Sales Tax Rebate. Landlord has determined that financial assistance from the [City of Katy] [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 the 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."
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), shall be paid annually, in arrears, by the City to Tri-Point.
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.
Sales Tax Rebate. The City will rebate to the Operator a sum equal to ½ of the 1% portion of the Operator's Retail Occupation Tax paid by the 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 2013. Operator shall execute the required consent forms to allow the Department to share Operator's sales tax information and returns with the City. The City's rebate to the 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 the Owner uses 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 2016, on the same terms. Owner 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 2017. This Agreement does not require that the Development be the exclusive business location or sales office for the Owner or 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 Rochelle Municipal Code.
Sales Tax Rebate. To share one percent (1%) of the sales tax revenue generated and collected from sales transactions at the Project with Uncle Xxxxx’s for a period of ten (10) years commencing on July 1, 2023, and ceasing on June 30, 2033 (“Sales Tax Rebate”).
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. 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. Sales Tax Rebate would include the General Fund portion (1%) and the Burleson Community Service Development Corporation portion – 4B (1/2%) • Sales Tax Rebate would be capped at $500,000 • The City shall make Grant Payments to Razzoo’s in annual installments equal to one hundred percent (100%) of Available Sales Taxes received by the City for the prior calendar year of the restaurant’s operation. • The term of the agreement is for 10 years or if the cap is reached prior to 10 years the agreement would terminate. Xxxxxx’s Snapshot 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Appraised Value (70% of CAPEX) $ 1,120,000.00 $ 1,120,000.00 $ 1,120,000.00 $ 1,120,000.00 $ 1,120,000.00 $ 1,120,000.00 $ 1,120,000.00 $ 1,120,000.00 $ 1,120,000.00 $ 1,120,000.00 Revenue $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00 Sales Tax $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 Property Tax $ 7,963.20 $ 7,963.20 $ 7,963.20 $ 7,963.20 $ 7,963.20 $ 7,963.20 $ 7,963.20 $ 7,963.20 $ 7,963.20 $ 7,963.20 Expenses 100% Sales Tax $ (75,000.00) $ (75,000.00) $ (75,000.00) $ (75,000.00) $ (75,000.00) $ (75,000.00) $ (50,000.00) Annual $ 32,963.20 $ 32,963.20 $ 32,963.20 $ 32,963.20 $ 32,963.20 $ 32,963.20 $ 57,963.20 $ 107,963.20 $ 107,963.20 $ 107,963.20 Cumulative $ 65,926.40 $ 98,889.60 $ 131,852.80 $ 164,816.00 $ 197,779.20 $ 255,742.40 $ 363,705.60 $ 471,668.80 $ 579,632.00 10 Year Return on Investment – 116% 15 Year Return on Investment – 224% Next Steps • Constructed on all seven buildings anticipated to occur at one time • Construction to begin following Hot Sounds concert series - July • Developer expects vertical construction by end of 2021 Council Action Tonight’s Action • Approve Chapter 380 and Economic Development Agreement with Xxxxxx’s, Inc. • Approve modified Chapter 380 and Economic Development Agreement with Xxxxxx’s, Inc.
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. 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:
