the Leased Premises during the Term of this Lease. Such letter shall be in a form attached hereto and made a part hereof as Exhibit G, or such other or additional forms as required from time to time by the Comptroller in order to release such information to Landlord. Landlord agrees to maintain the confidentiality of any proprietary information received by Landlord pursuant to this Section 7.3."
Section 12.1: At the end of Section 12.1, insert:
Sales Tax Rebate. Sales Tax Rebate would include the General Fund portion (1%) and the Xxxxxxxx Community Service Development Corporation portion – 4B (1/2%)
Sales Tax Rebate. Cap. The maximum total sales tax rebated from the City to Tri- Point over the sixty (60) month period set forth in 1.b. and 1.c. shall not exceed Four Million Dollars ($4,000,000), shall be paid annually, in arrears, by the City to Tri-Point.
Sales Tax Rebate. Cap. The maximum total sales tax rebated from the City to Tri- Point over the sixty (60) month period set forth in subsections 1.b. and 1.c. shall not exceed Four Million Dollars ($4,000,000.00) (the “Cap Amount’) and shall be paid by the City to Tri-Point, annually based on a calendar year, in arrears with payment due by January 31 of the subsequent year. Tri-Point may request an extension of the City sales tax rebate under the same terms of paragraph c. of this Section 1, if Tri-Point has not reached the Cap Amount within such sixty (60) month period. The City sales tax rebate during the sixty (60) month period and any City sales tax rebate paid to Tri-Point during an extension pursuant to this subsection 1.d., together, shall not exceed the Cap Amount.
Sales Tax Rebate. In recognition of the benefits to the citizens of the City, as set forth in the Recitals, as an inducement for the Builder's commitment to comply with the Builder's Schedule of Performance, and because the future development of the Builder Property may be economically feasible only by the commitment of the City to provide the Builder with the benefit of a "Sales Tax Rebate Amount" (defined below) that includes a portion the City's share of:
(i) all unrestricted sales or privilege taxes, including without limitation any so- called "speculative builder tax", levied and imposed by the City pursuant to Chapter 16 of the Tempe City Code in relation to the construction of the Builder Improvements (collectively, the "Construction Sales Taxes") and (ii) excise sales taxes ("Excise Sales Taxes") generated by the Builder Improvements that accrue during the period commencing after the final issuance of a certificate of occupancy and ending on the tenth (10th) anniversary of such date (the "Tax Rebate Period").
Sales Tax Rebate. Landlord may determine that financial assistance from the City of Nashville and/or the State of Tennessee in the form of a sales tax rebate will better enable Landlord to develop the Shopping Center in a manner beneficial to both Landlord and Tenant. Therefore, in order to provide Landlord with the sales tax information from the State of Tennessee Comptroller of Public Accounts (or equivalent officer) ("Comptroller") pertaining to Tenant's sales at the Leased Premises, Tenant agrees to provide Landlord, within thirty (30) days following Landlord's written request, with certified copies of all sales tax returns filed with the Comptroller for Tenant's retail operations at the Leased Premises during the Term of this Lease. In addition thereto, Tenant shall provide Landlord with a letter addressed to, and in a form satisfactory to, the Comptroller authorizing the Comptroller to release to Landlord all sales tax information for Tenant's retail operations at the Leased Premises during the Term of this Lease. Such letter shall be in the form required from time to time by the Comptroller in order to release such information to Landlord. Landlord agrees to maintain the confidentiality of any proprietary information received by Landlord pursuant to this Section 8.3.
Sales Tax Rebate. Provided the Developer is in compliance with the terms of this Agreement, and subject to the terms below, the City will make rebates of sales tax revenues collected from the retail/commercial development constructed within the Project by the Developer (“Sales Tax Rebate”), as set out below.
(1) The City agrees to pay the Developer a Sales Tax Rebate commencing once the Developer receives a certificate of occupancy for not less than 15,000 square feet of retail/commercial building space, exclusive of any hotel development, and containing a minimum of two (2) Restaurants (the “Commencement Date”).
