2022-015 - Approving an Economic Development Agreement with Alpha Lake LTD

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"Consummated" shall have the same meaning assigned by Texas Tax Code, Section 321.203 or its successor. "Expiration Date" shall mean June 1, 2029. "Force Majeure" shall mean any contingency or cause beyond the reasonable control of a party including, without limitation, acts of God or the public enemy, war, riot, civil commotion, insurrection, government or de facto government action, fires, explosions or floods, strikes, slowdowns, or work stoppages (unless caused by the intentionally wrongful acts or omissions of the party). "Grant Period" shall mean a full calendar year. The first Grant Period shall commence on January 1, 2024 through and including December 31, 2024. Additional Grant Periods for the Annual Property Tax Grants will be the calendar years 2025, 2026, 2027, and 2028. Additional Grant Periods for the Annual Sales Tax Grants will be the calendar years 2025 and 2026. "Impositions" shall mean all taxes, assessments, use and occupancy taxes, excises, license and permit fees, and other charges, by public or governmental authority, general and special, ordinary and extraordinary, foreseen and unforeseen, which are or may be assessed, charged, levied, or imposed by any public or government authority on the Company or any property or any business owned by Company within the City. "Leased Premises" shall mean the retail spaces to be occupied by Retailers Big Lots, TJ Maxx, Ross, and Ulta Beauty as follows: Retailer: Square Footage; Big Lots 44,880.00 TJ Maxx 25,697.00 Ross Stores 24,320.00 Ulta Beauty 7,300.00 "M & O" taxes shall mean the maintenance and operations ad valorem taxes, exclusive of debt service taxes, assessed and owing to the City by the Company on the Property, including the Leased Premises. "Payment Request" as it relates to an Annual Sales Tax Grant shall mean a written request from Company to the City for payment of the applicable Annual Sales Tax Grant for the applicable Grant Period. "Payment Request" as it relates to an Annual Property Tax Grant shall mean a written request from the Company for the City to remit the Annual Property Tax Grant for the applicable Grant Period. The Payment Requests for the Annual Grants may be made concurrently and in the same document.