AG 1997 09 15 - Laserfiche WebLink

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Ho with the expectation that the City and its residents will benefit from an increase in population, taxable property, sales tax revenues and business prospects, the City and County will use revenues which are not otherwise restricted by North Carolina law, to assist and aid the Developer with respect to the Project by making economic incentive payments to the Developer as described below, such economic incentive payments to commence upon a mutually acceptable commencement date agreed to in the BA ("Commencement Date"). The City and the County shall make economic incentive payments to the Developer, commencing within seventy-five (75) days of the endofthe first calendar quarter after the Commencement Date and continuing within seventy- five (75) days after the end of each calendar quarter thereatter in an mount for each calendar qu_a_ner equal to 75% of the sales taxes generated by occupanB of the Project for each such calendar quarter..Such economic incentive payments will be paid within ten (10) days after receipt by the City and the County from the State of its proportionate share of the sales taxes generated for each such calendar quarter, but in any event within seventy-five (75) days after the end of each such calendar quarter. The parties hereto acknowledge and agree that any such economic incentive payments for any fiscal year of the City or County, respectively, shall be subject to any limitations imposed by North Carolina law, including, without limitation, that all economic incentive payments shall be paid within 59 months from the commencement of such economic incentive payment. Developer will arrange for the tenants of Concord Mills to furnish accurate sales information to the city and County. The City and County will endeavor in good faith and use their best efforts to maintain the confidentiality of all such information. Inspections. Engineering and Utilities. Developer recognizes that because of the scope of the proposed development and the construction schedule Developer desires,'the City and County may be required to use outside consultants to evaluate engineering plans and to inspect the construction. Developer agrees to negotiate with the City and County in good faith an appropriate allocation of the costs of such consultants. The City represents that there are (and shall be ) adequate public utilities sufficient and available to develop Concord Mills for its intended use. PublicSafe _ty and Electric Substatigrl. Developer and the City recognize that providing a facility that is secure is in the best interests of both Developer and the City. To that end, the City commits to providing a law enforcement presence stationed at Concord Mills and Developer commits to providing space for such use at Concord Mills. Developer agrees to provide the City with space within the mall portion of the development for use by the City of Concord Police Department at a location determined solely by Developer. Developer agrees to