(2) The Sales Tax Rebate shall be equal to seventy-five percent (75%) of the Sales Tax Paid from the Commencement Date through September 30, 2030 and fifty percent (50%) of the Sales Tax Paid from October 1, 2030 through September 30, 2035.
(3) The City will pay the Sales Tax Rebate on an annual basis, based on the Comptroller Report received by the City during each calendar year (Sales Tax reporting periods include November -- October). The City will remit the Sales Tax Rebate to the Developer by March 1st of the following year.
(4) This Agreement shall terminate and be of no further force and effect upon payment of all Sales Tax Rebates through September 30, 2035.
(5) For purposes of calculating the Sales Tax Rebates, the City designates this Agreement as a revenue-sharing agreement pursuant to section 321.3022 of the Texas Tax Code. The City shall request from the Comptroller under Sections 321.3022(a-1) or 321.3022(b) of the Texas Tax Code the information necessary to determine the annual sales and use tax revenue collected from the retail/commercial improvements constructed by the Developer (the “Comptroller Reports”). The Developer shall provide to the City any release necessary to obtain the Comptroller Reports. The Sales Tax Rebates hereunder shall be computed based on the annual sales and use tax revenue collected at the retail/commercial improvements in the Project as determined by the Comptroller Reports. The City’s obligation to make Sales Tax Rebates under this Agreement is contingent upon receipt of the Comptroller Reports.
(6) In the event the Comptroller or a court of competent jurisdiction determines that the amount of Sales Tax Paid exceeds the correct amount of the Sales Tax Paid, for a prior period of time from which the Developer has received any Sales Tax Rebates from the City, at the City’s sole option, either: (i) the Developer shall repay t...
Sales Tax Rebate. The City agrees to provide a rebate to Grantee equivalent to 100% of Sales Tax Revenues generated and received by the City from the facility operating the Eligible Improvements. This rebate will begin on the Date of Opening and have a duration of five
Sales Tax Rebate. The City shall pay to the Developer each year the "Sales Tax Rebate Amount" (defined below) that accrues during the period (the "Tax Rebate Period") commencing after the first issuance of a certificate of occupancy for the Developer Property and effective for a total of fifteen (15) years or until the Development Cap is reached, in accordance with this Section 5.3.
Sales Tax Rebate. The City will rebate to Operator a sum equal to ½ of the 1% portion of Operator's Retail Occupation Tax paid by Operator to the Illinois Department of Revenue ("Department") and distributed by the Department to the City, for a period of three (3) consecutive years, commencing with the calendar year 2014; provided, however, that the City will rebate only the portion of Operator’s Retail Occupation Tax attributable to sales and services rendered at the new showroom/repair facility, including automobile sales and repairs. Operator shall execute the required consent forms to allow the Department to share Operator's sales tax information and returns with the City, and shall provide documents showing the portion of Operator’s Retail Occupation Tax attributable to sales and services rendered at the new showroom facility. The City's rebate to Operator shall be made by the end of the month in which the City receives the Department's distribution to the City for the applicable months. In the event Xxxxxxx and Operator use local contractors (contractors whose business offices are served by Rochelle Municipal Utilities) for the Development, and the local contractors' contracts account for at least 50% of the total contracted cost of the Development, the City will extend the sales tax rebate for an additional two (2) consecutive years, commencing with the calendar year 2017, on the same terms. Xxxxxxx and Operator shall provide adequate documentation to the City of its compliance with the terms of this provision when applying for an extension. In no event shall any rebate be made on taxes paid by Operator after the calendar year 2018. This Agreement does not require that the Development be the exclusive business location or sales office for Operator in Illinois. However, during the term of this Agreement, the Development shall not be covered by another economic incentive agreement providing for a rebate of sales taxes. The rebate provided herein does not apply to the taxes imposed by the City pursuant to Section 90-131 of the Xxxxxxxx Municipal Code.
